Viacom's infighting is finally over. Now it's time for the company's real work to begin. After months of battling over the future of Viacom, Sumner Redstone has officially prevailed over Philippe Dauman, who has resigned as president and CEO of Viacom.
After taking weeks to line up all his pieces in his battle with Viacom CEO Philippe Dauman, Sumner Redstone has finally made his big move to regain control of his company.
In his first public comments since his public battle with Viacom founder and chairman emeritus Sumner Redstone over the company's future, Viacom executive chairman and CEO Philippe Dauman said the company is staying focused on business and has already completed half of its upfront sales.
As Hollywood-related civil wars go this summer, Captain America and Iron Man have got nothing on Sumner Redstone and Philippe Dauman, who are engaged in a public, bitter battle over the future of Viacom.
Just 48 hours ago, Sumner Redstone was the executive chairman of both CBS Corp. and Viacom. But now, he has been replaced at both companies.
Now is the winter of our discontent, made that much colder by the absence of the ad dollars that everyone in the TV world swore would come back in scatter.
Now that second-quarter earnings are over for the media sector, we can finally take a good look at what senior media company executives actually said on calls to investors when they were in the hot seat at the end of the summer.
Viacom's Q4 earnings call included the first discussion of scatter cable prices so far, with the company reporting a 3 percent increase in the market "tempered somewhat by ratings at MTV in a softer marketplace in the month of November," according to Philippe Dauman, president and CEO of the company.
Five years ago, a nasty carriage feud between Time Warner Cable and Viacom brought Dora the Explorer to tears.
Viacom CEO Philippe Dauman was upbeat on Wednesday's earnings call, and had reason to be: the network's fortunes on the ad sales front at MTV Networks, which has had a rough few quarters, were up 10 percent year-over-year, a respectable rise back into the black (ad revenue was down 6 percent in the same quarter last year).