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The Cannes International Advertising Festival has named Viacom's chairman and chief executive, Sumner Redstone, as its Media Person of the Year, despite a tough year for the broadcasting giant, which was said to have lost pounds 350 million in the month following 11 September.
However, Viacom, which owns the stateside CBS and UPN TV networks as well as MTV, out-performed many of its competitors in the ad market over the past year and has forecast a double-digit increase in earnings for 2002.
The prospects for Viacom's expansion into the broadcasting market in the UK were heightened last month by the Government's communications bill, which opened the way for foreign corporations to take a controlling interest in ITV companies.
Nevertheless, the annual shareholder meeting last month resulted in angry criticism of the 78-year-old Redstone's unstable relationship with his fellow ...