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Viacom profits higher on "Rock Band," MTV Networks

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May 2, 2008

NEW YORK (Reuters) - Viacom Inc <VIAb.N> said on Friday its first quarter net profit rose 33 percent on strong sales of "Rock Band" video game and higher advertising revenue at MTV Networks.

The New York-based owner of Nickelodeon and Paramount movie studios said its first quarter profit rose to $270 million, or 42 cents per share, from $203 million, or a 29 cents per share a year earlier.

Revenue rose 15 percent to $3.12 billion.

Excluding a 2 cents per share non-cash impairment charge on a minority investment, it posted a profit per share of 44 cents, the company said.

Shares of Viacom have slipped 13 percent since the beginning of the year as investors have bidded the sector lower on concerns the credit crisis will lead to an advertising recession.

(Reporting by Kenneth Li; Editing by Derek Caney)

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