RUMOR MILL
The entertainment company had a profit of $76 million, or 11 cents per diluted share, up 69% from the same quarter a year ago. The company reported revenue of $3.03 billion, with MTV’s EBITDA jumped 29% to $222 million.
Wednesday, April 26, 2000
VIACOM, ALL YE FAITHFUL
Media Giant's Earnings Up Thanks To TRL, CBS Down Because It Lacks Cute Host
Viacom CEO Sumner Redstone may remember when boy bands marched in the Civil War, but he has them to thank for Viacom's better-than-expected first-quarter earnings. The entertainment company had a profit of $76 million, or 11 cents per diluted share to your broker, up 69% from the same quarter a year ago. The company reported revenue of $3.03 billion, with MTV's EBITDA jumped 29% to $222 million. carson daly',390,400);">carson daly',390,400);">Carson Daly was quoted as saying, "God bless teenage girls. Now when do I get to host ‘The Grind?'"
Viacom also owns Blockbuster Video, United Paramount Network (UPN) and has a 50% stake in Comedy Central. The conglom recently sold its stake in a chain of drive-thru Mexican restaurants, Viacomdios.
Things weren't so rosy at Viacom'spending acquisition, CBS Corp. The Eye reported big gains in revenue and operating profit, but it posted a loss because of $75 million in expenses in its Internet operations, including its IWon.com site, which is heavily promoted on the company's other media outlets. CBS' net loss for the first quarter was $38 million, or five cents a share. Guess there's no money in the Internet after all. Anybody want to buy some pre-IPO shares of hitsdailydouble.com?
