Viacom profits fall 5%

Viacom said Thursday net earnings from continuing operations fell 5% to $591 million. Revenue nosed higher 3% to $3.95 billion for the fiscal first quarter ended in December. Paramount lost $31 million versus a profit of $68 million the year before, despite a rocking year at the box office, on lower home video revenue and without the bump seen in the previous year from selling some Marvel distribution rights to Disney. Film revenue rose 4% to $1.6 billion. Operating income at cable networks led by MTV Nets grew 7% to $1.13 billion. Revenue rose 3% to about $2.5 billion. Viacom said a soft ad market was offset in part by strong affiliate fee growth. Contact the Variety newsroom at news@variety.com