News Broadcasting
Viacom posts $18.44 billion fourth quarter loss
MUMBAI: Increasing competition in the radio space in the US has taken its toll on media conglomerate Viacom. The company has reported a loss of $18.44 billion for the fourth quarter ended ended 31 December 2004. In the same quarter in 2003 the company incurred a loss of $385.4 million
Viacom incurred massive charges for writing down the value of its radio and outdoor businesses in the face of a soft radio market and heightened competition. Radio ad sales have suffered as the medium loses listeners to other outlets such as satellite radio and Apple Computer’s iPod digital music player. A media analyst at Gabelli, which owns 9.2 million shares was quoted in an IHT report saying that the news was disappointing
“If you added the industry norm growth rates for each of their segments, Viacom’s guidance indicates a lower growth rate than the industry averages indicate. Until now radio has certainly been a problem, but it is not clear which segments might underperform the industry next year.” What is causing concern is the number of write downs that Viacom has taken related to its recent acquisitions. Viacom had earlier taken two write-offs that totalled $2.9 billion for Blockbuster, the video retail chain.
For the year 2004, Viacom revenues increased by eight per cent to $22.5 billion from $20.8 billion in the prior year. Advertising revenues increased 11 per cent led by growth of 21 per cent in Cable Networks and 11 per cent in Television. Viacom reported an operating loss of $13.0 billion versus operating income of $4.5 billion in the prior year. For the fourth quarter, Viacom revenues increased by six per cent to $6.3 billion from $5.9 billion for the same period last year, led by double-digit increases in the cable networks segment. The fourth quarter 2004 operating loss was $16.7 billion compared with operating income of $1.1 billion. Viacom reported a
fourth quarter net loss from continuing operations of $17.1 billion, compared with net earnings of $586 million in the same period last year.
In 2005, the company expects to deliver mid single-digit growth in revenues and operating income and high single-digit growth in earnings per share. The companys business outlook is based on 2004 revenues of $22.5 billion, operating income of $5.1 billion and diluted earnings per share of $1.54, which exclude the charges and tax benefit.
Viacom chairman and CEO Sumner M. Redstone said, Having adjusted the valuations of our radio and outdoor businesses to reflect emerging business trends and the competitive
environment, we are now positioned to fully focus our efforts on the Companys fast growing assets. We are poised to move rapidly to increase our investment and re-evaluate our portfolio in Radio and to focus on the higher return areas within Outdoor.
“These businesses have terrific potential and continue
to generate some of the highest margins and free cash flow in the industry. Overall, Viacoms underlying operational performance, including 11 per cent advertising growth, reflects our ability to run our businesses to generate significant returns. Excluding the charges and the tax benefit, Viacom delivered 21 per cent earnings per share growth and a 17 per cent increase in free cash flow to $3 billion. In addition to reinvesting in our businesses for future growth, we were able to take advantage of this free cash flow growth to return capital to shareholders in the form of dividends and share repurchases. In fact, as a result of the Blockbuster split-off and the use of $2 billion of our $8 billion share buyback authorisation, we acquired 96.4 million outstanding shares in 2004.
News Broadcasting
News18 hosts Tamil Nadu town hall ahead of 2026 polls
MK Stalin headlines ‘Next Big Leap’ event from 10am on 23 February in Chennai with leaders and icons.
MUMBAI: Tamil Nadu’s political pot is simmering and News18’s town hall is stirring it up just in time for the 2026 assembly elections boilover. Set for 23 February from 10am onwards in Chennai, the News18 Network Town Hall gathers heavyweights under the banner ‘The Next Big Leap for Tamil Nadu’ to dissect the state’s political pulse, economic edge, and cultural clout. With the 234-seat assembly contest looming as a fiercely competitive showdown, the event spotlights how Tamil Nadu’s identity-driven politics and engaged voters continue to ripple across national debates.
Chief minister MK Stalin leads the charge with a keynote on the theme, sketching his government’s blueprint for governance, development, and staying power pre-polls. Deputy Chief Minister Udhayanidhi Stalin chimes in on ‘Voices, Vision & Way Forward’, unpacking generational shifts and fresh narratives. From the opposition corner, AIADMK general secretary Edappadi K Palaniswami tackles ‘Baton Change at the Ballot?’, floating alternatives to the status quo.
Economic vibes get a nudge from industries minister TRB Rajaa on ‘Investment Story Intact?’, probing the state’s draw for big bucks. BJP’s K Annamalai dives into ‘People, Trust & Political Ideology’, positioning his party in the Dravidian-dominated turf. IT Minister Palanivel ThiagaRajan explores ‘Code, Capacity & Citizenship’, on tech’s role in citizen-focused services. TVK’s KG Arunraj questions if ‘Winds of Change are Possible’ in this pattern-prone state.
A panel on innovation features IIT Madras director Prof V Kamakoti, M&M’s Velusamy R, and Electronic Industries Association’s Dr Sasikumar Gendham, musing how AI and knowledge hubs are remaking opportunities. Culture gets its due with composer Anirudh Ravichander on ‘Tamil Music for the World’.
CNN-News18, editorial affairs director Rahul Shivshankar noted, “The News18 Network Tamil Nadu Town Hall… reflects our core editorial focus, to capture the political mood of the state and spotlight the ideas that will shape the next phase of governance and growth.”
Network18, CEO of English & business news Smriti Mehra added, “As Tamil Nadu moves closer to a defining electoral moment… we see it as our responsibility to drive informed and meaningful conversations.”
Network18 managing editor for South, Vivek Narayan said, “The News18 Network Townhall in Tamil Nadu is designed as a platform where policy, politics and public interest intersect.”
Backed by associate partners Tata Motors Commercial Vehicles and Reliance Industries, the live event streams on CNN-News18, News18 Tamil, CTV, and Youtube from 10am on 23 February perfect for catching the sparks, even if you’re not knee-deep in Dravidian drama.
