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Viacom CEO blasts critics

Tuesday, February 09, 2016 - 01:31

Viacom CEO Philippe Dauman lashed out at critics on the company's conference call, sending shares tumbling. Bobbi Rebell reports.

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Viacom CEO Philippe Dauman fought back against his critics on the company's earnings conference call following disappointing results. (AUDIO SOUNDBITE OVER STILL PHOTO): PHILIPPE DAUMAN, CEO, VIACOM, (ENGLISH) SAYING: "Our outlook and the facts have been distorted and obscured by the naysayers, self-interested critics and publicity seekers." He went on to talk about "noise" as a factor that had been hurting the company's performance. This was the fifth quarter in a row that the company missed analysts sales estimates. Shares of the media company, already under pressure, lost even more ground after the remarks. Viacom stock is down 45 percent over the past 12 months. Dauman's public comments are his first since replacing 92-year-old Sumner Redstone as executive chairman last week. The move was opposed by Redstone's daughter and some investors, who are unhappy with Viacom's performance. Those concerns overshadowing an expanded ad sales deal with Snapchat. The clock is ticking on Dauman to turn around the media giant says S&P Global Market Intelligence's Tuna Amobi: (SOUNDBITE) TUNA AMOBI, ANALYST, S&P GLOBAL MARKET INTELLIGENCE (SAYING): "This is his second year of major underperformance. I would say that he probably buys at least another year to turn things around in a hurry, and after that, I think, you are going to start to see investors patience start to, you know, wear thin. " Dauman's next big test will be wrapping up talks with Dish Network over whether the Satellite service will continue to carry Viacom's networks and at what price.

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Viacom CEO blasts critics

Tuesday, February 09, 2016 - 01:31