In addition, media firm Viacom, Inc. (NASDAQ:VIAB) declined -7.61% amidst its management shuffle. As you may know, the company ousted CEO Philippe Dauman in August and temporarily replaced him with Chief Operations Officer Tom Dooley. In late September, Dooley announced he was resigning, effective mid-November. Amidst the turbulence, the company declared a 50% cut in its quarterly dividend—a move we felt was prudent. Clearly in the short term the news from Viacom is unsettling, but we continue to believe in the company’s assets and competitive positioning long term.
From John Rogers (Trades, Portfolio)' Ariel Appreciation Fund third-quarter 2016 commentary.
