A good performance from Viacom, with net income of $641.6 million in Q307, up 80 percent from $356.8 million. Revenues rose as well, up 24 percent to $3.27 billion, from $2.6 billion, aided by the performance of Transformers and Shrek The Third as well as stronger numbers from Media Networks.

-- Media Networks’ revenue rose 9 percent, with adjusted operating income up 14 percent to $818 million, excluding one-time items like a $3 million charge for restructuring. Worldwide advertising revenues were up 7 percent, to $1.18 billion.

-- Filmed Entertainment revenue rose 57 percent, to $1.30 billion, from $829 million the previous year. It also showed operating income of $71.7 million compared with an operating loss last year of $7.8 million.

Earnings release | Webcast (8:30 a.m. eastern)

Earnings call: The call started with a lovefest between Chairman Sumner Redstone and CEO Phillipe Dauman, with Redstone talking about how smart he and the board were to bring in old friends Dauman and COO Tom Dooley and raving about their leadership, results, etc. If Sumner’s happy, everybody’s happy.

Digital: Dauman: “We are growing our audiences and doing a better job of monetizing… As we provide richer content, users are staying longer.” They’ve added 185-p-lus new digital advertisers year to date.  More to come.

Monetizing Flux: The translated short answer for an analyst who wants to know where the money is in Flux: increased traffic is good for advertising.

The Strike: The company says it’s “well positioned” for a strike. In other words, it has stuff it’s working on that doesn’t require fresh material right away. As for things that will be affected, like the Daily Show, there will be reruns at first, and then they’ll evaluate.