Viacom tumbles on fears for outlook

Shares in Viacom plunged Tuesday after a disappointing earnings report stoked fears about its outlook in rapidly shifting media-entertainment industry. Viacom shares slid 21.5 percent to close at $32.86, extending the drop from its 2014 peak of around $90 for the entertainment conglomerate. Chief executive Philippe Dauman, who last week took over the role of chairman last week to replace 92-year-old Sumner Redstone, sought to portray the outlook as positive as he engaged in a war of words with critics.

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