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Should Media Firms Spend Their Tax Windfall or Save for a Rainy Day?

When Viacom reported earnings last week for its fiscal first quarter, the numbers weren’t pretty. The owner of MTV, Nickelodeon and Comedy Central saw its U.S. ad revenue fall 6%, while overall advertising increased just 1%. Affiliate revenue was off by 4%. Film revenue plummeted 28%. But somehow its first-quarter profit ….

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