US media giant, Viacom, is expecting to surpass its earnings estimates for 2003, thanks to a recovery in advertising levels, according to a report on Brand Republic today.
The article quotes Viacom’s chief executive, Sumner Redstone, as saying that the current indications bode well for advertising in 2003 and that he believes the market has now bottomed-out and is beginning to recover.
The group now expects earnings per share to rise by 20% in 2003, an improvement on the previous 15% forecast.
