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Viacom shares rose Thursday after the entertainment company reported quarterly earnings and revenue that beat analysts' expectations.
Earnings were boosted by higher license fees and theatrical revenue at its movie business.
Viacom issued a quarterly profit forecast in June that fell well short of Wall Street expectations. The company cited disruptions stemming from the dispute roiling its board and management, as well as disappointing box-office performance of its latest Teenage Mutant Ninja Turtles movie.
Despite the weak guidance, the media company posted quarterly earnings per share of $1.05, compared with $1.47 in the year-earlier period.
Total revenue rose to $3.11 billion from $3.06 billion.
Analysts expected Viacom to report earning results of $1.01 per share on a revenue of $3.01 billion, according to a Thomson Reuters consensus estimate.
International advertising revenue also smashed expectations, climbing 13 percent, way above analysts' average estimate of 1.6 percent, according to research firm FactSet StreetAccount.
However, domestic advertising revenue slipped 4 percent, marking the eighth straight quarter of decline. Analysts on average had expected a 3.8 percent drop, according to FactSet.
Viacom's shares had lost about 47 percent of their value in the past two years through Wednesday, partly reflecting the company's struggle to turn around ratings, especially as younger viewers — a key demographic for networks like MTV — turn away from traditional television to view content online.
In morning trading, Viacom stock was up 1.15 percent. During the premarket, it was up 4.85 percent. Track share prices here.
The entertainment company's third-quarter results come amid a feud in the Viacom leadership board. Ninety-three-year-old Sumner Redstone and his daughter, whose holding company owns 80 percent of Viacom's voting shares, has been battling for control with CEO Philippe Dauman. Their most recent battle is over whether or not to sell a large stake of Viacom-owned studio Paramount shares to investors.
In June, Redstone tried to remove Dauman and four Viacom directors from a trust that would determine his ownership over the companies when he dies. As a result of the firestorm, the company lowered its earnings estimates for the first time since October 2008.
A Massachusetts judge will determine who has rightful control over the trust, and this decision could affect all matters determined by shareholder votes, including potential mergers and acquisitions.
— Reuters contributed to this report.