Dauman urges industry to look beyond crises

October 13, 2008 Viacom president and CEO Philippe Dauman remained confident about the outlook for media performers Monday, despite the shock sell-off of $233 million in CBS and Viacom stock by Sumner Redstone's National Amusements company. "The obvious market turbulence created a problem for our biggest shareholder, but I am extremely optimistic about the long- and midterm prospects," he told MIPCOM attendees, speaking in a keynote and interview with The Hollywood Reporter editor Elizabeth Guider. Speaking after delivering a keynote on creativity in the digital age, Dauman said that the recent stock sell-offs will deliver some investment opportunities but that companies have to remain focused on growth.

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