Summary: Viacom Inc. Oct 04
- ID: 1823821
- October 2004
- Standard & Poors
The rating on Viacom Inc. reflects its broad-based, well-integrated entertainment operations and moderate capital structure. Viacom has strong business positions in network TV, cable TV networks, radio, outdoor advertising, and feature film and TV programming production, but its competition includes similarly well-funded media powerhouses. Operating performance remains in line with operating income growth guidance in the double-digit percents when excluding Blockbuster Inc. Performance reflects broad-based revenue gains, with cable networks' earnings gains driven by advertising strength, followed by growth in affiliate fees. The CBS Television Network has been picking up audience share, which has led to increased revenue, EBITDA, and margins gains for the TV group. Radio advertising has been in a muted recovery; a small revenue increase was posted...
Companies mentioned in this report are:
- CBS Corp.
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