Viacom's profit climbs 80 percent in 3rd-qtr on sale of Famous Music

NEW YORK -- Viacom Inc., the media conglomerate that owns MTV, reported an 80 percent jump in third-quarter earnings Friday, boosted by a gain from the sale of a music publishing business.

Viacom earned $641.6 million, or 96 cents per share, in the three months ending in September, up from $356.8 million, or 50 cents per share, in the same period a year earlier.

The latest results included a $192 million gain from the sale of Famous Music, a music publishing business.

Excluding that and other one-time items including a $3 million restructuring charge in the latest quarter and compensation charges of $62 million in the year-ago period following the departure of Tom Freston as CEO, adjusted operating income rose 14 percent to $818 million, or 65 cents per share.

Analysts polled by Thomson Financial were expecting earnings of 59 cents per share. Those estimates typically exclude one-time items.

Revenues rose 24 percent to $3.27 billion from $2.63 billion a year ago and ahead of analysts' estimates of $2.99 billion