• by Wayne Friedman , August 2, 2013

Following other big media stocks, Viacom reported hefty revenue and earnings gains for its fiscal third-quarter reporting period.

Revenues grew 14% to $3.7 billion. Net income improved 20% to $643 million. Operating income rose 20% to $1.09 billion.

Viacom also grabbed double-digit percentage results for its key media networks -- up 13% to $2.6 billion. Domestic advertising was up 6% as a result of increased ratings, with worldwide advertising revenue 5% higher. In the previous quarter, domestic ad revenue was 2% higher. Affiliate revenues gained even more, rising 28% domestically and rose 26%. Operating income for its media networks climbed 24% to $1.2 billion.

Its film entertainment unit, Paramount Pictures, also improved strongly -- adding 15% to $1.2 billion. Worldwide theatrical revenues soared 64% to $464 million, from big business from hits “Star Trek Into Darkness." “World War Z” and “Pain and Gain."

Worldwide home entertainment revenues, however, went in the other direction -- down 10%. Overall, operating income dropped 63% to $17 million, due to higher operating expenses.

Viacom’s stock was sharply up, 7% to $79.90 in midday trading.