May 31, 2007 |
Viacom Inc. said Wednesday it will sell its Famous Music publishing unit to Sony/ATV Music Publishing, the song catalog co-owned by pop star Michael Jackson. The deal is estimated to be worth $370 million in cash, people familiar with the talks said. Famous Music's catalog of more than 125,000 songs and sound cues includes music by Eminem and Shakira as well as soundtracks from "The Godfather" and "Mission: Impossible." Famous was founded to publish songs from movies.
May 11, 2007 |
Viacom Inc.'s earnings fell 36% in the first quarter, weighed down by higher marketing expenses for movies and a restructuring charge at its MTV group, the media company reported Thursday, but the results still beat analysts' estimates. New York-based Viacom, which is controlled by media mogul Sumner Redstone and split off from CBS Corp. a year ago, earned $202.9 million, or 29 cents a share, in the three months ended March 31, down from $317.2 million, or 43 cents, a year earlier.
May 1, 2007 |
Google Inc. fired back against Viacom Inc. on Monday, arguing that the media giant's $1-billion copyright infringement case threatened the way hundreds of millions of people legitimately exchange information, news and entertainment online.
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.
March 14, 2007 |
Sumner Redstone, Viacom Inc.'s 83-year-old chairman, got the call Monday at the Four Seasons Resort Costa Rica telling him that the company he controls was declaring war on Internet giant Google Inc. after months of failed talks. Vacationing with his wife Paula, Redstone was informed by Chief Executive Philippe Dauman that the media company would be suing Google the following day for more than $1 billion.
March 14, 2007 |
With a $1-billion lawsuit, Viacom Inc. is aiming to upend Google Inc.'s plan to change the way people watch TV and movies. Viacom, which owns MTV Networks and Paramount Pictures, sued Google in federal court Tuesday, accusing the Internet company of "brazenly exploiting" the power of the Web to make easy money off Hollywood's hard work.
March 7, 2007 |
Viacom Inc.'s chief executive Tuesday defended the company's get-tough tactics with Google Inc.'s YouTube video-sharing website, saying that the unauthorized posting of clips from Viacom shows not only cost Viacom advertising dollars but put the material on a platform that made some advertisers uncomfortable.
March 2, 2007 |
MTV owner Viacom Inc.'s profit more than tripled in the fourth quarter after the addition of the DreamWorks studio last year, which swung its movie business to a profit. Viacom, which also owns BET, VH1 and several other cable television channels, said it earned $480.8 million, or 69 cents a share, compared with $129.5 million, or 17 cents, a year earlier. On a comparable basis, Viacom's operating income increased 28% to $855.6 million, or 65 cents a share.
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.