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VIACOM SHAREHOLDERS' SUIT OVER EXECUTIVE PAY TO BE TRIED Thursday, June 29 2006 
A
New
York
court
has
given
the
go-ahead
to
a
lawsuit
filed
by
Viacom
shareholders
who
claimed
that
the
company
was
doling
out
excessive
and
unwarranted
compensation
packages
to
Chairman
Sumner
Redstone
and
his
top
lieutenants,
Thomas
Freson
and
Les
Moonves,
even
while
the
company
was
losing
money.
The
lawsuit
noted
that
in
2004,
when
the
company
reported
a
net
loss
of
$17.4
billion,
Redstone
received
$21.5
million
and
options
valued
at
$34.4
million.
(more)CBS GOING TO THE MOVIES -- AND INVESTORS APPROVE Monday, June 26 2006 Wall Street has reacted enthusiastically to CBS Chairman Les Moonves announcement last week that the company may reenter the theatrical movie business after more than 20 years, financing and producing films in the $20-50-million range. CBS shares closed Friday at $26.50, up 4 percent over two days and close to its all-time high since last January's split from Viacom. The announcement triggered "buy" recommendations from several analysts, but some observed that the split was intended (more) |
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Investors appeared more generous to Viacom than they were toward Disney Wednesday and today. While Disney, which reported a 39-percent rise in net income in its third quarter, saw its shares fall slightly, Viacom's stock was up about 6 percent as of mid-day today (Thursday) after it reported a 23-percent gain in its second quarter. The company's entertainment unit, which includes Paramount, posted a profit of $6.4 million after reporting a loss of $23 million in the comparable quarter a year ago. Much of the gain came from its acquisition of DreamWorks and a distribution deal with DreamWorks Animation, a separate company. Viacom also disclosed that it had paid $200 million to acquire San Francisco-based Atom Entertainment, whose websites include Shockwave.com, which specializes in online video games, and Atomfilms.com, which offers independent movies and shorts.
