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Technology Stocks : VIAB (Viacom Class B shares) formerly CBS -- Ignore unavailable to you. Want to Upgrade?

To: Bryan Arnold who wrote (2375)	8/24/1998 3:46:00 PM
From: MGV	Read Replies (1) \| Respond to of 4613

From previous article - good statement about media co. valuation: After-tax cash flow, a frequently used measure of a media company's performance, comprises net income plus any extraordinary items (before any tax benefits), minus gains on sales of assets, special bonuses paid to executives, stock-based compensation, depreciation and amortization, plus or minus the deferred provision/benefit for income taxes. Media companies make frequent acquisitions, sales and swaps, which tend to skew traditional per-share earnings results.