Redstone said the group, which gets half its revenues from advertising, could see earnings per share grow 20% next year, compared with its expectations of around 15% growth.
"What we're seeing now in terms of advertising augurs well for 2003. I do believe this is just the beginning and the market has hit a bottom," Redstone said.
Restone expects much of the growth to be driven by MTV Networks through acquisitions and organic growth. The division accounts for the majority of Viacom's international revenues, which make up about 15% the group's revenues. The company wants to increase this figure to 40%.
Redstone said Viacom had overtaken rivals AOL Time Warner and Vivendi Universal in terms of market value to become the world's biggest media group. He also said he would be prepared to make another acquisition on the scale of that of CBS.
He added that the company was looking particularly at cable assets in the US.
Uncertainty still surrounds the role of chief operating officer Mel Karmazin, whose contract expires next year. Redstone said he expects Karmazin to stay on.
Speaking to journalists ahead of the MTV Europe Music Awards in Barcelona last night, Redstone said: "I am optimistic Mel will stay. I would expect him to do the sensible and rational thing and accept an extension of his contract."
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