DVD sales boost Viacom's profits

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Media giant Viacom has unveiled a 16% rise in quarterly profit, boosted by DVD sales of the hit Transformers film.

The firm, which owns the MTV television network and Paramount movie studio, made a net profit of $559.5m (Â£282m) in the last three months of 2007.

This compares with a profit of $480.8m for the same period a year earlier.

Further boosted by higher advertising sales on MTV, its revenues increased by 19% to $4.25bn, which was also ahead of expectations on Wall Street.

Looking ahead, Viacom said it expected low double-digit profit growth over the next two years.

The company also owns the Nickelodeon television network.