Viacom to Cut Dividend to Preserve Capital; CEO Search Accelerated by Resignation
Viacom announced that the quarterly dividend will be cut in half to $0.20 per share and that interim CEO Tom Dooley has resigned. The firm also issued fourth-quarter adjusted EPS guidance of $0.65 to $0.70, well below the current consensus of $0.90. We are maintaining our narrow moat rating and $53 fair value estimate for Viacom. We expect the drama and headlines to continue in the near term, overshadowing the weak underlying operating performance at Viacom. With the shares trading in the mid-$3...Viacom provides entertainment through television, film, digital media, live events, merchandise and solutions. The company operates through two segments: Media Networks, which provides entertainment content, services and related branded products for consumers in targeted demographics attractive to advertisers, content distributors and retailers through its media brands including Nickelodeon, MTV, BET, Comedy Central and Paramount Network; and Filmed Entertainment, which develops, produces, finances, acquires and distributes films, television programming and other entertainment content through its Paramount Pictures, Paramount Players, Paramount Animation and Paramount Television divisions.
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