Home Video Still Shining at Viacom1 Nov, 2005 By: Jessica Wolf
Year-to-date Paramount Home Entertainment revenue is up 29 percent and growth should continue, said Viacom co-COO Tom Freston during a financial call last week.
“Home video at Paramount constitutes 60 percent of revenue,” he said. “We think the category is still strong, still huge.
“We were really late to the party on DVD. We have slightly less than 50 percent of our film library available [on DVD] and 85 percent of our TV library isn't out yet.” The soon-to-be split Viacom Inc. announced a 10 percent increase in year-over-year revenue to $5.9 billion, led by ad growth for network and cable programming.
Viacom's split will be completed by the end of this year, executives said.
The parent company of Paramount Pictures and Paramount Home Entertainment will retain the Viacom name. Tom Freston will head up the new company.