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- Revenues Up 5% to Record $6.60 Billion; Operating Income Up 7% to $1.38 Billion
- Advertising Revenues Climb 8% to $2.88 Billion
- Diluted Earnings Per Share Increased to $.40 Per Share from $.36 Per Share, on Net Earnings of $700 Million
- Company Reiterates 2003 Guidance and Sees Strong Growth in 2004, With Gains of 5% to 7% in Revenues, 12% to 14% in Operating Income and 13% to 15% in Earnings Per Share


Sumner M. Redstone, Chairman and Chief Executive Officer of Viacom, said, "Viacom's record third quarter results, including a double-digit increase in earnings per share, demonstrate our continuing ability to generate returns for shareholders. We delivered top line growth in nearly every business area and brought in significant operating income gains, all despite slower than expected growth in local advertising that did not keep pace with gains in the national ad market. Viacom also continued to deliver value to shareholders by using our strong free cash flow to purchase our stock and to declare a quarterly dividend. Looking ahead, we remain confident that 2004 will be the best year in Viacom's history, led by expectations of a continued economic resurgence, a return to the historic mix of growth in advertising markets and the favorable impact of unique programming and political events during the coming year."

Mel Karmazin, President and Chief Operating Officer of Viacom, said, "Viacom delivered the best third quarter performance in its history with segment operating income gains of 20% in Cable Networks, 25% in Video, and nearly 20% in Television. We continue to see positive momentum in our national advertising platforms, which are benefiting from a strong upfront at CBS, MTV Networks and BET and significant growth in syndication markets. With our management focus and our superior creative and operational execution, Viacom is extraordinarily well positioned to benefit from an improving economic environment which will lead to continued growth in the national advertising markets and a resurgence of local ad markets. These factors, as well as key events next year, including the Super Bowl on CBS, the primary season and the congressional and presidential elections, point to an exceptional year for Viacom in 2004."
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