Viacom Revenue Increase 16 Percent13 Feb, 2002 By: Joan Villa
Viacom, the parent of Paramount Pictures and 81 percent owner of Blockbuster Video, reported a 16 percent increase in 2001 revenues to $23.22 billion versus the prior year and a 28 percent gain in EBITDA (earnings before interest, taxes, depreciation and amortization) to $4.55 billion.
Chairman and CEO Sumner Redstone praised the results as demonstrating the entertainment conglomerate's "ability to excel under unprecedented negative economic conditions."
The earnings, which exclude $400 million in accounting changes and other charges, were driven by EBITDA growth in four of six segments that include 15 percent from video, 15 percent from cable networks and 13 percent from entertainment including Paramount Pictures and Paramount Home Video.
Full-year and fourth quarter results reflect higher home video and theater revenues, particularly from Lara Croft: Tomb Raider, The Score and The Godfather DVD Collection, the company said.