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Earnings

October 17, 1986

Viacom International, a major broadcasting concern with properties that include the MTV rock music channel, reported a sharp drop in its third-quarter profit despite a record revenue increase, partly due to its efforts to thwart a possible takeover bid from financier Carl C. Icahn. Viacom blamed its poor quarterly performance on "competitive conditions in the pay television industry, as well as increased interest expense associated with recent acquisitions and the May 22 repurchase of the company's common stock from the Icahn group." Viacom, a takeover target for the past several months, agreed to buy back about 17% of its shares from Icahn for more than $200 million.

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