Viacom Shares Higher Amid NY Times' Dealbook Report of Activist Interest

Viacom, Inc.

shares are trading higher by 6.47 percent to $42.41 in Tuesday's mid-morning trading session, following SpringOwl Asset Management push toward digital offerings to replace Chairman Sumner Redstone and change its board. The company is expected to replace Redstone in efforts to turn around Viacom, according to its 99-page published report presentation released by SpringOwl Asset Management's Managing Director, Eric Jackson on Tuesday. SpringOwl stated, "Part of the explanation for the stock's chronic underperformance, in our opinion, relative to its peers is lack of clarity around the succession plans for Sumner Redstone." The company also announced a "new push into digital and conduct a strategic assessment of its assets," in its report presentation. Viacom last announced its quarterly earnings data on Thursday, November 12th. Viacom reported $1.54 EPS for the quarter. The company earned $3.79 billion during the quarter. During the same period last year, Viacom had posted $1.71 EPS. The company's revenue is currently down 5.1 percent on a year-over-year basis. For investors, the company's quarterly dividend, will be paid on Friday, April 1st. Viacom shareholders will be paid a dividend of $0.40 per share on Sunday, March 13th. The payment represents a $1.60 dividend on an annualized basis and a dividend yield of 4.02 percent. Viacom's ex-dividend date is Wednesday, March 9th.