Viacom's profit down 29%, providing lens into a business in turmoil

New York

VIACOM reported a 29 per cent plunge in profit in the latest fiscal quarter, putting its management in the hot seat as it continues to wage a brutal fight for control of the entertainment company.

The lacklustre earnings, reported on Thursday, put a harsh spotlight on the actual business results of a company that has been engulfed in legal turmoil over the mental capacity of its controlling shareholder, Sumner M Redstone.

Industry executives said that a weak report could put more pressure on Viacom's embattled management to resolve the dispute out of court, while steady results could embolden Viacom executives to continue to fight.

It remains to be seen how the latest earnings will ultimately affect settlement talks, but Mr Redstone's National Amusements slammed Viacom's performance, stating it "continues to highlight the need for changes to leadership at the company". Through National Amusements, a movie theatre chain, Mr Redstone controls ab…