Revenue rose 10% to $6.42bn (£3.99m) up from $5.85bn in the same period last year. On the strength of this, Viacom has forecast it will deliver single-digit growth in revenue and double-figure growth in operations by the end of the year, and the company has upped its overall outlook for the rest of the year and for 2004.
The Cable Networks division, which includes MTV Networks, Nickelodeon and Comedy Central, was the best performer, with revenues up by 22% to $1.35bn, led by the 31% increase in advertising revenues.
Television and video also performed well, both enjoying a 10% increase to $1.86bn and $1.39bn respectively, with the latter driven by the net addition of 535 company-operated stores since June last year as well as an increase in sales. Outdoor revenues increased 9% to $462m.
The poorest performer was radio where revenues decreased by 3% to $551m, followed by entertainment, down 1% from $920m to $925m.
Sumner Redstone, chairman and chief executive officer at Viacom, said: "Spread across both advertising-based and non-advertising businesses, this strength once again highlights the fundamental growth attributes of Viacom's assets, our ability to consistently deliver superior results, and our ability to seize growth opportunities both internally and externally, such as our May acquisition of the outstanding interest of Comedy Central."
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