Viacom shares were down more than 21% Tuesday after disappointing fiscal first quarter results only seemed to exacerbate what has been a trying time for the programmer.
Viacom’s domestic ad revenue dipped 4% in the fiscal first quarter, the latest in a long line of declines which apparently spooked investors enough to ignore an announced advertising venture with Snapchat and an extension to its carriage negotiations with Dish Network.
Viacom shares were down as much as 22% ($9.34 each) to $32.51 in early trading Tuesday, closing at $32.86 each, down 21.5% ($8.99 per share).
Viacom has been under pressure for more than a year on stiff ratings decline as its largely millennial and younger subscriber base has shifted their viewing habits to online and over-the-top video. Turmoil surrounding succession issues with founder and largest shareholder Sumner Redstone, who passed the executive chairman title to CEO Philippe Dauman last week, also have weighed on the stock.