Viacom reported 4th-quarter loss of $42.5 million, saying results...
Viacom reported 4th-quarter loss of $42.5 million, saying results reflected one-time hit of $159 million because of overhaul in Blockbuster products and restructuring at MTV networks and UPN. Loss compares with earnings of $30.4 million same time last year.…
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For all of 2001, Viacom lost $224 million. Company said combined revenue from all of its cable networks -- MTV, VH1, Nickelodeon, TV Land, TNN, BET, CMT, Showtime and National Network -- was down $4 million because of soft ad market. Viacom said revenue from CBS and UPN was up slightly, led by CBS, which saw double-digit growth in prime time from increased pricing and ratings. Infinity Radio stations also suffered in ad slump, with lower revenue in quarter. Firm had one-time pre-tax gain of $288 million from gains on station swaps and recovery of ad commitments. Without gain, loss would have been $140 million. Overall TV revenue grew 2% to $2 billion, but cable revenue was down 3% to $1.15 billion. TV operating profit declined 22% to $230 million, but cable operating profit was up 3% to $463.7 million.