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Friday, August 4, 2000

VIACOM PUTS MTVi IPO
ON THE BACKBURNER

Company Says Public Not Interested
In New-Fangled Internet Thingies
Disinterest in the market has caused Viacom to nix its IPO plan for online music division MTVi.

Viacom said MTVi, which includes MTV.com, VH1.com and Sonicnet.com, would better contribute to overall results if it remains inside the company. The focal point of Viacom's Internet strategy, MTVi receives most of the company's Web investment dollars.

CEO Mel Karmazin said: "There's no reason we would spin off something if the market isn't going to appreciate the value of it. MTVi will contribute to getting Viacom stock higher."

Viacom registered in February to sell MTVi shares to the public.

On Thursday (8/3), Viacom reported record revenues of $4.9 billion, up 64%, for the second quarter of 2000, in its first quarterly results since closing its merger with CBS.

Karmazin said the company has not ruled out future attempts at an IPO: "If we could convince that dreamy Carson Daly to go door-to-door in nothing but a Speedo, we'd definitely be in business."

 
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