Viacom Earnings Up
Jul 25, 2002, 12:00 AM
Viacom Corp. reported record Q2 results on the strength of higher revenues in cable networks, TV and video. The company earned $547 million, or 31 cents a share, on $5.85 billion in revenues, compared to $17 million, or 1 cent per share, on $5.72 billion in revenues in Q2 2001. “Viacom turned in an outstanding performance in the second quarter of 2002, particularly in light of the continuing challenges of a slow recovery,” CEO Sumner M. Redstone said in a statement. Executives said there was an upswing in advertising-supported businesses, including strong upfront sales at CBS, UPN and its cable networks. Viacom’s radio holdings also reported higher revenues. Viacom believes that an improvement in the ad market will give it double-digit growth in earnings and income in 2002.