LOS ANGELES (AP) -- Viacom Inc. CEO Philippe Dauman defended himself in a testy exchange with analysts during a quarterly earnings conference call Tuesday after the media company behind MTV and Paramount Pictures missed revenue expectations for the fifth quarter in a row.
The call occurred as 92-year-old chairman emeritus Sumner Redstone — who has a speech impediment and requires a feeding tube — was said to be listening in. It came just a few days after Dauman replaced Redstone as executive chair to go along with his job as CEO, and three weeks after Viacom awarded Dauman a $17 million contract renewal bonus that boosted his overall pay 22 percent to $54.2 million last year.
In reaction to the weak quarter and a call that didn't inspire investor confidence, Viacom's shares fell more than 21 percent Tuesday to $32.86, their lowest close in more than five years.
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