Viacom Inc. reports improved profits

Viacom Inc. reports improved profits

Media group Viacom Inc. has come out with their latest quarterly reports and the company has posted a 27 percent rise in second-quarter profit.

This result is better than what the market expected from the company. Viacom benefited from advertising sales growth at its MTV Networks.

Viacom’s shares were up 4% in the stock market. The announcement came a day after the company revealed its decision to acquire Atom Entertainment Inc. for $200 million. With this, the company would take on online digital content providers like YouTube.com.

Viacom posted a profit from continuing operations of $416 million. This was up from $328.5 million in the same period last year. Viacom Chief Executive Tom Freston said in a statement: “Despite a challenging cable advertising environment, we once again outperformed the market, driving success with our best-in-class brands and unmatched connections with our audiences.”