Viacom reported first-quarter earnings of $710.5 million on reven...
Viacom reported first-quarter earnings of $710.5 million on revenue of $6.77 billion, compared with earnings of $443.1 million on $6.05 billion revenue for the same period a year earlier. Viacom said it experienced a 21% gain in ad revenues,…
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led by 24% growth in cable networks, 38% in TV and 55% in entertainment. Chmn. Sumner Redstone said the results put the company on track for “another record year.” Fulcrum Global Partners analyst Richard Greenfield called the results “blowout” numbers. Revenues for the TV segment, which includes CBS and UPN networks and stations, increased 18% to $2.3 billion. Much of the increase in ad revenues was attributed to the telecast of the Super Bowl, the NCAA Men’s Basketball Championship, as well as CBS’s primetime lineup. Higher syndication revenues reflected increases for “Everybody Loves Raymond” and higher barter revenues for “The Oprah Winfrey Show” and “The Dr. Phil Show.”