Viacom’s [VIA] 14% 2Q earnings growth was largely attributable to the strength of its cable nets. Cable net revenue rose 18% to $1.58bln during the Q, while operating income grew 23% to $608mln. Broadcast also performed well for Viacom, with revenue growing 11% and operating income rise 35%. The company intends to aggressively repurchase shares once its spinoff of Blockbuster is complete. — Viacom chmn/CEO Sumner Redstone’s salary for ’04 was raised to $3.5mln from $1mln last year, according to an SEC filing. New co-presidents Tom Freston and Les Moonves each will receive a $3mln base salary vs the $1mln salary Mel Karmazin received in ’03 (Don’t worry, he got a $35mln severance package). Freston and Moonves also are eligible for a bonus of up to $10mln/year.

The Daily


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