Viacom, News Tally Huge Ad Costs From Attacks
Global media companies Viacom Inc. and News Corp. Ltd. Tuesday tallied up hundreds of millions of dollars in losses as advertising revenues were hurt by a weak economy and an uncertain outlook after the Sept. 11 hijacked jetliner attacks. The attacks led many networks to air commercial-free coverage of the news events for at least five straight days. For the most part, however, U.S. investors shrugged off the news of losses as having already been factored into stock prices and sent Viacom and News Corp. shares, as well as major media players like Walt Disney Co., higher on the day.… Read more »
