Viacom Shares Higher Amid Dealbook Report Of Activist Interest

Viacom, Inc. (NASDAQ: VIAB) shares were trading higher by 6.47 percent to $42.41 in Tuesday's mid-morning session, following SpringOwl Asset Management's push toward digital, offerings to replace Chairman Sumner Redstone and change its board.

As The New York Times reported, 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 November 12. Viacom reported $1.54 EPS and $3.79 billion revenue during the quarter. During the same period last year, Viacom posted $1.71 EPS. The company's revenue is down 5.1 percent on a year-over-year basis.

For investors, the company's quarterly dividend, will be paid on April 1.

Viacom shareholders will be paid a dividend of $0.40 per share on March 13. 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 March 9.