US media giant Viacom last week posted full-year results for 2000 showing a fall in losses and a rise in revenues, attributing the improved performance to strong ad sales and healthy figures from the recently acquired CBS Network.
The group lost $363.8m last year, compared to $371.7 million in 1999. Over the same period, revenues jumped from $12.8 billion to $20bn.
However, the fourth quarter net earnings fell to $30.4m from $133.1m year-on-year, despite an increase in revenues which rose 5% to $6.35bn.
Viacom president/ceo Mel Karmazin forecast modest growth for the year ahead, despite the widely feared downturn in media companies’ ad revenues. The group anticipates a strong showing from its Paramount Pictures division this year, with high profile releases such as Tomb Raider and Jimmy Neutron.
News Source: CampaignLive (UK)