Viacom net income falls 69%

[cal04]

http://www.marketwatch.com/news/story/viacom-net-income-falls-69/story.aspx?guid=%7B63EFE843%2D6FA8%2D4530%2D9982%2DC3BBB8EF0811%7D&dist=TQP_Mod_mktwN

VIAB said fourth-quarter net income fell to $173 million, or 28 cents a share, from $560 million, or 86 cents a share in the year-ago period. Adjusted earnings at the New York-based media giant fell to 76 cents a share from 84 cents a share. Revenue fell slightly to $4.24 billion frmo $4.25 billion. Wall Street analysts expected earnings of 80 cents a share on revenue of $4.25 billion, according to a survey by FactSet Research. Sumner M. Redstone, Executive Chairman of Viacom, said, "There is no doubt that global economic conditions are difficult right now. Having worked through turbulent times before, I know that it is in such times that companies with strong, resilient assets distinguish themselves. With enduring brands and a proven leadership team, Viacom is well prepared to manage through this environment and thrive over the long term.



(anyone remember this)
The self-proclaimed “liberal Democrat” told an audience that “I look at the election from what’s good for Viacom. I vote for what’s good for Viacom.” He noted that “Because the Republican administration has stood for many things we believe in, deregulation and so on…. we believe the election of a Republican administration is better for our company.”
http://www.theamericanmind.com/2004/09/24/redstone-endorses-bush/

[KharmaTrain]

1. Yep, Summner, How Do You Like "Deregulation" Now?

This man should worship Bill Clinton as he was the one who pushed through Telcom '96 that allowed Viacom to take over CBS, Westinghouse and Infinity Broadcasting and led the way in destroying both local radio, the many jobs they used to provide as well as programming diversity.

As was said, the GOOP is the best government big business could buy...and surely Redstone got his money's worth. The thing is Viacom's loss is one of the "lesser" ones in the industry. While CBS didn't take on the debt others did and probably has the best "stable" of stations around the country, the fetid world of radio has driven away both listeners and advertisers and running CBS-TV into the ground is now coming home to roost.

The other day I was reading a radio newsletter about how dire things have become...it looks more and more like XM-Sirius not only will go bankrupt, but may vanish altogether (the two bidders want the satellite space for television)...their stock price hit a whopping 5 cents yesterday (literally making it worth less than the paper its printed on). Right behind them are a handful of large companies, Viacom/CBS included that are currently on life support and if things don't turn around and quick, they too are headed in a similar direction.

If there was ever an proper use for this term..."stay tuned"...

[AndyA]

2. I would say Sumner Redstone got what he deserves.

This is what happens when you put idiots/crooks/both (take your pick) in office.