Viacom had an increase of 33% in profits in Q1 2008. This large increase was driven by huge sales in the video game Rock Band and the success of MTV Networks.
Viacom Inc. said fourth-quarter profit rose 16 percent on advertising gains at its MTV cable channels and box-office sales from films such as Transformers. Net income increased to $559.5 million, or 86 cents a share, from $480.8 million, or 69 cents, a year earlier
The Goldman Sachs Group reduced 2008 profit estimates for Viacom because of lower demand for advertising on its cable networks and for DVDs from its Paramount studio. Other media companies, like Disney and Time Warner Inc., also fell in NY trading after the analysts cut their profit estimates due to the slowing U.S. economy.
Viacom sues YouTube for $1bn in damages through the use of their TV shows being circulated on the site. Suit is still ongoing.
Viacom puchase Neopets Inc. for $160m