Viacom stock rose on Thursday, as Wall Street responded favorably to the morning’s announced organizational restructuring, which consolidated three domestic groups into two new organizations: Doug Herzog’s Music and Entertainment Group and Cyma Zarghami’s Kids and Family Group. Via opened on Wednesday at $68.05 per share; Viab opened at $68.16. Class A closed at $69.43, up $1.23 per share or 1.80 percent. Class B closed at $69.29, up $1.20 per share or 1.76 percent. Both trading days are charted below. Also Read: Viacom’s Tough Year: Jon Stewart, Van Toffler, Larry Jones Drop – So Does Stock Analysts and investors knew some version of the revamping was.
- 2/19/2015
- by Tony Maglio
- The Wrap
It’s been a tough 2015 thus far for media giant Viacom, home to television channels MTV, Comedy Central and Nickelodeon, as well as Paramount Pictures. In just about six weeks the company has settled a class-action intern lawsuit, been fined for misuse of Emergency Alert Warnings, lost longtime MTV executive Van Toffler and TV Land President Larry Jones and finds itself having to replace Jon Stewart on the heels of losing Stephen Colbert. Plus: its stock price is shrinking. Viacom stock, both A and B class, is down 21 percent from a year ago. By contrast, Disney is up 31.15 percent, Time.
- 2/19/2015
- by Tony Maglio
- The Wrap
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