Viacom shares were up more than 5% each Tuesday after an activist shareholder released a 99-page report calling for the ouster of chairman Sumner Redstone and the rest of his management team, and a pairing with AMC Networks.
Viacom stock was down about 45% in 2015 as the company struggled with slumping ratings and a soft advertising market. Adding to the pressure has been the poor health of chairman and largest shareholder Sumner Redstone, which has raised questions as to the fate of the company once the 92-year old executive passes.
Viacom shares were up nearly 8% ($3.15) to $43 each in early trading Tuesday. By the afternoon, the stock was still up about 5% ($2 each) to $41.85 per share.