National Amusements


CBS shareholders launch class action suit against Redstone family vehicle

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 […]

National Amusements urges Viacom-CBS merger

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 to set strategy ‘swiftly’ after Dauman exit

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 […]

Redstone family renews call for Viacom changes after poor Q3

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 […]

Viacom parent slams Dauman and Abrams for using company funds in legal battle

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 battle: Dauman and four others axed from 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 […]

Viacom battle takes new turn with Dauman lawsuit

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 […]