Viacom Suffers 32% Decline in Q2 Profit

NEW YORK Viacom today reported a 32 percent decline in second-quarter profit, as an unstable advertising market continued to a erode performance at the conglomerate’s media networks division.

For the three-month period ended June 30, Viacom posted net income of $277 million (or 46 cents a share), down from $406 million (or 64 cents a share) in the second quarter of 2008. Total revenue decreased 14 percent to $3.3 billion.

The media networks unit, which includes the cable networks MTV, VH1, Comedy Central, Spike TV and Nickelodeon, saw revenue decline 8 percent to $1.97

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