NEW YORK (TheStreet) -- Viacom (VIAB) - Get Report stock is up 5.04% to $41.86 in early afternoon trading on Tuesday, after SpringOwl Asset Management called for the company to replace Chairman Sumner Redstone and change its board.

The entertainment company should replace Redstone, who has been absent from earnings calls and shareholder meetings, the investment management company said in a 99-page report on Tuesday.

"Part of the explanation for the stock's chronic under-performance, in our opinion, relative to its peers is lack of clarity around the succession plans for Sumner Redstone," SpringOwl added.

Additionally, the company should reduce its operating expenses, spearhead a new push into digital and conduct a strategic assessment of its assets, SpringOwl said. 

Viacom's stock could trade up to 135% above current levels if SpringOwl's plan is implemented, SpringOwl added in the report.

"Viacom's board and management team are completely focused on delivering long-term value to shareholders," a Viacom company spokesman said.

Separately, recently, TheStreet Ratings rated this stock as a "hold" with a ratings score of C. The company's strengths can be seen in multiple areas, such as its increase in net income, attractive valuation levels and expanding profit margins. VIACOM INC has improved earnings per share by 28.5% in the most recent quarter compared to the same quarter a year ago. This company has reported somewhat volatile earnings recently. But, we feel it is poised for EPS growth in the coming year.

TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author. 

You can view the full analysis from the report here: VIAB

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