US group Viacom with profit slump
The U.S. media conglomerate Viacom suffered a sharp drop in profits at the end of 2008 due to the economic crisis and restoration costs. The group's net income plummeted by nearly 70 percent in the fourth quarter to $173 million.
Due to the economic crisis and restoration costs, the US media group Viacom suffered a severe slump in profits at the end of 2008. The group's net profit plummeted by almost 70 percent to 173 million dollars in the fourth quarter. Turnover stagnated at 4.2 billion dollars, as the group announced on Thursday according to SDA.
Viacom recently announced the loss of 850 jobs - 7 percent of all jobs. The special charges due to write-downs and restructuring amounted to over 450 million dollars in the fourth quarter. For 2008 as a whole, profits fell by almost a third to 1.3 billion dollars. In contrast, turnover increased by nine percent to 14.6 billion dollars.
Viacom owns the film studios Paramount and TV channels such as MTV and Nickelodeon, among others.
Viacom recently announced the loss of 850 jobs - 7 percent of all jobs. The special charges due to write-downs and restructuring amounted to over 450 million dollars in the fourth quarter. For 2008 as a whole, profits fell by almost a third to 1.3 billion dollars. In contrast, turnover increased by nine percent to 14.6 billion dollars.
Viacom owns the film studios Paramount and TV channels such as MTV and Nickelodeon, among others.
