SpongeBob Owner's Boss Hits Out At Critics

The boss of SpongeBob SquarePants owner Viacom (NasdaqGS: VIAB - news) has taken a swipe at "naysayers and publicity seekers" voicing doubts about his leadership days after he succeeded the company's ailing 92-year-old chairman.

Philippe Dauman's broadside against his critics was the latest colourful episode at the top of the US media empire - whose brands range from MTV to Britain's Channel 5.

It comes after Mr Dauman, already chief executive of the company, replaced Sumner Redstone as executive chairman last week - an appointment opposed by Mr Redstone's daughter and greeted with scepticism by some investors.

His remarks came as Viacom's latest financial figures missed Wall Street expectations for a fifth straight quarter, sending shares 21% lower.

Mr Dauman came out fighting when questioned about his strategy, telling analysts: "Our outlook and the facts have been distorted by the naysayers, self-interested critics and publicity seekers."

He said he "could not be more focused" on seeing the share price recover.

Viacom and to a lesser extent CBS – both majority-owned by Mr Redstone – have come under scrutiny in the light of the 92-year-old's declining health, which is the subject of a lawsuit brought by one of his ex-girlfriends.

The company's shares have fallen more than 45% over the last 12 months.

Mr Dauman said he and Mr Redstone, now emeritus chairman, were "in harmony" over strategy.

Quarterly results for the company, which also owns Comedy Central and children's TV station Nickelodeon, home of SpongeBob, showed a steeper-than-expected fall in revenue, hurt by lower advertising sales in the US.