Viacom's Profit Drops 32 Percent in 2Q

Net Worth: $8.9 billion What It's From: Media/Entertainment (Viacom) Where He Lives: Beverly Hills, Calif. Rank on Global List: 35
Viacom's second-quarter profit tumbled 32 percent as revenue fell amid a weak advertising market, slower video game sales and fewer movie releases.

The media conglomerate controlled by billionaire Sumner Redstone earned $277 million, or 46 cents per share, compared with $407 million, or 65 cents per share, in the same quarter last year.

Excluding 3 cents per share in severance charges, adjusted earnings were 49 cents in the latest quarter.

Revenue slipped 14 percent to $3.3 billion.

Analysts projected income of 48 cents per share on sales of $3.5 billion.

New York-based Viacom Inc. owns a wide range of media properties including Paramount Pictures and the "Rock Band" video-game franchise.