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Earnings Roundup / Viacom

Profit falls 69% on job-cut costs

February 13, 2009|Times Wire Reports

Viacom Inc., owner of Paramount Pictures film studio and MTV Networks, said fourth-quarter profit fell 69% on costs to cut jobs and write down the value of some assets.

Net income dropped to $173 million, or 28 cents a share, Viacom said. The New York media company controlled by Sumner Redstone eliminated jobs as it grapples with an accelerating decline in advertising and slowing DVD sales.

Earnings declined from $560 million, or 86 cents, a year earlier.

Viacom's sales were little changed at $4.2 billion from a year earlier.

The company's shares rose 66 cents to $16.29.

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