Date: 26th October 2000
Aided in part by a 39-percent rise in ad sales at CBS Television (due in large part to the hit show Survivor), Viacom on Wednesday reported a strong rise in cash flow (EBITDA) during its third quarter to $1.45 billion, a 22-percent boost over the same period a year ago. Revenue was up 7 percent to $5.97 billion.
However, because of the costs of acquisitions and higher taxes in the quarter, net profit fell 70 percent to $33.4 million vs. $110.9 million. The figures were in line with most analysts' expectations. Shares in the company fell $2.44 to $53.94 on the NYSE, continuing a 22-percent slide that began about three months ago when many investors became jittery about the future performance of media companies.
Source: Studio Briefing