Step 1: Equate the two curves to find the point of contact.
The given curves are
\[
y=x^3-3x^2-8x-4
\]
and
\[
y=3x^2+7x+4
\]
At the point of contact \(P\), both curves have the same value of \(y\). Hence,
\[
x^3-3x^2-8x-4=3x^2+7x+4
\]
Simplifying,
\[
x^3-6x^2-15x-8=0
\]
Now factorize the cubic expression:
\[
x^3-6x^2-15x-8=(x+1)(x^2-7x-8)
\]
Further factorization gives
\[
(x+1)(x-8)(x+1)=0
\]
\[
(x+1)^2(x-8)=0
\]
Since the curves touch each other, the repeated root gives the point of tangency. Therefore,
\[
x=-1
\]
Step 2: Find the corresponding \(y\)-coordinate.
Substitute \(x=-1\) into the second curve:
\[
y=3(-1)^2+7(-1)+4
\]
\[
=3-7+4
\]
\[
=0
\]
Thus, the point of contact is
\[
P(-1,0)
\]
Step 3: Find the slope of the common tangent.
Differentiate the first curve:
\[
y=x^3-3x^2-8x-4
\]
\[
\frac{dy}{dx}=3x^2-6x-8
\]
At \(x=-1\),
\[
m=3(-1)^2-6(-1)-8
\]
\[
=3+6-8
\]
\[
=1
\]
Hence, the slope of the common tangent is
\[
m=1
\]
Step 4: Use point-slope form of tangent equation.
Using the point \(P(-1,0)\) and slope \(m=1\),
\[
y-0=1(x+1)
\]
\[
y=x+1
\]
Rearranging,
\[
x-y+1=0
\]
Step 5: Final Answer.
Therefore, the equation of the common tangent is
\[
\boxed{x-y+1=0}
\]