- Associated Press - Friday, August 3, 2012

NEW YORK (AP) - Viacom says its net income fell 7 percent in the latest quarter as advertising revenue decline more than expected, and its movie releases failed to measure up to last year’s.

Viacom Inc., the owner of Paramount Pictures, MTV and Comedy Central, earned $534 million, or $1.01 per share, in the April to June quarter. That compares with $574 million, or 97 cents per share, in the same period last year.

Excluding special items, earnings were 97 cents per share in the fiscal third quarter, 3 cents below the average analyst estimate as polled by FactSet.

The New York-based company’s revenue fell 14 percent to $3.24 billion, 7 percent below analysts’ estimate of $3.49 billion.

Revenue fell 5 percent at Viacom’s TV networks and 29 percent at Paramount.

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