Infinity’s Revenues Rise 6% in Q3

Viacom reported that its Q3 revenues increased 10% to $6.3 billion from $5.7 billion, and operating income increased to $1.3 billion from $194 million compared to the third quarter of last year. Higher revenues and operating income in every segment led the rise, including a 14% overall increase in advertising revenues, led by the company’s broadcast and cable networks, and television and radio stations.
Infinity Broadcasting’s revenues for the quarter increased 6%, driven primarily by 10% growth in radio, while operating income rose to $322 million from $61 million.
Viacom’s free cash flow for the third quarter of 2002 was $214 million, bringing free cash flow to $1.62 billion for the first nine months of 2002.
“Viacom’s record third-quarter performance was outstanding, with revenues and operating income up across every one of our segments,” said Viacom Chairman/CEO Sumner Redstone.