News Broadcasting
Viacom suffers $487.6 million loss due to Blockbuster split off
MUMBAI: Media conglomerate Viacom which owns MTV, Paramount and Nickleodeon has posted a loss of $487.6 million for the third-quarter ended 30 September 2004..
Its earnings were affected by a $1.5 billion charge related to its sale of the Blockbuster home video video rental outlet.
On a more positive note without the charge, earnings and revenues both increased as the company’s television, cable networks and outdoor advertising divisions all turned in better results.
Without the charge revenues increased marginally by four per cent to $5.5 billion from $5.3 billion for the same quarter last year. Ad revenues grew by six per cent $3.1 billion. Third quarter 2004 operating income of $1.34 billion increased 5% from $1.28 billion in the same quarter last year, led by gains of 13 per cent in Cable Networks, seven per cent in television and 29 per cent in outdoor.
For the nine months ended 30 September 2004 revenues increased by nine per cent to $16.2 billion from $14.9 billion. Operating income increased by 13 per cent to $3.8 billion from $3.3 billion in the same prior-year period.
Viacom expects full year revenue growth of eight per cent, operating income growth of 14 per cent and earnings per share growth of approximately 16 per cent.
In the third quarter there was a 17 per cent ad revenue growth at MTV Networks. Cable Networks affiliate fees grew eight per cent as increases at MTV Networks and Bet were partially offset by a one per cent decline at Showtime.
Radio revenues decreased by four per cent to $529 million from $552 million reflecting continued weakness in national and local advertising revenues. Operating income decreased by 17 per cent to $222 million from $266 million principally due to lower revenues coupled with higher expenses.
Blockbuster had once been a profit making operationf for Viacom. However when the prices of DVDs started falling the company started to feel the pressure.
Viacom chairman and CEO Sumner Redstone added, “Viacom is committed to returning value to its shareholders. We will continue to invest in our businesses and actively look to expand in core areas and take full advantage of our ability to purchase our stock and enhance our dividend, while at the same time, maintain our commitment to our existing credit ratings.
“On the heels of our Blockbuster split-off, which resulted in the reduction of approximately 28 million outstanding Viacom shares, we intend to aggressively reduce our equity base even further under our $8 billion stock purchase programme.
“This ongoing initiative, along with the annualised 16.7 per cent increase in our cash dividend, demonstrates not only our ability to generate significant free cash flow
but also our confidence in the long-term performance of Viacom’s high-growth businesses.”
News Broadcasting
Kamlesh Singh receives Haldi Ghati Award from MMCF
India Today Group editor honoured for three decades of journalism at Udaipur ceremony.
MUMBAI- Kamlesh Singh just turned a lifetime of sharp words into a shiny shield because when journalism wakes up a society, even the Maharana of Mewar wants to pin a medal on it.
The Maharana of Mewar Charitable Foundation (MMCF) conferred its prestigious Haldi Ghati Award on Kamlesh Singh, a senior editor at the India Today Group, during a ceremony in Udaipur on 15 March 2026. The national award, instituted in 1981-82, recognises “work of permanent value that initiates an awakening in society through the medium of journalism.”
Singh, who leads several editorial initiatives including Aaj Tak Radio, the Teen Taal community and The Lallantop, was presented the honour by Lakshyaraj Singh Mewar, Managing Trustee of MMCF. The citation highlighted his three decades of contributions to Indian media, innovations in digital journalism, mentoring young reporters, and his popular podcast persona “Tau” on Teen Taal, which fosters thoughtful public discourse.
The Haldi Ghati Award, named after the historic Battle of Haldighati symbolising valour and resilience, is one of four national awards given annually by MMCF. Past recipients include Tavleen Singh, Piyush Pandey and Raj Chengappa.
Other honourees this year included Padma Vibhushan Pt Hari Prasad Chaurasia, Vedamurti Devvrat Rekhe, Treeman of India Marimuthu Yoganathan, Vir Chakra Capt Rizwan Malik, and US-based researcher Molly Emma Aitken, who received the Colonel James Tod Award for contributions to understanding Mewar’s spirit and values.
In an era where headlines often shout louder than substance, the MMCF quietly reminded everyone that real journalism isn’t about noise, it’s about the quiet, persistent work that stirs society awake, one thoughtful story at a time.
