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Tag: Philippe Dauman

  • After CBS, Sumner Redstone steps down as Viacom chairman; Philippe Dauman to succeed

    After CBS, Sumner Redstone steps down as Viacom chairman; Philippe Dauman to succeed

    MUMBAI: After stepping down from the post of executive chairman of CBS, Sumner M. Redstone has now also given up the chairmanship of Viacom Inc. Redstone has been named to the newly created position of chairman emeritus. The Viacom Board elected Viacom CEO and president Philippe Dauman as executive chairman, succeeding Redstone in that role.

    “Sumner Redstone’s contributions to Viacom and the media industry are legendary,” said William Schwartz, Of Counsel to the law firm of Cadwalader, Wickersham & Taft and chairman of the Governance and Nominating Committee of Viacom’s Board of Directors. “He has successfully led Viacom with a dedication to building a global business for the benefit of all shareholders. On behalf of the Viacom Board, his colleagues and all our shareholders, we want to thank Sumner for his vision and leadership. There is no one who loves this company more and we will continue to be inspired by his wisdom in the years to come.”

    “Philippe has been instrumental with Sumner in every aspect of Viacom’s success for nearly 30 years and most recently as CEO has taken on the tough task of navigating our future in a time of unprecedented innovation and disruption. He has laid out a strategic long-term vision for the company that we fully endorse. We have complete confidence that his dedication to Viacom, his global experience and his determination to further our culture of creativity and innovation will continue to serve the interests of all shareholders and build long-term value,” he said.

    “In choosing a successor to Sumner,” Schwartz added, “the Board considered the need for seasoned leadership in this time of unprecedented change, Philippe’s business experience and unparalleled knowledge of Viacom, and his long-term vision for the Company. We believe his becoming Executive Chairman is in the best interests of the company and all shareholders.”

    Schwartz added that the board has also extended an offer to Viacom’s non-executive vice chair Shari Redstone to become mon-executive chairman. Shari Redstone declined the offer and will continue in her role as non-executive vice chair.

    Dauman said, “I am honored to succeed my friend and long-time colleague Sumner in the role of executive chairman. His steadfast belief in our company and the power of entertainment will always be an inspiration for me and I look forward to carrying forward his leadership role as a champion for all shareholders. I am gratified by the continued confidence and support of the Board of Directors and all of my colleagues at Viacom whose creativity and unrelenting hard work is evident in our recent successes across the company.”

    Dauman was named president and CEO of Viacom Inc. in September 2006 and has served on the Company’s Board of Directors since 1987. Previously, he was co-chairman and CEO of DND Capital Partners, L.L.C., a private equity firm specialising in media and telecommunications investments, from May 2000 until September 2006. Prior to co-founding DND Capital Partners, Dauman served in several positions at Viacom.

  • After CBS, Sumner Redstone steps down as Viacom chairman; Philippe Dauman to succeed

    After CBS, Sumner Redstone steps down as Viacom chairman; Philippe Dauman to succeed

    MUMBAI: After stepping down from the post of executive chairman of CBS, Sumner M. Redstone has now also given up the chairmanship of Viacom Inc. Redstone has been named to the newly created position of chairman emeritus. The Viacom Board elected Viacom CEO and president Philippe Dauman as executive chairman, succeeding Redstone in that role.

    “Sumner Redstone’s contributions to Viacom and the media industry are legendary,” said William Schwartz, Of Counsel to the law firm of Cadwalader, Wickersham & Taft and chairman of the Governance and Nominating Committee of Viacom’s Board of Directors. “He has successfully led Viacom with a dedication to building a global business for the benefit of all shareholders. On behalf of the Viacom Board, his colleagues and all our shareholders, we want to thank Sumner for his vision and leadership. There is no one who loves this company more and we will continue to be inspired by his wisdom in the years to come.”

    “Philippe has been instrumental with Sumner in every aspect of Viacom’s success for nearly 30 years and most recently as CEO has taken on the tough task of navigating our future in a time of unprecedented innovation and disruption. He has laid out a strategic long-term vision for the company that we fully endorse. We have complete confidence that his dedication to Viacom, his global experience and his determination to further our culture of creativity and innovation will continue to serve the interests of all shareholders and build long-term value,” he said.

    “In choosing a successor to Sumner,” Schwartz added, “the Board considered the need for seasoned leadership in this time of unprecedented change, Philippe’s business experience and unparalleled knowledge of Viacom, and his long-term vision for the Company. We believe his becoming Executive Chairman is in the best interests of the company and all shareholders.”

    Schwartz added that the board has also extended an offer to Viacom’s non-executive vice chair Shari Redstone to become mon-executive chairman. Shari Redstone declined the offer and will continue in her role as non-executive vice chair.

    Dauman said, “I am honored to succeed my friend and long-time colleague Sumner in the role of executive chairman. His steadfast belief in our company and the power of entertainment will always be an inspiration for me and I look forward to carrying forward his leadership role as a champion for all shareholders. I am gratified by the continued confidence and support of the Board of Directors and all of my colleagues at Viacom whose creativity and unrelenting hard work is evident in our recent successes across the company.”

    Dauman was named president and CEO of Viacom Inc. in September 2006 and has served on the Company’s Board of Directors since 1987. Previously, he was co-chairman and CEO of DND Capital Partners, L.L.C., a private equity firm specialising in media and telecommunications investments, from May 2000 until September 2006. Prior to co-founding DND Capital Partners, Dauman served in several positions at Viacom.

  • Viacom’s Sumner Redstone to undergo psychiatric exam in competency suit

    Viacom’s Sumner Redstone to undergo psychiatric exam in competency suit

    MUMBAI: The woes of the 92-year old chairman of Viacom – Sumner Redstone’s only seem to be increasing with his ailing health.

     

    After a shareholder slapped the company with a legal suit over Redstone’s high pay recently, a California judge has now ruled that Redstone will be examined by a psychiatrist hired by Redstone’s former girlfriend Manuela Herzer.

     

    Herzer had challenged Redstone’s “mental capacity” in a lawsuit against her removal as his healthcare agent in October last year.

     

    According to a report in the LA Times, Los Angeles County Superior Court Judge David J. Cowan ruled that Dr. Stephen Read, a psychiatrist selected by Herzer and her attorneys, will be allowed to conduct an hour-long examination of Redstone.

     

    Judge Cowan allowed Redstone’s speech pathologist and nurse to be present during the examination. He also said that the examination could not be videotaped.

     

    “We are gratified that Judge Cowan struck an equitable balance that assures our client has a fair opportunity to prove that her beloved Sumner was not competent when the attorneys had him remove her as his health caregiver,” the LA Times quoted Herzer’s attorney Pierce O’Donnell as saying.

     

    However, Judge Cowan denied a request from Herzer and her lawyers that Redstone provide sworn testimony in a deposition.

     

    Redstone’s attorney Gabrielle Vidal was quoted in media reports as saying, “We are gratified that the Court continues to reject Ms. Herzer’s increasingly desperate and disingenuous attempts to depose Mr. Redstone.”

     

    Post Herzer, Viacom CEO Philippe Dauman was made in charge of making healthcare decisions for Redstone.

  • Viacom’s Sumner Redstone to undergo psychiatric exam in competency suit

    Viacom’s Sumner Redstone to undergo psychiatric exam in competency suit

    MUMBAI: The woes of the 92-year old chairman of Viacom – Sumner Redstone’s only seem to be increasing with his ailing health.

     

    After a shareholder slapped the company with a legal suit over Redstone’s high pay recently, a California judge has now ruled that Redstone will be examined by a psychiatrist hired by Redstone’s former girlfriend Manuela Herzer.

     

    Herzer had challenged Redstone’s “mental capacity” in a lawsuit against her removal as his healthcare agent in October last year.

     

    According to a report in the LA Times, Los Angeles County Superior Court Judge David J. Cowan ruled that Dr. Stephen Read, a psychiatrist selected by Herzer and her attorneys, will be allowed to conduct an hour-long examination of Redstone.

     

    Judge Cowan allowed Redstone’s speech pathologist and nurse to be present during the examination. He also said that the examination could not be videotaped.

     

    “We are gratified that Judge Cowan struck an equitable balance that assures our client has a fair opportunity to prove that her beloved Sumner was not competent when the attorneys had him remove her as his health caregiver,” the LA Times quoted Herzer’s attorney Pierce O’Donnell as saying.

     

    However, Judge Cowan denied a request from Herzer and her lawyers that Redstone provide sworn testimony in a deposition.

     

    Redstone’s attorney Gabrielle Vidal was quoted in media reports as saying, “We are gratified that the Court continues to reject Ms. Herzer’s increasingly desperate and disingenuous attempts to depose Mr. Redstone.”

     

    Post Herzer, Viacom CEO Philippe Dauman was made in charge of making healthcare decisions for Redstone.

  • Viacom’s Sumner Redstone & Philippe Dauman see compensation cuts in 2015

    Viacom’s Sumner Redstone & Philippe Dauman see compensation cuts in 2015

    MUMBAI: Viacom Inc executive chairman Sumner Redstone received an almost 85 per cent cut in his pay for the 2015 fiscal in the light of his ailing health.

     

    Redstone, who is 92 years old, was paid $2 million in salary in Viacom’s 2015 fiscal year, according to a company filing Wednesday with the Securities and Exchange Commission. In comparison, he was paid $13 million in salary, bonuses and other perks in 2014.

     

    As was reported earlier by Indiantelevision.com, a shareholder has filed a lawsuit in which it was alleged that Redstone was incapable of continuing to run the company.

     

    On the other hand, Viacom CEO Philippe Dauman also saw a cut in his pay. In 2015, he received compensation of approximately $36.9 million, which was 17 per cent lower from his 2014 compensation of $44.3 million. On the other hand, Dauman drew a $4 million salary last year. His bonus dropped 30 per cent to $14 million as compared to $20 million in 2014.

     

    In a statement to explain the drop in compensation, Viacom said, “Mr. Redstone’s salary was unchanged in fiscal 2015. He became ineligible to receive a bonus beginning in fiscal 2015, and has not been eligible to receive an annual equity award since fiscal 2012.”

     

    However, the company did not give any specific reasons for the cut in pay and compensation.

     

    While Redstone is Viacom’s controlling shareholder, he holds about 80 per cent voting shares of Viacom and CBS Corp through his family investment vehicle – National Amusements.

     

    According to the lawsuit filed in Delaware by Viacom shareholder E.F. Greenberg, Redstone received $169 million in executive compensation for his role at Viacom from 2012 to 2014. In addition, he also receives compensation for his role as CBS executive chairman.

  • Viacom’s Sumner Redstone & Philippe Dauman see compensation cuts in 2015

    Viacom’s Sumner Redstone & Philippe Dauman see compensation cuts in 2015

    MUMBAI: Viacom Inc executive chairman Sumner Redstone received an almost 85 per cent cut in his pay for the 2015 fiscal in the light of his ailing health.

     

    Redstone, who is 92 years old, was paid $2 million in salary in Viacom’s 2015 fiscal year, according to a company filing Wednesday with the Securities and Exchange Commission. In comparison, he was paid $13 million in salary, bonuses and other perks in 2014.

     

    As was reported earlier by Indiantelevision.com, a shareholder has filed a lawsuit in which it was alleged that Redstone was incapable of continuing to run the company.

     

    On the other hand, Viacom CEO Philippe Dauman also saw a cut in his pay. In 2015, he received compensation of approximately $36.9 million, which was 17 per cent lower from his 2014 compensation of $44.3 million. On the other hand, Dauman drew a $4 million salary last year. His bonus dropped 30 per cent to $14 million as compared to $20 million in 2014.

     

    In a statement to explain the drop in compensation, Viacom said, “Mr. Redstone’s salary was unchanged in fiscal 2015. He became ineligible to receive a bonus beginning in fiscal 2015, and has not been eligible to receive an annual equity award since fiscal 2012.”

     

    However, the company did not give any specific reasons for the cut in pay and compensation.

     

    While Redstone is Viacom’s controlling shareholder, he holds about 80 per cent voting shares of Viacom and CBS Corp through his family investment vehicle – National Amusements.

     

    According to the lawsuit filed in Delaware by Viacom shareholder E.F. Greenberg, Redstone received $169 million in executive compensation for his role at Viacom from 2012 to 2014. In addition, he also receives compensation for his role as CBS executive chairman.

  • Shareholder files lawsuit against Viacom & CBS over Sumner Redstone’s pay

    Shareholder files lawsuit against Viacom & CBS over Sumner Redstone’s pay

    MUMBAI: Investors targeted Viacom Inc and filed a lawsuit against Viacom and CBS’s boards on 19 January, alleging the companies improperly paid millions to executive chairman Sumner Redstone while he was physically and mentally incapacitated.

     

    Redstone’s health issues were heightened after his ex-girlfriend Manuela Herzer filed a lawsuit that raised doubts about the billionaire’s competence. Redstone’s lawyers have maintained that he is in full control of making decisions.

     

    The new shareholder lawsuit, filed in the Delaware Court of Chancery, says payments to Redstone “for services not rendered” amounted to bad faith by the two boards and also says the Viacom board misrepresented Redstone’s deteriorated physical and mental condition in a January 2015 proxy statement.

     

    The Redstone controversy began last fall when his ex-girlfriend was thrown off his advance healthcare directive and escorted out of his sprawling hilltop estate. She sued, contending the mogul was in no position to make such decisions.

     

    Redstone named Viacom chief executive Philippe Dauman as his new healthcare agent. Dauman filed a motion on 15 January in a New York court to stop his deposition in connection with Herzer’s case. 

     

    As per media reports, an attorney for Herzer had no immediate comment on Dauman’s filing. Herzer’s attorney has previously said she sued solely over concern for Redstone’s health.

  • Shareholder files lawsuit against Viacom & CBS over Sumner Redstone’s pay

    Shareholder files lawsuit against Viacom & CBS over Sumner Redstone’s pay

    MUMBAI: Investors targeted Viacom Inc and filed a lawsuit against Viacom and CBS’s boards on 19 January, alleging the companies improperly paid millions to executive chairman Sumner Redstone while he was physically and mentally incapacitated.

     

    Redstone’s health issues were heightened after his ex-girlfriend Manuela Herzer filed a lawsuit that raised doubts about the billionaire’s competence. Redstone’s lawyers have maintained that he is in full control of making decisions.

     

    The new shareholder lawsuit, filed in the Delaware Court of Chancery, says payments to Redstone “for services not rendered” amounted to bad faith by the two boards and also says the Viacom board misrepresented Redstone’s deteriorated physical and mental condition in a January 2015 proxy statement.

     

    The Redstone controversy began last fall when his ex-girlfriend was thrown off his advance healthcare directive and escorted out of his sprawling hilltop estate. She sued, contending the mogul was in no position to make such decisions.

     

    Redstone named Viacom chief executive Philippe Dauman as his new healthcare agent. Dauman filed a motion on 15 January in a New York court to stop his deposition in connection with Herzer’s case. 

     

    As per media reports, an attorney for Herzer had no immediate comment on Dauman’s filing. Herzer’s attorney has previously said she sued solely over concern for Redstone’s health.

  • FY-2015: Lower Filmed Entertainment numbers drag Viacom revenue down 3.7 percent

    FY-2015: Lower Filmed Entertainment numbers drag Viacom revenue down 3.7 percent

    BENGALURU: Viacom Inc (Viacom) reported 3.7 percent drop (reduced by $515 million) in revenue for the year ended September 30, 2015 (FY-2015, current year) at $13,268 million as compared to $13,783 million in FY-2014. Viacom says that the fall in revenue was due to due to lower revenues across the distribution windows. Of the two segments that the company has, Filmed Entertainment reported 22.6 percent (reduced by $842 million) lower revenue in FY-2015 at $2,883 million as compared to $3,725 million in the previous year.

     

    Viacom says that excluding an unfavourable 2 percent impact of foreign exchange, revenues declined 2 percent, while excluding an unfavourable 2 percent and 4 percent impact of foreign exchange, Filmed Entertainment revenues declined 19 percent.

     

    The company’s operating income fell 22.8 percent (reduced by $970 million) to $3,112 million from $4,082 reported for last year. Adjusted operating income decreased 5 percent ($205 million) to $3,920 million in FY-2015. Adjusted results exclude the impact of restructuring and programming charges totalling $784 million and a non-cash pension settlement loss of $24 million in 2015 and a non-cash impairment charge of $43 million in 2014. Including the impact of these items, operating income decreased $970 million, as mentioned above.

     

    Filmed Entertainment segment’s adjusted operating income reduced 45.9 percent (reduced by $94 million) in the current year to $111 million as compared to $205 million in the company’s previous fiscal. The lower adjusted operating income for this segment reflects lower contribution from films in release across the distribution windows says Viacom. Last quarter (Q3-2015), also lower results from the Filmed Entertainment segment had pulled down the company’s revenues by 11 percent.

     

    The company’s other segment, Media Networks reported 3.1 percent (increased by $319 million) increase in revenue in FY-2015 to $10,490 million from $10,171 million, driven primarily by higher affiliate fees and advertising revenues. Media Networks adjusted operating income reduced by 3 percent (reduced by $128 million) in the current year to $4,143 million from $4,271 million in FY-2014. Viacom says that higher revenues from the segment were more than offset by an increase in programming and marketing expenses.

     

    Viacom Executive Chairman Sumner M Redstone said, “Viacom continues to create some of the most compelling and entertaining content in the world. I am confident that Viacom’s leadership team will continue to lead through our industry’s period of transition and succeed well into the future.”

     

    Viacom President and Chief Executive Officer Philippe Dauman said, “Viacom’s fourth quarter and year-end results are indicative of our progress in key areas, including recent ratings improvement and renewals of important distribution agreements. Our strategy of increasing and accelerating investment in original content and expanding our profitable international footprint are among the major factors driving this success, which we believe will continue in 2016 and beyond. We are making great progress in tackling industry-wide inefficiencies in audience measurement, while expanding our audience reach with landmark distribution agreements.

     

    “Viacom’s family of Media Networks are the most watched by highly coveted younger audiences, and we are building engagement on all platforms, leading to first-of-their-kind marketing opportunities with our advertising partners. Our investment in content continues to grow, supporting an unprecedented amount of quality original programming and a more robust slate of films. In addition, in fiscal 2015 we launched 21 channels overseas – including six in India – fuelling the fastest international growth in our history.”

     

    Segment Performance

     

    As mentioned above, two segments contribute to Viacom’s numbers-Media Networks, which has three components – Advertising, Affiliate Fees and Ancillary; and Filmed Entertainment which has four components-Theatrical, Home Entertainment, License Fees and Ancillary.

     

    Media Networks

     

    Excluding an unfavourable 2 percent impact of foreign exchange, worldwide revenues increased 5 percent. Domestic revenues were $8,635 million, an increase of $10 million. International revenues were $1,855 million, an increase of $309 million, or 20 percent, primarily due to the acquisition of Channel 5 Broadcasting Limited (Channel 5), partially offset by foreign exchange, which had a 10 percentage point unfavourable impact on international revenues says Viacom.

     

    Advertising

     

    Worldwide advertising revenues increased $54 million, or 1.1 percent, to $5,007 million in FY-2015 . Domestic advertising revenues decreased 7 percent. The company says that while pricing remained essentially flat, softer ratings caused lower audience delivery, reducing impressions and associated revenue. International advertising revenues increased 60 percent, reflecting growth in Europe driven by the acquisition of Channel 5, partially offset by the impact of foreign exchange, which had a 10 percentage point unfavourable impact on international advertising revenues.

     

    Affiliate Fees

     

    Worldwide affiliate fees increased $248 million, or 5.3 percent, to $4,908 million in FY-2015. Domestic affiliate revenues increased 8 percent, driven by rate increases as well as the benefit of distribution arrangements which are affected by the timing of available programming. Excluding the impact from the timing of product available under these distribution agreements, domestic affiliate revenues grew in the mid-single digits. International revenues decreased 7 percent, principally due to foreign exchange, which had an 11 percentage point unfavourable impact, partially offset by an increase in revenues driven by the launch of new channels and new distribution agreements.

     

    Filmed Entertainment

     

    Excluding an unfavourable 4 percent impact of foreign exchange, worldwide revenues declined 19 percent, due to lower revenues across the distribution windows reflecting the mix of films. Domestic revenues were $1,374 million, a decrease of $347 million, or 20 percent. International revenues were $1,509 million, a decrease of $495 million, or 25 percent, with foreign exchange having an 8- percentage point unfavourable impact on international revenues.

     

    Theatrical revenues :in the current year reduced 30.4 percent (reduced by $368 million) to $841 million from $1209 million due to the mix of releases, partially offset by higher carryover revenues of $54 million from prior year releases, principally from Teenage Mutant Ninja Turtles. Domestic theatrical revenues decreased 26 percent and international revenues decreased 34 percent. Foreign exchange had a 10 percentage point unfavourable impact on international theatrical revenue

     

    Home Entertainment: Worldwide home entertainment revenues decreased $293 million, or 25.2 percent, to $871 million FY-2015, reflecting a decline in revenues from third-party distribution titles, carryover revenues from prior year releases and Viacom’s current year releases due to the mix of titles. Significant titles in the current year included Teenage Mutant Ninja Turtles,Interstellar and The SpongeBob Movie: Sponge Out of Water, while the prior year includedTransformers : Age of Extinction, The Wolf of Wall Street, Noah and Jackass : Bad Grandpa. Domestic and international home entertainment revenues decreased 16 percent and 35 percent respectively. Foreign exchange had a 7-percentage point unfavourable impact on international home entertainment revenues.

     

    License Fees :decreased $135 million, or 12.1 percent, to $980 million FY-2015, primarily driven by the mix of available titles.

     

    Ancillary:Ancillary revenues decreased $46 million, or 19.4 percent, to $191 million in FY-2015, primarily driven by a benefit from the sale of certain distribution rights in the prior year.

  • Q3-2015: Poor Filmed Entertainment drives Viacom revenue down 11%

    Q3-2015: Poor Filmed Entertainment drives Viacom revenue down 11%

    BENGALURU: Viacom Inc reported 11 per cent decline in revenue in the quarter ended 30 June, 2015 (Q3-2015) at $3058 million as compared to the $3421 million in the corresponding year ago quarter. 

     

    The company’s quarterly revenues declined due to lower theatrical revenues in its Filmed Entertainment segment, which scheduled no wide theatrical releases in the quarter. Filmed Entertainment revenues declined by a massive 44 per cent to $479 million in the current quarter as compared to the $856 million in Q3-2015.

     

    Viacom’s operating income remained almost flat at $1084 million in Q3-2015 as compared to the $1086 million in Q3-2014.

     

    Viacom’s other segment, Media Networks reported almost flat revenue at $2597 in Q3-2015 as compared to the $2591 million in the corresponding quarter of the previous year, the slight increase of $6 million was due to higher affiliate fees.

     

    Absent an unfavourable two per cent impact of foreign exchange, Media Networks revenues increased two per cent. Worldwide and domestic affiliate revenues rose two per cent, driven by rate increases. Excluding the impact from the timing of product available under certain distribution agreements, domestic affiliate revenues grew in the mid-single digits. Domestic advertising revenues decreased nine per cent, due to a decline in traditional ratings. Worldwide advertising revenues decreased two per cent, which reflects a 58 per cent gain in international advertising revenues driven principally by Channel 5.

     

    Filmed Entertainment revenues decreased largely due to a decline in theatrical revenues of 92 per cent related to the timing of the summer season theatrical slate. In the prior year, Transformers: Age of Extinction was released in the third quarter, while this year’s summer tentpoles, Terminator: Genisys and Mission: Impossible – Rogue Nation, were widely released in the fourth quarter. 

     

    Worldwide home entertainment revenues decreased 30 per cent, to $199 million in the quarter, and ancillary revenues declined 43 per cent, primarily driven by the benefit in the prior year of the sale of certain distribution rights.

     

    Viacom executive chairman Sumner M Redstone said, “Viacom is meeting the challenges of a rapidly-changing media landscape by creating exciting, unique content that connects with audiences on all platforms. Our management team is positioning Viacom for success, and I am confident that we have the strategies in place to thrive.”

     

    Viacom CEO Philippe Dauman added, “Viacom continues to drive change in our business, creating unprecedented levels of original content, forging innovative marketing and distribution partnerships, and prioritizing international growth through organic expansion and strategic investments. Our Media Networks are quickly bringing innovative data-based advertising products to market,   broadening our sales capabilities and developing new solutions for marketing partners that capture the full scope and depth of our powerful multiplatform brands. We introduced several popular new series in the third quarter, including Lip Sync Battle and Scream and expanded agreements with important distribution partners. Paramount also set the stage for the return of one of the studio’s most successful franchises, Mission: Impossible, and is anticipating the broadcast premiere of the first Paramount Television production, Minority Report, next month.

     

    “Underpinning this, we are operating more efficiently than ever, accelerating content development and delivering programming more quickly to audiences on all screens. We maintain a strong balance sheet, giving us significant financial flexibility and we remain committed to resuming Viacom’s share repurchase program in October,” said Dauman.