Media company posts huge loss

Thursday, Feb. 24, 2005 | 9:29 a.m.

NEW YORK -- Media giant Viacom Inc., the owner of CBS and MTV, reported a net loss of $18.4 billion for the fourth quarter today due to charges to write down the value of its holdings in radio stations and outdoor advertising.

The net loss, which was equivalent to $10.99 per share, compared with a smaller loss of $385.4 million, or 22 cents a share, in the comparable period a year ago.

Excluding the effect of the accounting charge and another one-time effect from a tax benefit, the company's earnings from continuing operations rose 22 percent to $714 million or 42 cents per share.

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