Viacom posts profit and loss
by Brian Turner
Viacom posted a 7 percent rise in first-quarter operating profits on strong growth in its cable networks and despite less than stellar performance in its television and radio divisions.
This report highlights Viacom’s previously announced intention to split into two separate groups on cable/broadcast lines. This split could come as early as the first quarter of 2006.
Viacom’s cable group, which includes MTV and Nickelodeon, posted a 19 percent gain in revenue and a 20 percent increase in operating income.
It’s television division, which includes CBS and UPN networks, saw its operating income drop 8 percent to $304 million, and its radio division’s operating income was $189 million, down by 5 percent.
Overall earnings were $585 million, or 36 cents per share. This is an 18 percent drop from the same period in 2004, but that quarter’s earnings were padded by the inclusion of a $111 million tax benefit.
Viacom’s shares were up 2.7 percent, or 94 cents, on the news, to $34.90 in mid-day trading Tuesday in New York.
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