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Viacom Q1 a 'Dream'

11 May, 2006 By: Erik Gruenwedel

The acquisition of DreamWorks boosted Viacom Inc.'s first-quarter (ended March 31) home entertainment revenue 13%, from $373.3 million to $421.8 million.

However, Paramount Pictures Home Entertainment releases of Hustle & Flow, Elizabethtown and Yours, Mine & Ours “underperformed” compared to last year's releases Collateral, SpongeBob SquarePants: The Movie and Without a Paddle.DreamWorks contributed 8%, or $174.1 million, in quarterly revenue, but increased interest expenses saw Viacom's net income drop $33.1 million, to $317.2 million.

Overall revenue increased $260.6 million, to $2.4 billion.

Viacom May 5 sold DreamWorks' 59-film library for about $900 million.

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