Viacom Inc.'s first-quarter revenue was down 1 percent to $5.67 billion, and
cash flow dropped 4 percent to $1.09 billion in the period.
But performance was strong at its cable networks, including MTV: Music
Television and Nickelodeon. Revenue was up 5 percent to $1.03 billion and cash
flow increased 12 percent to $403.3 million in that unit.
Viacom president Mel Karmazin predicted in a conference call with analysts
that the industry may have seen the worst of the ad slump, adding that Viacom's
cash flow would grow by double-digits in 2002.
'Going into the upfront, we're feeling pretty good. Advertisers are talking
to us about pre-upfront deals and multiyear deals,' Karmazin said. 'That
generally bodes well for where they're thinking.'