Viacom reported net loss of $190 million in 3rd quarter, saying r...
Viacom reported net loss of $190 million in 3rd quarter, saying results were affected by lower revenue and increased costs resulting from terrorist attacks Sept. 11. It said it experienced significant loss of ad revenue and incurred additional newsgathering…
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costs for 93 hours of continuous coverage by CBS. Both CBS and UPN suffered from soft ad market. In addition to continuous coverage, CBS had many preemptions of regularly scheduled programming, further hurting bottom line, company said. TV results were partly offset by strong showing of Paramount TV Group’s Frasier, Ed and 7th Heaven and syndication availability of Everybody Loves Raymond. In 3rd quarter, Viacom’s Blockbuster division had pretax noncash charge of $356 million because it eliminated 25% of its VHS library as part of strategic move to stock more DVDs and to overhaul management. Viacom cable networks BET, MTV, TV Land and VH1 had higher revenue from growth in cable affiliate fees, DBS revenue, advertising.