Viacom Sinks as MTV Owner Sees More Subscriber Losses Ahead
- Shares drop most since Feb. 2016 as investors look past profit
- Subscriber losses make CEO’s turnaround attempt more difficult
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Viacom Inc. said subscribers to its cable-TV networks will drop by about 3 percent this quarter, another hurdle for the owner of MTV and Nickelodeon.
Shares dropped as much as 11 percent, the most in 18 months, in New York as investors took little solace despite quarterly sales and profit that beat analysts’ estimates. The potential exit of a movie-financing partner in China also weighed on the stock.