Viacom sees US recovery but Europe lags behind

Viacom chairman Sumner Redstone has said that there is optimism in the market, particularly in the US, and that advertising is expected to improve in 2010. “As you know there is subconscious optimism being heard across the media landscape as we begin to emerge from the contraction that set in last fall,” he said. Viacom has reported a third-quarter profit rise of 15% from US$401m (€272m) to US$463m. Revenues were US$3.3bn, down 3%.

However, CEO Phillippe Dauman warned that international markets were not quite as healthy, particularly in Europe, where it operates a raft of channel brands. “I would caution that there are still tough times ahead in certain markets around the world including several European countries where we have a substantial presence. Those economies appear to be lagging the US but as they improve we will be well prepared to take advantage of their recovery,” he said.