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Last Updated: Tuesday, 1 November 2005, 15:20 GMT
Box office successes boost Viacom
Tom Cruise with Katie Holmes at the UK premier of War of the Worlds
The successful War of the Worlds stared Tom Cruise
Media group Viacom has thanked the success of hit movie War of the Worlds and other popular films for a 10% rise in third-quarter revenues.

Reporting its results for the three months to 30 September, the US giant unveiled revenues of $5.9bn (3.3bn) compared with $5.4bn a year ago.

The rise was helped by a 54% increase in revenues at its Paramount movie studios subsidiary.

Viacom reported net profits for the quarter of $708.5m.

In the same period a year ago, it posted a $487.6m loss when the results were hit by the expense of spinning off former video rental arm Blockbuster.

Advertising boost

Although Viacom did not give an exact breakdown of cinema and DVD successes at Paramount during the quarter, it said it had particularly benefited from the popularity of War of the Worlds, which starred Tom Cruise.

The film has made $234m at the US box office alone.

Quarterly revenues at Viacom's cable TV division, which includes music channels MTV and VH1, were up 15% thanks to strong advertising.

Revenues at its Infinity Broadcasting chain of radio stations were up 2%, but those at its CBS television network were down 2%.

Viacom's overall revenues were slightly better than market projections, while profits were as expected.

It is currently in the process of splitting the firm in two by effectively spinning off CBS and the radio network, a move it hopes to achieve by the end of this year.


SEE ALSO:
Viacom agrees to split business
15 Jun 05 |  Business
Viacom may split into two firms
17 Mar 05 |  Business
Radio review brings Viacom loss
24 Feb 05 |  Business


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