In contrast to the growth at News Corp and Time Warner, Viacom’s 1st quarter earnings fell.  Net earnings were $610 million, down 12 per cent from $694 million. Revenues fell 5 per cent to $3.8 billion.

Viacom’s Media Networks group, which includes MTV, Comedy Central, BET and Nickelodeon, reported a 7 per cent increase in operating income. Advertising and affiliate revenues were higher while the company continued investing in programming.

Revenues rose 6 per cent to $2.4 billion as a 10 per cent increase in domestic ad revenues and a 10 per cent increase in global affiliate revenue were offset by a 17 per cent decrease in ancillary revenues.

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