November 4, 2008 |
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.'
October 14, 2008 |
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.
July 30, 2008 |
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.
May 27, 2008 |
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.
December 20, 2007 |
Microsoft Corp. won the right to deliver advertising on Viacom Inc.'s network of websites for the next five years Wednesday, the latest in a series of deals demonstrating the software titan's willingness to spend heavily to establish itself as a major player in online ads. The alliance announced Wednesday gave Microsoft a big partner in trying to catch up to Google Inc., the top broker of Internet advertising. Microsoft will displace DoubleClick Inc. in showing ads to Web surfers visiting MTV.
October 18, 2007 |
Media giant Viacom Inc. is suing YouTube Inc., but it's also taking lessons from the online video service. In the ongoing quest to make Internet popularity pay, Viacom's Comedy Central channel today will unveil a website for "The Daily Show With Jon Stewart" that's designed to satisfy the most avid fans of the mock-news show with oceans of free video clips.
September 20, 2007 |
DreamWorks Animation SKG Inc. head Jeffrey Katzenberg said Wednesday that Viacom Inc. shouldn't be nonchalant about the possibility of losing Steven Spielberg from its Paramount Pictures studio. The warning came a day after Viacom Chief Executive Philippe Dauman said his company was planning for Spielberg's possible departure next year amid reports that the Academy Award-winning director was unhappy.
August 15, 2007 |
Media conglomerate Viacom Inc., which owns BET and MTV, announced a donation Tuesday valued at $1.5 million to help build a memorial to Martin Luther King Jr. on the National Mall in Washington. Viacom pledged $1 million in cash plus promotions for the memorial that will include public service announcements across the company's networks and its billboards in New York's Times Square, Chief Executive Philippe Dauman said.
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.
August 2, 2007 |
Was Sumner Redstone's obsession with the creator of the video game "Mortal Kombat" the root of the unfolding family drama that has pitted the media mogul against his daughter and onetime heir apparent, Shari Redstone? People who know them both suggest that the billionaire's dealings in the second-tier video game company Midway Games Inc. was a flashpoint in their ruptured relationship.