VIACOM EARNINGS SHOW COMPANY ACQUISITIONS ARE "ON TRACK"
Published November 15, 1994
Viacom Inc.'s earnings reflect a "seven-fold rise" in earnings per share for the third quarter. The results include contributions for the first time from recently acquired Paramount Communications, but do not yet include earnings from the merger with Blockbuster Entertainment or the sale of Madison Square Garden. Viacom President Frank Biondi said Blockbuster earnings seem "tremendously promising." Blockbuster sales were up 42% by September. Viacom's net earnings increased to $327.3M from $30.9M, while sales were up $2.1B. Cable profits fell 33% from last year (Tony Jackson, FINANCIAL TIMES, 11/15). "The results were driven by the strong performance" of MTV and Paramount movie hits. However, analysts are getting "impatient" for Viacom to complete the sale of its cable TV systems to InterMedia Partners and Madison Square Garden to the ITT/ Cablevision partnership. Viacom shares closed at $39.75, up $.87 1/2 (Eben Shapiro, WALL STREET JOURNAL, 11/15). VIACOM TECHNOLOGY: Simon & Schuster, Viacom's publishing division, plans to announce an all-electronic publishing imprint named Macmillan Digital USA. The new imprint will produce and distribute reference, travel and computer books in electronic format, including CD-ROMs, materials for on-line services and the Internet. Topics will include sports ( WALL STREET JOURNAL, 11/15).