Sunday, September 03, 2006
Media giant drives off other Pimps
One of the largest media companies in the world is flexing its muscle to stop anyone using a phrase beginning with the words: "Pimp my ...".
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This article may in some ways explain the kind of actions undertaken by Viacom:
Viacom loses $13bn after writedowns
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Jane Martinson, media business editor
Friday February 25, 2005
The Guardian
Viacom, the media group that owns MTV, Paramount Pictures and Simon & Schuster publishers, reported one of the biggest quarterly writedowns since the dotcom boom yesterday when it wiped $18bn (£9.4bn) from the value of its radio and outdoor advertising businesses.
The group blamed competition from ad-free rivals such as Sirius satellite radio and the rapidly growing iPod music player for the failure of its radio business, Infinity Broadcasting, to live up to expectations. Some $10.1bn was written down from the business, which became part of Viacom after its merger with CBS in 2000.
A further charge of $7.1bn to pay for goodwill amortisation wiped any profit from the group's outdoor advertising business. The total writedown reduced the value of the assets by 27% to $49bn.
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Viacom loses $13bn after writedowns
**************
Jane Martinson, media business editor
Friday February 25, 2005
The Guardian
Viacom, the media group that owns MTV, Paramount Pictures and Simon & Schuster publishers, reported one of the biggest quarterly writedowns since the dotcom boom yesterday when it wiped $18bn (£9.4bn) from the value of its radio and outdoor advertising businesses.
The group blamed competition from ad-free rivals such as Sirius satellite radio and the rapidly growing iPod music player for the failure of its radio business, Infinity Broadcasting, to live up to expectations. Some $10.1bn was written down from the business, which became part of Viacom after its merger with CBS in 2000.
A further charge of $7.1bn to pay for goodwill amortisation wiped any profit from the group's outdoor advertising business. The total writedown reduced the value of the assets by 27% to $49bn.
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