Viacom posts higher second quarter profit

Media conglomerate Viacom Inc. on Thursday posted a higher quarterly profit, boosted by advertising sales gains in cable and broadcast television networks.

The New York-based owners of music channel MTV and the CBS television network said second-quarter net profit rose to $754 million, or 43 cents a share, compared to $660 million, or 37 cents a share, in the year earlier period.

Revenue grew 7 percent to $6.8 billion.

Quarterly profits include severance charges of $56 million, or $34 million net of tax, amounting to a 2 cents a share charge.

Wall Street expected the company to post a profit of 43 cents a share and $6.8 billion in revenue, according to Reuters Estimates.

Viacom, whose out-spoken president Mel Karmazin resigned in frustration in June, is shaping up its movies and radio divisions. The radio business, in particular, has languished in recent months, even as television and Internet ad sales have staged a comeback.

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Redstone told analysts earlier in the quarter Viacom plans to shed underperforming radio stations across its national portfolio of properties, but will retain its Infinity radio division.

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Viacom reaffirmed its 2004 financial outlook for revenue growth of 5 to 7 percent, operating income growth of 12 to 14 percent and earnings per share growth of 13 to 15 percent.

It also said it expects to spin off video rental chain Blockbuster by October.