Cable shined while broadcast dulled during the first quarter at Viacom Inc.
The media giant’s cable networks unit increased revenues a huge 19% to $1.7 billion, while operating income jumped 20% to $622.5 million.
The broadcast TV division, including CBS, UPN and their stations, suffered from the absence of last year’s Super Bowl on CBS, which rallied financial results last year. And despite the CBS network's ratings success, the broadcaster’s financial performance was worse than expected during the first quarter.
For the three months ended March, the revenues Viacom’s broadcast television division fell 5% to $2.1 billion while operating income dropped 8% to $304 million..
Companywide revenues increased just 5% to $5.6 billion and operating income increase 7% to $1.1 billion.