Friday's shock selloff by Sumner Redstone had Viacom's (NYSE: VIA) stock reeling, but company CEO Philippe Dauman remained confident about the outlook for his company, he said at the Mipcom keynote today. Late last week Redstone announced a $233 million in CBS (NYSE: CBS) and Viacom stock by his National Amusements company..Dauman said that he had talked to Redstone before the news was announced.
"We talked very easilyit wasn't one of his happiest days...Everyone knows he loves these stocks, but he's fundamentally very pragmatic and used to dealing with adversity, that is one of his strengths." He said that there is "no one on the planet you'd rather have by your side in a crisis."
Dauman also said, picked up by Variety, that as Viacom depends on advertising for only a third of its revenue, the downturn would not hit the company as hard as it will other media congloms. Its growing investment in consumer products, live events and vidgaming would also soften the blow, he said.
By Rafat Ali