Viacom (VIA) - Get Report posted a $1.1 billion first-quarter loss Thursday morning as it became the latest big company to take a massive writedown on the value of boom-era acquisitions.

The latest quarter included a $1.5 billion writedown on the company's 1994 acquisition of

Blockbuster

(BBI) - Get Report

, then valued at $8.5 billion. Viacom subsequently sold part of Blockbuster back to the public in a 1999 initial public offering.

Excluding the writedown, Viacom earned $367 million, or 21 cents a share, in the latest quarter, reversing a year-ago loss of $7 million, or less than a penny a share. Revenue slipped to $5.67 billion from $5.75 billion a year earlier, while earnings before interest, taxes, depreciation and amortization dropped to $1.09 billion from $1.15 billion a year ago.

The company said free cash flow rose to $380 million from $348 million a year earlier, led by strong results in its cable networks, video and entertainment segments.

All Sunny?
Considering Viacom's outlook

"Viacom's first-quarter results highlight the breadth and diversity of our assets and our continuing ability to set ourselves apart from the industry," CEO Sumner Redstone said in a statement.

Viacom shares rose 2 cents to $50.33.