Viacom also reported a 2.5 percent drop in revenue, hurt by lower domestic ad revenue and a lack of hit movies at its Paramount film studio. » Read More
The Dow fell on Thursday as a sharp drop in oil prices sent the energy sector tumbling and disappointing profit outlooks raised the specter of a worsening economy.
The Big Three CEOs returned to Washington to meet with the Senate Banking Committee today, as AT&T and other companies reported job cuts. Following are today's top videos:
Sumner Redstone has to repay $800 million in debt by December 19. With just a few weeks left to go, he's in the midst of negotiations to restructure the $1.6 billion in debt held by his private National Amusements, which Redstone's daughter Shari Redstone runs.
In 2009, media faces a perfect storm—transitioning to a challenging new digital world and a weak economy of unprecedented proportions. Media giants will continue to move from traditional content distribution models to anytime, anywhere, content-on demand.
Comic book publisher Marvel Entertainment posted a quarterly profit that topped estimates, helped by earlier-than-expected box office and DVD revenue from its film "Iron Man."
Marvel Entertainment's new strategy of producing its own movies, instead of just licensing the rights to its characters, seems to really be working. This morning Marvel Entertainment reported its third-quarter net income grew 40 percent thanks to the performance of its "Iron Man" movie, both in terms of box office and DVD sales.
Wall Street will hear Viacom's earnings after the bell, but that's not the only reason Chairman Sumner Redstone is in the spotlight.
With investors bracing for a nasty recession many are wondering if the entertainment industry could be recession-resistant?
Media Giant CBS swung to a $12.5 billion dollar loss in the third quarter after taking a massive $14.1 billion non-cash charge, for assets and goodwill lost due to the financial crisis. But CBS shares rose through the day, CBS closing up, investors apparently relieved that CEO Sumner Redstone reiterated that it will continue to pay its dividend.
With Disney's fourth quarter and full-year earnings coming up on November 6th the company is in the spotlight: can it sustain its growth and the premium its stock is trading through the financial crisis and consumer pullback?
Sumner Redstone, the 85-year-old chairman of CBS and Viacom, is filing for divorce from his wife of five and a half years, Paula Fortunato.
Carl Icahn's recent increased investment in Lions Gate shares isn't the only news resulting from the company's low stock price. On October 10 the stock dipped below $6, triggering a margin call by Merrill Lynch for Vice Chairman Michael Burns, selling 672,000 shares of his stock, 49 percent of his stake in the company, recorded in a Form 4 filed on October 14.
The credit crunch is hitting the whole media sector — and hard. Two media moguls in particular, Sumner Redstone and Rupert Murdoch, have seen their firms' stock prices hammered. But they're finding themselves in diverse spots and they're spinning their situations quite differently.
The credit crunch has meant tight money, so "Philanthropy is getting slammed," says Portfolio magazine editor in chief Monday Joanne Lipman told CNBC. "All the banks are major donors," she adds, citing Merrill Lynch as well as insurer AIG.
There have been real signs of capitulation the last few weeks. We knew there was large scale redemption of mutual funds underway. That is normal behavior during stressful market times. What we didn't know was the extent to which hedge funds were bailing out of the market.
CNBC presenter Ross Westgate offers his view of how audiovisual and content companies are grappling with a financial meltdown across the globe from the Mipcom conference in Cannes.
Facing an increasingly bleak economic picture, media giant Viacom cut its financial outlook for the first year, sending its shares, and shares of other media stocks, falling.
Spielberg and Snider are expected to take most of their current 140 DreamWorks employees with them to their new venture financed with $1.3 billion, the equity put up by India's Reliance and the debut financing from J.P. Morgan
As I watch the markets tumble and I hear talk not just of recession, but of depression, I have to wonder whether there's any chance 75 percent of SAG members would vote to strike, which is what it takes to get authorization.
Viacom's Paramount Pictures studio signed a deal Monday with Marvel Entertainment's Marvel Studios to distribute its next five films worldwide.