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Karmazin: Cable Nets Viacom’s ‘Crown Jewel’

Viacom Inc. reported a 5% third-quarter revenue gain to $6.6 billion with a 7% operating-income gain to $1.38 billion.

For the full year, the company said it would deliver mid- to high-single-digit growth in revenues and operating income, with low- to mid-teen growth in earnings per share.

For full-year 2004, Viacom said it will deliver revenue growth in the 5%-7% range with operating-income growth of 12%-14%.

Mel Karmazin, Viacom’s president and chief operating officer, described the company’s cable-network unit as the "crown jewel" in its asset portfolio -- it delivered an 18% revenue gain in the quarter to $1.5 billion with a 20% gain in operating income to $613 million.

The television unit (CBS, UPN and TV stations) generated a 5% revenue gain to $1.9 billion with a 19% increase in operating income to $362 million.