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Viacom shake-up continues; interim CEO Tom Dooley is out

Viacom shake-up continues; interim CEO Tom Dooley is out

Viacom Inc.’s leadership was thrown into question Wednesday as the company announced that interim Chief Executive Thomas Dooley would step down and that its financial performance was worse than previously thought.

The surprise move, which came just one month after Dooley was appointed, was one of several announcements by Viacom’s board in an attempt to shore up investor confidence at the media company that is under pressure to improve results.

Viacom also said it was ditching a controversial proposal to unload a piece of its struggling movie studio Paramount Pictures and that it would slash its dividend.

Wall Street has been watching for clues about...

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