August 3, 2007 |
Viacom Inc. posted a bigger-than-expected quarterly profit Thursday, boosted by DVD sales and the box-office hit "Shrek the Third," sending shares up 4%. Executives at the New York-based owner of MTV Networks, Paramount movie studios and the Nickelodeon cable channels also expected U.S. cable network advertising to improve in the third quarter, from a 4% gain in the second quarter. Viacom's second-quarter profit fell less than 1% to $434 million from $437.3 million a year earlier.
July 21, 2007 |
The conflict between media mogul Sumner Redstone and his daughter, Shari, broke into open warfare Friday when he publicly disparaged her as having made "little or no contribution" to the entertainment empire he built, which includes Viacom Inc. and CBS Corp. Redstone's comments, in a letter to Forbes magazine, and a subsequent statement issued on behalf of his daughter provide new insights into the mounting family feud over control of the media empire.
July 20, 2007 |
Viacom Inc.'s BET Networks named Scott Mills president and chief operating officer. Mills, who joined BET in 1997, most recently served as chief financial officer and head of digital media. Michael Pickrum was named to replace him as CFO and Denmark West will become head of digital media, according to a company statement. The network is pushing for growth in its digital businesses, including websites and the sale of shows over mobile devices. Mills helped create BET Mobile.
July 14, 2007 |
Google Inc. Chief Executive Eric Schmidt says he plans to aggressively fight a $1-billion lawsuit from entertainment company Viacom Inc., saying the technology company has been obeying the law with its YouTube video-sharing service. Viacom has claimed that YouTube is a massive center of copyright infringement because it allows users to upload video clips from Viacom properties such as Comedy Central and Nickelodeon.
April 11, 2007 |
Viacom Inc.'s advertising deal with Yahoo Inc. on Tuesday showed that Google Inc.'s legal battles with media giants might be opening doors for its competitors. Viacom hired Yahoo to plaster its websites with the types of text ads that Google perfected. Analysts say that Yahoo, the No. 2 provider of search-engine ads, probably benefited from Viacom's legal battle over pirated TV shows and movies appearing on Google's YouTube service.
March 17, 2007 |
It looks as though Black Entertainment Television is about to dial back the booty-and-rerun quotient. The network's parent company, entertainment giant Viacom Inc., will increase BET's budget for original programming by 30% to 50% this year compared with last, and will continue to grow it at that pace in coming years, Viacom Chief Executive Philippe Dauman said during a meeting Thursday with Washington Post reporters and editors.
February 22, 2007 |
Viacom Inc., the media company controlled by Sumner Redstone, named Blythe J. McGarvie as an independent member of its board. McGarvie, president and founder of consulting firm LIF Group, will also serve on the audit committee. The appointment is effective April 12. Ellen Futter will leave the board on that date, New York-based Viacom said.
February 7, 2007 |
Viacom Inc. said it might sell its music publishing business, which includes music from contemporary hit artists Eminem and Shakira. Viacom, which owns movie studio Paramount Pictures and cable channel MTV Networks, has hired UBS Investment Bank to explore strategic alternatives to boost the value of the division, Famous Music. Famous Music was founded in 1928 by Paramount's predecessor, Famous-Lasky Corp., to publish music that accompanied its movies.
January 12, 2007 |
A high-profile executive at MTV Networks is leaving the company as part of upheaval among Viacom Inc.'s executive ranks, a Viacom spokesman said Thursday. Michael Wolf, a former McKinsey & Co. managing partner and a well-known media strategist, will step down as MTV Networks' president after spending a little more than a year at the company. Nicole Browning, president of affiliate sales and marketing at MTV Networks and a 20-year veteran, also is leaving the company, Viacom said.