For Q1 of this year, Viacom posted a net loss of $1.11 billion, or 63 cents per share, compared with a loss of $7.3 million, or breakeven on a per-share basis, in the same period last year. The company’s profit was $367.4 million, or 21 cents per share.
Radio revenues were down 1% at Viacom for Q1, but with outdoor lagging radio, total revenues were off 4% at Infinity to $798.9 million.
Viacom said it expects the current quarter’s ad revenues to be higher than last year.
Viacom President Mel Karmazin is upbeat about the second quarter. He expects revenues to be up. He told analysts, “We’re seeing pacing up for the entire company, for the entire radio group, for the month of April. May is up stronger that April and we anticipate June to be up.”
Karmazin said ad rates are rising.
Infinity Q1 Revenues Down
Infinity Q1 Revenues Down
