Viacom said revenue dropped 14 percent, during the second quarter,m to $3.24 billion as a result of decreased ad revenue from Nickelodeon and other cable networks, and the performance of movies from its Paramount Pictures unit.

Net earnings at the media giant decreased by 12 percent, compared to the second quarter of 2011, to $512 million, and earnings per share dipped 2 percent, to 97 cents.

The impact of the 10-day blackout of 17 Viacom networks on DirecTV in July won't be reflected until the company reports third-quarter earnings.

Viacom CEO Phllippe Dauman told analysts on the company's earnings call Friday that Viacom managed to squeeze a license fee increase of more than 20 percent from DirecTV in the carriage deal that it signed to end the blackout. Viacom also said that the company will focus on improving the ratings at Nickelodeon, which saw its daytime ratings drop by 27 percent during the first quarter.