Wires

UPDATE 1-Viacom profit beats estimates on higher ad revenue

(Compares with estimates, adds shares)

Nov 14 (Reuters) - MTV-owner Viacom Inc, which is in the process of reuniting with CBS Corp, beat analysts' estimates for quarterly profit on Thursday, helped by a rise in advertising revenue.

Shares of Viacom rose 3.5% in premarket trading after the company reported a 6% rise in domestic advertising revenue on a constant currency basis.

However, revenue from its filmed entertainment division, which includes Paramount Pictures, fell 14%.

CBS Corp and Viacom - both controlled by Sumner and Shari Redstone's National Amusements Inc - plan to close the merger by early December.

In addition to distributing its own films and TV shows, Viacom is also producing content for streaming services including Apple Inc's Apple TV+, Walt Disney Co controlled Hulu and AT&T's HBO Max.

Earlier this week, Viacom announced a multi-year deal with Netflix Inc for which it will produce animated TV shows and features based on new and existing Nickelodeon characters.

Net earnings from continuing operations attributable to Viacom fell to $303 million, or 75 cents per share, in the fourth quarter ended Sept. 30 from $386 million, or 96 cents per share, a year earlier.

Total revenue fell to $3.43 billion from $3.49 billion, but was above the average estimate of $3.41 billion, according to IBES data from Refinitiv.

Excluding items, the company earned 79 cents per share, above the average analyst estimate of 75 cents per share. (Reporting by Neha Malara in Bengaluru and Helen Coster in New York; Editing by Anil D'Silva)