Viacom Reports 4th-Quarter Loss, Sharply Lower Earnings for 1994

Viacom Inc. on Wednesday posted a loss for the fourth quarter and sharply lower earnings for all f 1994 as charges related to two major entertainment and publishing acquisitions depressed results.

Viacom said earnings from operations rose sharply for both the quarter and the year. The acquisitions pushed quarterly revenue up fivefold and annual revenue more than threefold.

The owner of the MTV and Showtime cable networks paid more than $17 billion last year for Paramount Communications Corp., the entertainment and publishing concern, and Blockbuster Entertainment Corp., the video rental chain.

For the three months ended Dec. 31, Viacom lost $50.2 million, or 18 cents a share, after preferred dividends. It earned $26.4 million, or 11 cents a share, a year earlier.

Quarterly revenue rose to $2.77 billion from $530.4 million a year earlier.

Earnings from continuing operations rose to $306 million from $78 million a year earlier.

For the year, Viacom earned $89.6 million, or 7 cents a share, after preferred dividends, down from $171 million, or $1.31 a share, in 1993.

Revenue rose to $7.36 billion from $2.0 billion a year earlier.

Earnings from continuing operations rose to $608 million from $385 million a year earlier.

Earnings from operations at its networks and broadcasting operations rose 42% on a 32% revenue increase due to the acquisition of Paramount’s TV stations and higher ad revenue at MTV.

Entertainment earnings rose to $135.6 million from $32.5 million a year ago due to the acquisition of Paramount Pictures and Spelling Entertainment Group.