Viacom Unveils Sturdy Q1 Results

25 April 2001

Media group Viacom, owner of Paramount Pictures and MTV, has reported a healthy Q1 fiscal.

Pro forma first-quarter EBITDA (earnings before interest, taxes, depreciation and amortization), incorporating the recent merger with CBS and the purchase of black entertainment group BET [WAMN: 06-Nov-00], came to $1.1 billion (up 15% on Q1 2000) on revenues of $5.7bn (up 6%) – at the top end of analysts’ expectations.

Overall, Viacom reported a net loss of $7.3m, compared to gains of $68m in the same quarter last year. The group forecast EBITDA growth of 20% for the whole of 2001, though it admitted that this could be reduced by up to 5% depending on factors such as the ad market and the impending actors’ strike in the fall.

News source: Financial Times