NEW YORK-- Viacom (VIA) is projecting poor results for its quarter ending this month, but company shares are still rising following moves that pushed CEO Philippe Dauman closer to the exit.
The company said Friday that expects earnings of $1 to $1.05 per share, below the $1.38 per share expected by analysts polled by S&P Capital IQ. It's blaming the weak performance of its movie "Teenage Mutant Ninja Turtles: Out of the Shadows" as well as a delay in closing a streaming video deal.
Viacom says the "recent and highly public governance controversy" impaired its ability to cut a good deal.
The earnings preview came a day after Sumner Redstone's National Amusements, Viacom's controlling shareholder, moved to oust Dauman and four other directors from the board.