Viacom CEO Says Ad Revenue Upturn Will Be Evident By Q4
Speaking on BBC Breakfast this morning Viacom chairman and CEO, Sumner Redstone, commented on the current decline in the media economy, describing his company as an “advertising juggernaut”. He said that whilst the downturn in ad revenue was undeniable, his company had weathered the storm reasonably well and ‘continued to hit targets’. One of the reasons for Viacom’s resistance to the global adspend slump is the diversity of its interests – a fact also commented on by AOL Time Warner CEO, Jerry Levin, recently (see AOL Confident That Adspend Slowdown Has Arrested).
Redstone went on to say that, based on “empirical evidence” he expects that the media economy will begin to show signs of recovery in Q3/Q4 2001. He also commented that, whilst some further acquisitions will be made amongst the major players, AOL Time Warner, Vivendi etc, he expects that the majority of growth will come via developments in existing markets. In particular he cited Viacom’s overseas interests as potential areas for growth in the future.
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