Viacom earnings up 13 percent despite revenue drop

Viacom, owner of the Paramount movie studio and cable TV channels like MTV and Comedy Central, said quarterly net income rose 13 percent to $650 million, or $1.26 a share, even as revenue fell 17 percent to $3.36 billion. Viacom cut expenses by 26 percent to $2.31 billion. Revenue at its cable business was flat at $2.29 billion, and operating income fell 3 percent as ad sales slowed.