May 4, 2017 / 11:08 AM / 4 months ago

Viacom's profit plunges 60 percent

May 4 (Reuters) - Viacom Inc, the owner of MTV, Comedy Central and Nickelodeon, reported a 60 percent decline in quarterly profit on Thursday, hurt by higher programming costs and as domestic advertising sales continue to fall.

Net profit attributable to Viacom fell to $121 million, or 30 cents per share, in the company’s second quarter ended March 31, from $303 million, or 76 cents per share, a year earlier.

Domestic advertising revenue fell 4 percent in the quarter, marking the eleventh straight quarterly decline, and in line with analysts’ average expectation, according to financial data and analytics firm FactSet.

Viacom’s revenue rose 8.5 percent to $3.26 billion. (Reporting by Rishika Sadam and Anya George Tharakan in Bengaluru; Editing by Sai Sachin Ravikumar)

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