Viacom Halves Dividend; Recently Named Interim CEO Dooley Will Depart

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By Joshua Jamerson

Viacom Inc. cut its dividend in half on Wednesday and said recently named Interim Chief Executive Tom Dooley would depart in November.

The company also said it is no longer seeking to sell a minority stake in Paramount Pictures.

Viacom reached a settlement in August to end its drawn-out power struggle with National Amusements, through which Mr. Redstone controls an 80% voting stake in the media giant. Viacom's profits have been falling as ratings have declined amid the rise of streaming competitors and Paramount's struggles at the box office. Mr. Dauman had advocated selling a piece of Paramount to bring in much-needed cash.

The company's dividend is now 20 cents a share, from 40 cents.

Class-B shares of Viacom declined 0.0.4% to $36 in early trading on Wednesday. The stock has fallen by 20% in the past 12 months.

Write to Joshua Jamerson at joshua.jamerson@wsj.com


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Referenced Symbols: VIA , VIAB


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