Strong ad sales lift Viacom Q3 revenue
Aug 2 (Reuters) - Viacom Inc reported a 14 percent rise in third-quarter revenue on Friday on strong advertising and affiliate fees at its cable networks.
The company, which owns the cable networks MTV, Comedy Central and the movie studio Paramount Pictures, also expanded its share buyback program to $20 billion from $10 billion.
Total revenue for the quarter was $3.69 billion, compared with analysts' expectations of $3.58 billion, according to Thomson Reuters I/B/E/S.
Adjusted for special items including tax benefits, net income rose 24 percent to $635 million, or $1.29 per share, compared with the same quarter a year ago.