Redstone Resolves to Boost Viacom Stock, Growth
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Viacom Inc. chairman and CEO Sumner Redstone said Tuesday he wants to restore the media giant's growth rates to industry-leading status by next year and drive its stock higher -- even if it leads to a credit downgrade.
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NEW YORK -- Given that its chairman owns a large stake of a video-game company, media giant Viacom Inc. has appointed a three-person committee to evaluate dealings in the video-game arena and protect against potential conflicts of interest.
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Will Viacom buy out Sumner Redstone's stake in Midway?
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Conversant with convergence Redstone, the long-time loss-making fixed-line telecoms firm,has morphed into a new age IT and telephony hybrid with a positive bank balance after a year of financial restructuring and acquisitions.â¦
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In a case of history  repeating itself, Sumner Redstone has ousted Viacom Inc.  president and CEO Tom Freston, with the executive chairman of  the media giant telling surprised investors Tuesday that two  longtime confidants have returned to take the helm.
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Six months after publicly rebuking actor Tom Cruise for his off-screen behavior during a bitter split between the star and Paramount Pictures, Viacom Inc. Chairman Sumner Redstone wants to make nice again.
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Viacom Inc. (VIAb.N) has ruled out  bidding for social networking site Facebook, despite suffering  a stinging defeat in losing a deal to Rupert Murdoch's News  Corp. to purchase MySpace.com, chairman Sumner Redstone told  U.S. journalist Charlie Rose in a televised interview.
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Media conglomerate Viacom Inc.  VIAb.N is considering expanding into the video game business  and could acquire publisher Midway Games Inc. MWY.N,  according to a regulatory filing on Friday by Viacom chief  Sumner Redstone, who owns a controlling stake in Midway.
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A growing estrangement between Sumner N. Redstone, the media billionaire, and his daughter Shari has called into question who will inherit control of the CBS and Viacom empires.
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Media conglomerate Viacom Inc. on  Wednesday posted a 27 percent rise in second-quarter profit,  beating Wall Street estimates, on advertising sales growth at  its MTV Networks, boosting its shares nearly 4 percent.
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Chairman Sumner Redstone was displeased that Viacom had not severed ties with Tom Cruise.
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(InfoWorld) - On Friday, media conglomerate Viacom upbraided YouTube for continuing to host throngs of Viacom videos without permission and demanded that over 100,000 of its clips be removed from the popular video-sharing site owned by Google. Viacom, whose properties include MTV, VH1, Nickelodeon, Nick at Nite, Comedy Central, and Paramount Pictures, ran out of patience after months of discussions with Google and YouTube, the company said in a statement. "It has become clear that YouTube is unwilling to come to a fair market agreement that would make Viacom content available to YouTube users," the statement reads. YouTube and Google have failed to deliver efficient filtering tools, allowingÂ "vast amounts" of unauthorized Viacom video to exist on the video-sharing site, the company said. YouTube acknowledged receiving a DMCA (Digital Millennium Copyright Act) request from Viacom to remove the videos. "It's unfortunate that Viacom will no longer be able to benefit from YouTube's passionate audience, which has helped to promote many of Viacom's shows," YouTube said in a statement, adding that it will comply with the request. Viacom's move is the latest from copyright owners who are upset over the unauthorized uploading and streaming of their videos on YouTube, which is one of the most popular Web sites in the world. The copyright issue has long been a known liability for YouTube. Founded in early 2005, YouTube quickly became the world's most popular video-sharing site, beating established players including Yahoo, Microsoft's Internet unit, AOL, and Google. Impressed with that popularity, Google bought YouTube last November for $1.65 billion in an all-stock transaction, but it put 12.5 percent of the amount in an escrow account for one year to "secure certain indemnification obligations," it said. Since the acquisition, Google and YouTube have been busy negotiating with video content owners and developing technology to detect and remove copyrighted videos uploaded by users without permission. Beyond its attempts to strike deals with corporations, Google has recently also indicated its intent to share revenue with individual content owners. It has also begun integrating YouTube with the similar Google Video service. "We're pushing very, very hard for the success of YouTube as a brand. It has tremendous traction with the demographic that we care about. An awful lot of people are now using YouTube every day in their daily lives," Google CEO Eric Schmidt said this week duringÂ the company's quarterly earnings conference call. Schmidt said Google's primary focus with YouTube is user adoption, while it also experiments with advertising models. YouTube is growing its user base and advertising very fast, to the point that it's now clear to Google that the price it paid for YouTube is clearly justified, Schmidt said. In its statement, Viacom precisely complained that Google is benefitting from its content without providing Viacom with adequate compensation. "YouTube and Google retain all of the revenue generated from this practice without extending fair compensation to the people who have expended all of the effort and cost to create it," Viacom said.
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Viacom Inc., home to the MTV networks,  said on Monday it would boost advertising sales from digital  operations and evaluate its international presence as it  focuses on these growth areas in coming years.
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The Viacom chairman, Sumner Redstone, is committed to his familyÂs holding of Midway Games, the ailing videogame game maker.
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Viacom Inc. VIAb.N on  Thursday said its quarterly profit from continuing operations  rose 12 percent on higher cable network advertising sales and  announced a larger-than-expected stock repurchase, sending its  shares up 3 percent.
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Viacom Inc. said it cut chairman Sumner Redstone's salary and cash bonus 51 percent for next year and boosted his stock compensation as part of an effort by the owner of MTV Networks and Paramount Studios to link executive pay to the share price.
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Media conglomerate Viacom Inc. on Wednesday said an offer to trade its shares for those of Blockbuster Inc. was a success, moving it closer to splitting off the video-rental chain.