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Viacom: Pressure mounts on underperforming Paramount

Aug. 24, 2016 7:33 PM ETViacom Inc. (VIA-OLD) StockVIA-OLD, VIABBy: Jason Aycock, SA News Editor4 Comments
  • As directors change at Viacom (VIA -0.7%, VIAB -0.9%) following its settlement with Sumner Redstone, all eyes are on a film studio that's underperforming and under threat of sale, in whole or in part.
  • Paramount Pictures chief Brad Grey is under pressure after a series of disappointments (and an especially poorly timed flop last weekend in a remake of Ben-Hur). And interim CEO Tom Dooley is calling on Paramount's leadership to ready a key turnaround plan.
  • Outgoing chief Philippe Dauman has worked to sell 49% of the studio, and Dalian Wanda is one of the suitors expressing interest. Meanwhile, selling it whole will take a unanimous board, and Redstone has expressed that he doesn't want to sell. Dooley has supported Dauman's efforts.
  • Paramount is pacing toward finishing last in Big Six market share for the fifth year in a row. Only one of the studio's films this year, Star Trek Beyond, has crested $100M in grosses.
  • In other Viacom news, Dauman sold $17.85M worth of Viacom class B common shares -- just over 427,000 shares between Aug. 22-23, according to the company's SEC filing. That's just after the company announced the settlement that resulted in Dauman's departure.
  • Dauman still owns just over 1M shares following the moves.

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