P.M. BRIEFING : Viacom Income, Losses Both Up
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NEW YORK — Entertainment giant Viacom Inc. said today it lost $29.1 million in the 1989 fourth quarter compared with a loss of $26.05 million in the comparable period a year earlier.
Viacom, whose operations include the MTV and Showtime cable networks and cable television systems in six states, attributed the most recent loss to interest expenses that amounted to $72.4 million in the period.
Fourth-quarter revenues of $385.7 million were up 9% from $355.4 million a year earlier.
For the year, Viacom earned $131.08 million, or $2.13 a share, compared with a loss of $123.1 million in 1988 primarily due to interest expense and preferred stock dividends.
Revenues for 1989 amounted to $1.44 billion, up 14% from $1.26 billion a year earlier.
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