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Viacom Inc

BUSINESS
April 18, 2009 | Joe Flint
Although Viacom Inc.'s stock took a beating in 2008, losing more than half its value, the media conglomerate's chairman, Sumner Redstone, and its chief executive, Philippe Dauman, earned pay raises for the year. Redstone was awarded a total compensation package valued at $12.1 million. Viacom said that given the decline in value of his stock options, Redstone's actual take-home pay was $6.3 million. In 2007, the chairman took home $8.3 million.
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BUSINESS
February 13, 2009 | Times Wire Reports
Viacom Inc., owner of Paramount Pictures film studio and MTV Networks, said fourth-quarter profit fell 69% on costs to cut jobs and write down the value of some assets. Net income dropped to $173 million, or 28 cents a share, Viacom said. The New York media company controlled by Sumner Redstone eliminated jobs as it grapples with an accelerating decline in advertising and slowing DVD sales. Earnings declined from $560 million, or 86 cents, a year earlier. Viacom's sales were little changed at $4.2 billion from a year earlier.
BUSINESS
February 13, 2009 | Meg James
Sumner Redstone, under pressure to restructure his family company's $1.6 billion in debt, said Thursday that "substantial progress" had been made in talks with banks. "An agreement acceptable to all parties is now within reach," the 85-year-old Redstone said during a conference call to discuss Viacom Inc.'s quarterly earnings.
BUSINESS
January 1, 2009 | Meg James
Max Abrams had no idea that he was being dragged into a multimillion-dollar corporate war between two media giants when he rolled into the Sherman Oaks headquarters of his father's company, Sober Vacations International, on Wednesday morning. But the first clue that he was caught in the middle of something ugly came in voicemails left overnight on the company's phone answering system. "This one person was mumbling, 'Don't take my Nickelodeon away, you dummies,' " Abrams said in an interview.
BUSINESS
November 4, 2008 | Meg James, James is a Times staff writer.
Sumner Redstone hinted Monday that he might sell his family's movie theaters to fix his pressing debt problems. In a conference call with analysts, the 85-year old media mogul said his privately held National Amusements Inc., which operates 1,500 theaters, owns "valuable real estate holdings throughout the country." The company must come up with an $800-million debt payment next month as it negotiates with lenders to restructure $1.6 billion in loans. Redstone, during the call for Viacom Inc.'
BUSINESS
October 14, 2008 | Meg James, Times Staff Writer
Billionaire Sumner Redstone's National Amusements Inc. said Monday that it had sold $233 million worth of stock in Viacom Inc. and CBS Corp. to raise cash to comply with debt covenants -- $167 million less than the company said three days earlier that it would need.
BUSINESS
October 11, 2008 | Meg James, Times Staff Writer
Billionaire Sumner Redstone got caught in the credit crunch Friday. The 85-year-old mogul, who has long bragged about his financial savvy and competitive drive, was forced to sell a fifth of his family's stake in his two media companies -- Viacom Inc. and CBS Corp. -- on a day when the companies' shares were trading at record lows. It shows that even the wealthiest people are not immune to the meltdown in the markets and are being thrust into once-unimaginable situations.
BUSINESS
July 30, 2008 | From Times Wire Services
Viacom Inc. said it withstood a weak U.S. advertising market in the second quarter with a strong film slate led by "Iron Man" and strong sales of the Rock Band video game. Revenue climbed 21% to $3.86 billion, topping analyst estimates, as New York-based Viacom's movie business surged 35% to $1.77 billion. Three films -- Paramount Pictures' "Iron Man" and "Indiana Jones and the Kingdom of the Crystal Skull," as well as "Kung Fu Panda," which Paramount distributed for DreamWorks Animation SKG Inc. -- have grossed $837 million at the domestic box office.
BUSINESS
May 27, 2008 | From the Associated Press
A $1-billion copyright infringement lawsuit challenging YouTube's ability to keep copyrighted material off its popular video-sharing Internet website threatens how hundreds of millions of people exchange all kinds of information, YouTube owner Google Inc. said. Google's lawyers made the claim in papers filed in U.S. District Court in New York as the company responded to Viacom Inc.'s latest lawsuit alleging that the Internet has led to "an explosion of copyright infringement" by YouTube and others.
BUSINESS
February 29, 2008 | From Times Wire Services
Viacom Inc. reported a 16% gain in fourth-quarter earnings Thursday and said its advertising business hadn't been hurt by the slowdown in the economy. Philippe P. Dauman, Viacom's chief executive, told analysts that the company also benefited from a shift of ad dollars to cable television from broadcast during the just-concluded writers strike. Viacom earned $559.5 million, or 86 cents a share, in the quarter, up from $480.8 million, or 69 cents, in the same period a year earlier.
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