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http://www.nytimes.com/2001/07/27/business/media/27VIAC.html


July 27, 2001

Viacom Results Beat Expectations

By SETH SCHIESEL

A major media conglomerate announces quarterly results that include strong cash-flow growth while raising doubts about its ability to meet a crucial target for the full year.

Sound familiar?

Last week, it was AOL Time Warner (news/quote), the world's biggest media company. Yesterday, it was Viacom (news/quote), which is No. 3, behind Walt Disney.

The big difference was that investors were somewhat surprised when AOL Time Warner signaled that it might not reach its $40 billion revenue goal for 2001. Disliking surprises, they sent AOL's shares down sharply.

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