Viacom Gets Gen Y

According to the New York Times, Sumner Redstone’s media conglomerate is making savvy moves and cashing in on them.

Viacom said yesterday that growth in advertising sales at its MTV Networks helped the company post a 27 percent increase in second-quarter profit.
Viacom also announced that it had agreed to buy the online video and games company Atom Entertainment for $200 million as Viacom seeks to build its Internet business by focusing on video and games.
Viacom’s MTV Networks hopes to expand its main audience of young viewers, using Atom’s portfolio of online videos created by Internet users, short independent films and casual online games, the chief executive of MTV, Judy McGrath, said.