Viacom Inc posted a sharp drop in third-quarter revenue and lower profit on Friday which it blamed on weaker advertising sales at its U.S. cable networks and big drop in performance at its movie studios.
The parent of MTV and Nickelodeon reported earnings for the quarter ended June 30 of $523 million, or 99 cents a share, compared with $574 million, or 97 cents a share, a year earlier.
Revenue was down 14 percent to $3.24 billion.
