Pursuits
Viacom Jumps After SpringOwl Call for Redstone, CEO to Leave
- Group also seeks new board and greater focus on digital arena
- Says company erred by selling too much programming to Netflix
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Viacom Inc. jumped 4.7 percent after activist investor SpringOwl Asset Management called on Chairman Sumner Redstone and Chief Executive Officer Philippe Dauman to step down from the New York-based media company.
Redstone, 92, has been the subject of investor speculation since he stopped speaking on earnings calls and appearing at company events last year. A former girlfriend alleges in a lawsuit that he was incompetent when she was removed as director of his health care. Dauman, the current health-care agent, has asked a New York judge to block a subpoena for his testimony in the case.