On Thursday, the day Viacom reported that its net profit fell 16 percent in its third quarter, the company announced The Departure Michael Dolan, its chief financial officer. His ouster comes eight weeks after that of Tom Freston, who was replaced as Viacom's CEO by Philippe Dauman and Thomas Dooley. Dolan was regarded as a close Freston ally. The company said that Dooley will take over Dolan's duties. "It's a new day," Viacom Chairman Sumner Redstone said during a conference call with analysts. "I am extremely enthusiastic about what we see ahead." Investors were not so enthusiastic, jettisoning Viacom's stock and causing it to sink 3.1 percent to $38.45. Meanwhile, Daumon said that he plans to revive Paramount TV, which was taken over by CBS when the two companies went their own ways earlier this year. CBS chief Les Moonves has indicated that he intends to start up a movie business that will compete with Paramount.



10/11/2006