Oct
10
Slowing Ad Market Slams Sumner Redstone’s Empire
Posted in: Uncategorized
NEW YORK (AdAge.com) — A weakening ad market is taking its toll on both cable and broadcast TV. Former corporate siblings CBS and Viacom, both controlled by Chairman Sumner Redstone, warned investors they're dialing back ad-revenue projections for the third quarter. CBS investors get an additional surprise: an expected $14 billion write-down to reflect the falling value of its assets.
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