Viacom on Thursday reported a 34 percent decline in first-quarter profit, as a moribund advertising market took a bite out of the conglomerate’s media networks division.
For the three-month period ended March 31, Viacom posted $177 million (or 29 cents a share in net earnings), down from $270 million (or 42 cents a share), in the first quarter of 2008. Total revenue decreased 6.8 percent to $2.91 billion.
The media networks unit, which includes the cable networks MTV, VH1, Comedy Central, Spike TV and Nickelodeon, saw revenue decline 7.5
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