Viacom ( VIAB) posted a solid second quarter and shrugged off any major media-merger talk.

The media and entertainment conglomerate met second-quarter estimates, with growth in cable and television offsetting weakness in radio, outdoor, feature films and home video. Meanwhile, CEO Sumner Redstone reiterated the company's aversion to any big deals, saying it would stick to its knitting.

"We intend to continue to capitalize on opportunities that present themselves," he said, noting recent minor acquisitions. "That said, we don't presently see the need to do any major deals. The company intends to resume its stock buyback program following our separation from Blockbuster ( BBI)."

Results for the quarter, which saw Viacom President Mel Karmazin depart from the company, also reflect $56 million in severance charges.

For the second quarter ended June 30, Viacom reported earnings of $754 million, or 43 cents per share, including a 2-cent charge due to management changes. That 43-cent figure, matching the consensus estimate of analysts surveyed by Thomson First Call, is up from the year-ago $660 million, or 37 cents a share.

Revenue of $6.84 billion edged past the consensus of $6.81 billion for the quarter, and was up 7% from the second quarter of 2003.

Operating income grew 10% to $1.45 billion, matching the First Call number.

The company reiterated full-year guidance for growth in revenue, operating income and earnings per share, though it specified that guidance excludes the new severance charges.

For the full year, Viacom has been forecasting revenue growth of 5% to 7%, operating income growth of 12% to 14% and earnings per share growth of 13% to 15%. Those numbers exclude a 2003 noncash charge related to Blockbuster and a 2004 federal tax audit benefit, and are clouded by the coming Blockbuster split-off.

Shares in Viacom, which have slid over the past year, rose 46 cents Thursday to trade at $34.06. Viacom's stock has been performing noticeably worse than big-media brethren Time Warner ( TWX) and Disney ( DIS).

If you liked this article you might like

The Five Dumbest Things on Wall Street This Week

The Five Dumbest Things on Wall Street This Week

Times Buying About.com

Times Buying About.com

IAC Travel Units Are Going Nowhere

IAC Travel Units Are Going Nowhere

About.com Grabs Net Deal Spotlight

About.com Grabs Net Deal Spotlight

Google's Gallant Fan

Google's Gallant Fan