Restructuring Drives Down Viacom.(Brief article)
Multichannel News, May, 2007
By Staff Miller Tabak media analyst David Joyce maintained his 'buy' rating and $45 per share price target on Viacom last week. He said despite an earnings shortfall due to restructuring charges at MTV Networks, the stock could be a buying opportunity. Viacom reported first quarter earnings on May 10, with revenue up 16% to $2.75 billion.
But because of the restructuring costs at MTV Networks - which laid off about 250 workers in February - and higher than expected costs at its Film and Entertainment unit, operating income was down 29% to $433 million. Viacom's Media Networks unit reported a 20% decline in operating income largely because of $56 million in restructuring costs. Net earnings for the period were down 36% to $203 million from...
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