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Article: Biz Briefs; Viacom Reports Record Profit in Q2.(entertainment industry news briefs)
- Article from:
- TelevisionWeek
- Article date:
- July 28, 2003
CopyrightCOPYRIGHT 2003 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Viacom last week reported a 21 percent jump in second-quarter profit to a record $660 million, or 37 cents a share, while revenue climbed 10 percent to $6.4 billion, thanks to robust growth at the media giant's cable and television operations. The company also announced it would issue a cash dividend to shareholders starting in October, reflecting the company's strength and a desire to reward shareholders.
The company said its cable unit recorded a 22 percent increase in revenue to $1.35 billion, fueled by advertising growth of 33 percent and 15 percent at MTV and BET, respectively. Strong advertising revenue helped Viacom's TV operations post a 10 percent gain ...