Viacom Internet division eyes up independent future

NEWS Entertainment giant, Viacom, yesterday announced its first quarter results amongst press reports that the company is gearing up to float its Internet interests. Viacom chairman and CEO, Sumner Redstone, said in a press call that the group is considering all options to "validate and enhance the value" of its Internet projects - including a possible initial public offering. However one source said such an announcement is unlikely in the near future. During the last 12 months, Viacom has bought Web site developer, Nvolve, and Internet radio station, Imagine Radio. Last year Viacom grouped all its Internet activities into one online division, and in March it announced plans to create a music and media site called MTV online.
The entertainment giant reported a 44 per cent increase in earnings compared to Q1 results last year, up from $48m to $68m over the three-month period. Revenues increased from $2.7bn to $3bn while the group's Internet projects grew by 114 per cent, pulling in $4.7m. Viacom is one of the world's largest entertainment companies with interests in Blockbuster, MTV, Paramount Pictures and Simon & Schuster.