Shares of Viacom (NASDAQ: VIA) (NASDAQ: VIAB) have plunged 35% over the past 12 months due to the media giant’s disappointing sales growth, cord cutting concerns, an ugly succession battle, and unclear plans for the future of Paramount Studios. But that big decline has reduced Viacom’s multiples to very low levels and boosted its dividend yield to historic highs this year. Should value-seeking investors give Viacom a chance, or is this a value trap destined to head lower?