CBS and Viacom have agreed an August 8 internal deadline to come to a merger agreement, according to CNBC. The news channel said that both companies had agreed to set the August deadline on the day both are due to report Q2 earnings, citing unnamed sources. While an actual announcement could be made sooner, or […]
CBS shareholders have officially launched a class action lawsuit against its majority stakeholder National Amusements, the investment firm of Sumner Redstone and family. The suit claims that National Amusements, now run by Redstone’s daughter Shari Redstone, has breached its fiduciary duty. Class B shareholders of CBS claim that Redstone has not acted in the company’s […]
The majority shareholder of Viacom and CBS has urged the US media giants to re-merge. National Amusements has sent an open letter to CBS Corp. chairman, president and CEO Les Mooves and the Viacom board of requesting they “explore a potential combination”. CBS and Viacom operated as one company between 1999 and December 2005, but […]
Viacom’s main shareholder, Sumner Redstone, has called for the media giant to “embark swiftly” on a new strategy after the exit of Philippe Dauman was formally announced. On Saturday, Viacom and Redstone’s National Amusements holding vehicle confirmed the long-serving Dauman was leaving his post as CEO and president and would be replaced in the interim […]
Viacom’s majority shareholder, National Amusements, has renewed its calls for a management shakeup at the firm after Viacom reported a 29% drop in operating income. Following the announcement of Viacom’s fiscal third quarter results yesterday, National Amusements, which is controlled by the Redstone family, accused the Viacom leadership of overseeing a “significant exodus of creative […]
The parent company of Viacom has reacted furiously after the media giant revealed it would use corporate cash to finance legal and PR costs for under-fire CEO Philippe Dauman. Last week, Viacom made an SEC filing that revealed Viacom would foot the bill for costs accrued as Dauman and the rest of the axed Viacom board […]
Viacom’s chief executive, Philippe Dauman, is one of five directors axed from the media giant’s board by parent company National Amusements. Five new directors have been elected to the board to replace those chopped, who comprise Dauman, George Abrams, Blythe McGarvie, Frederic Salerno and William Schwartz. Dauman does remain CEO for the time being, though […]
The increasingly bitter battle between Philippe Dauman and Sumner Redstone has taken a new turn with Viacom CEO Dauman issuing a lawsuit in an attempt to reverse a decision to removed him from a Redstone family trust. Dauman issued a lawsuit yesterday, alleging Shari Redstone, Sumner’s daughter, removed him from the trust illegally and that Sumner is […]
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