Friday, February 13, 2009

Viacom Profit Falls 69 Percent

Associated Press

Viacom Inc., the media conglomerate controlled by Sumner Redstone, said Thursday its fourth-quarter profit fell 69 percent as the recession hurt advertising, home entertainment, and video game revenue, and it recorded $454 million in charges. Shares rose 66 cents, or 4.2 percent, to close at $16.29 Thursday. Marketwatch: The first priority at Viacom must be to fix MTV's image, writes Jon Friedman. NYP: Redstone said National Amusements is moving closer to refinancing $1.6 billion in debt.

Read more: Viacom Profit Falls 69 Percent (AP)

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