Viacom Set To Keep UPNBy Christian
April 26, 2000 - 11:24 PM
Viacom Inc., the parent company of Paramount Pictures and UPN, has just reported its financial results for the first quarter of 2000, likely its last reporting period before the merger with CBS is complete. During the first quarter, Viacom earned $76 million, which is an increase of 11 percent over last year.
Revenues rose by just 2.5 percent to $3.03 billion, up from last year's $2.95 billion. Most of this revenue growth was carried by its cable networks, such as MTV, VH1 and Showtime, while revenues from theaters and its publishing arm Pocket Books (also responsible for the Trek novels) slipped by 8 percent.
In related news, Viacom and CBS have announced that the U.S. Department of Justice has approved the proposed merger between the two companies. In addition, the Wall Street Journal was reporting today that the Federal Communications Commission would likely allow the new company to keep UPN, which is the last stumbling block before the merger is completed.
Thanks go out to Jeff 'Koganuts' Koga for this!