US media giant Viacom said strong advertising sales for its CBS division went some way to counter the cost of acquiring the television company in May, as it recorded third quarter net profits of $33m, down from £97m for the same period in 1999.
LONDON (Brand Republic) – US media giant Viacom said strong advertising sales for its CBS division went some way to counter the cost of acquiring the television company in May, as it recorded third quarter net profits of $33m, down from £97m for the same period in 1999.
The company’s cash flow more than doubled for the quarter to $900m, while revenues rose 7% to $6bn. Viacom’s share price fell $1.69 yesterday to $54.81 during afternoon trading.
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