The move shows how far Viacom has fallen. Both of its businesses, TV and movies, are in turnaround mode, and Redstone, the company’s 92-year-old controlling shareholder, is in frail health and facing questions about his mental competence. Those problems have been exacerbated by the same pressures the whole media industry is experiencing. Viacom’s main business — cable TV networks — has withered in a changing climate marked by shrinking ad sales, viewer losses and potent online rivals like Netflix Inc. Other media companies are also vulnerable to those changes and may have to consider their own drastic measures in the coming months.
Source: Viacom Putting Crown Jewel on Sale Signals Big Media Dilemma – Bloomberg Business