The bitter dispute between the Redstones and several directors of Viacom is rumbling on, with Shari Redstone, daughter of Sumner, stating she does not want to run the media giant.
In the latest salvo in the battle for control of Viacom, Shari Redstone’s team issued a statement that said the mogul’s daughter ‘has made it abundantly clear that she has no desire to manage Viacom nor Chair its Board and is fully engaged in running and growing her firm, Advancit Capital’.
The Shari camp added that although she does want to run the media giant, she does has an active interest in how it is run.
“What she wants for Viacom is the best management in place, and strong, independent directors who will properly oversee that management,” the statement said.
It added that the current Viacom directors should direct their energies into developing ‘a specific long-term plan to turn around the current state of Viacom’.
Sumner Redstone’s family trust ultimately controls Viacom and the current dispute centres on his decision to remove Viacom boss Philippe Duaman, and another company director, Fred Salerno, from its board.
The Dauman side allege that Sumner, 93, can no longer manage his own affairs, a claim Redstone’s daughter and legal team vehemently deny.
The latest statement from Shari Redstone also said that Fred Salerno was wrong to suggest that Sumner Redstone did not want his daughter to run Viacom.
“Salerno must have missed the widely reported fact that Sumner named Shari the non-executive Chair of both companies in the irrevocable Sumner M. Redstone National Amusements Trust in 2002,” the statement said.
“He must have also missed the portion of the February Viacom Board meeting where Shari was offered the Chair position and turned it down.”
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19 October 2020 @ 12:30:00 UTC