|VIACOM CEO PHILIPPE DAUMAN|
Things at media giant Viacom seem to be getting more dismal by the day. In addition to the management turmoil which is playing out in courts, the company isn’t as healthy as it once was when its cable networks like MTV were dominating the eyeballs of young men and women around the globe. Current CEO Philippe Dauman has been blamed for the demise of the once mighty media giant by many including the man he replaced Tom Freston. Mr. Freston believes that during Mr. Dauman’s time, the company missed many opportunities due to the fact that there was too much emphasis on corporate related issues, which stifled creativity which is what the company was built on. Because of this, the company’s properties and its overall value has slid dramatically over the past decade since Mr. Dauman took control and the recent third quarter report just further highlights this. Profit at the company nose dived 27% and Mr. Dauman’s bosses at National Amusement, Viacom’s parent company says this report is proof Mr. Dauman and his lieutenants need to go.
“Viacom’s overall performance continues to highlight the need for changes to leadership at the company,” National Amusements, the investment vehicle for the Redstone family, said in a statement. “In recent years, the company’s senior management has overseen a steep erosion of revenue growth, earnings, operating performance, financial capacity and shareholder returns.”
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