Whatever happened to Sumner Redstone’s impatient streak?

The Viacom chairman has rarely shrunk from drastic action to juice the stock price, whether firing CEOs (twice) or even breaking up the company. But lately, as Viacom’s business — and stock — has underperformed the cable-network sector, he has been quiet.

That likely reflects Mr. Redstone’s belief that Viacom’s problems are more a result of the environment than of management missteps.

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