Viacom's cable nets post solid quarter.
Multichannel News, November, 1997 by Gibbons, Kent
NEW YORK - Viacom Inc.'s cable networks once again performed strongly during a quarter in which the company's overall results were dragged down by problems at Blockbuster Video.
The parent of MTV Networks earned $434.3 million, equal to $1.19 per share of stock, in the third quarter, down from $1.41 billion, or $3.82 per share, in the same period a year. ago. Those results include a $416 million gain from a sale of radio stations this year, and a $1.3 billion gain from cable-systems sales last year.
Otherwise, Viacom's net income from continuing operations fell 83 percent, to $18.4 million (1 cent per share), from $108.6 million (26 cents) a year ago.
Revenue rose 12 percent, to $3.65 billion from $3.27 billion, and cash flow dipped 4...
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