NEW YORK - Viacom said Thursday that its second-quarter profit rose 4 percent, boosted by strong results at its TV networks that offset a decline at its moviemaking business.
Viacom President and CEO Philippe Dauman noted during a conference call with analysts that ratings rose on a year-over-year basis at many of the New York company's networks, including Nickelodeon, Comedy Central, VH1, CMT Spike and TV Land.
He added that Nickelodeon took the top spot among networks for kids age 2 to 11 for the second-straight quarter and posted a 4 percent increase in revenue.
Dauman also addressed the upcoming departure of Comedy Central host Stephen Colbert, saying that the network "looks forward to sending him off in style these next eight months" and is also excited about the chance to "reinvent late-night television again beginning in 2015."
Colbert is slated to take over for a retiring David Letterman on CBS' 'Late Show" next year.
Viacom Inc. also said Thursday that it's buying Britain's Channel 5 Broadcasting Ltd. for about $757 million, increasing its investment in U.K-produced content.