VBKatLou
03-20-2003, 11:08 AM
This was the guy who, at a conference earlier this year, stated he was interested in forming a new scifi network. Also expressed an interest in buying Skiffy.
Here's the link:
http://www.mediaweek.com/mediaweek/headlines/article_display.jsp?vnu_content_id=1843061
Here's the article:
Karmazin Inks Deal to Stay With Viacom
MARCH 20, 2003 -
Viacom Inc. announced a new contract with president and chief operating officer Mel Karmazin on Thursday that will keep him at the media giant for three more years.
The company, which owns CBS, Showtime and numerous other media assets, also announced a new contract with chairman and chief executive Sumner M. Redstone.
Questions about Karmazin's future at the company, amid reports of increased tensions between him and Redstone, had weighed on the stock in recent months. Viacom's board was eager to keep Karmazin, whose contract was set to expire at the end of the year, aboard.
Karmazin is considered by many on Wall Street to be key to the success of Viacom, which merged with CBS in 2000. Viacom also owns VH1, UPN, Simon & Schuster and other properties.
In a statement Thursday, Redstone warmly praised Karmazin.
"I am very pleased that Viacom will continue to benefit from Mel's leadership and talent. The CBS merger brought many great assets together under the Viacom name, and Mel has done a masterful job of integrating those businesses and operating them at peak performance. I look forward to continuing our successful partnership and taking Viacom to new heights in the years to come."
Karmazin returned the favor in the company news release, calling Redstone a great visionary.
New York-based Viacom had 2002 profits of $726 million on $24.6 billion in revenues, reversing a $224 million loss in 2001.
Last month, executives predicted they would deliver mid-single digit revenue growth and mid-teen growth in earnings per share in 2003. The forecast reflects the anticipated costs of war coverage, and the effects a conflict might have on advertising revenues.
Here's the link:
http://www.mediaweek.com/mediaweek/headlines/article_display.jsp?vnu_content_id=1843061
Here's the article:
Karmazin Inks Deal to Stay With Viacom
MARCH 20, 2003 -
Viacom Inc. announced a new contract with president and chief operating officer Mel Karmazin on Thursday that will keep him at the media giant for three more years.
The company, which owns CBS, Showtime and numerous other media assets, also announced a new contract with chairman and chief executive Sumner M. Redstone.
Questions about Karmazin's future at the company, amid reports of increased tensions between him and Redstone, had weighed on the stock in recent months. Viacom's board was eager to keep Karmazin, whose contract was set to expire at the end of the year, aboard.
Karmazin is considered by many on Wall Street to be key to the success of Viacom, which merged with CBS in 2000. Viacom also owns VH1, UPN, Simon & Schuster and other properties.
In a statement Thursday, Redstone warmly praised Karmazin.
"I am very pleased that Viacom will continue to benefit from Mel's leadership and talent. The CBS merger brought many great assets together under the Viacom name, and Mel has done a masterful job of integrating those businesses and operating them at peak performance. I look forward to continuing our successful partnership and taking Viacom to new heights in the years to come."
Karmazin returned the favor in the company news release, calling Redstone a great visionary.
New York-based Viacom had 2002 profits of $726 million on $24.6 billion in revenues, reversing a $224 million loss in 2001.
Last month, executives predicted they would deliver mid-single digit revenue growth and mid-teen growth in earnings per share in 2003. The forecast reflects the anticipated costs of war coverage, and the effects a conflict might have on advertising revenues.