Deals
Dauman’s Last Act at Viacom Is Pitching a Paramount Stake
- Outgoing CEO says deal could fetch up to $4 billion after-tax
- China’s Dalian Wanda seen as potential studio partner
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A chariot race isn’t the only spectacle on display in “Ben-Hur,” the $100 million biblical epic that flopped at theaters this weekend. The film also shows the creative chasm at Viacom Inc. that prompted the ouster of Chief Executive Officer Philippe Dauman.
The latest clunker co-produced by Viacom’s storied Paramount Pictures studio adds to woes elsewhere at the parent company: a lack of hit television shows, dwindling ratings and shrinking ad sales. To put the wheels back on, Viacom controlling shareholders Sumner Redstone and Shari Redstone booted Dauman as CEO and added five new board members in a deal made final on Saturday.