Cable Nets Bolster Viacom.(Financial difficulties after terrorist attacks)(Brief Article)(Statistical Data Included)
Multichannel News, October, 2001 by FARRELL, MIKE
Viacom Inc.'s revenue and cash flow declined in the third quarter in the wake of the Sept. 11 terrorist attacks. But continued growth by its cable network and video segments kept a disappointing period from turning disastrous. Total revenue for the third quarter was down 2 percent, to $5.7 billion, and cash flow dipped 8 percent, to $1.3 billion, excluding special charges.
Broadcast network CBS Inc. was hit hardest, reporting significant losses in revenue and increased news-gathering costs as a result of its 93 hours of continuous news coverage in the days immediately following the attacks. The network also lost revenue from the cancellation and rescheduling of programming and the delay of the fall broadcast season. Revenue at the television...
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