Sumner Redstone


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 […]

Viacom, CBS explore merger

National Amusements, which owns controlling stakes in both firms, last week urged the pair to look at merging.  Viacom responded by forming a special committee that comprises independent directors Thomas May and Nicole Seligman, who will act as co-chairs, and Kenneth Lerer, Judith McHale, Ronald Nelson and Charles Phillips. CBS has confirmed it had created […]

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 […]

Dauman set to exit as Viacom war draws to a close

Philippe Dauman is set to leave his role as CEO of Viacom in exchange for a massive pay-out, ending the war for control of the US entertainment giant. According to numerous media sources, Viacom’s board met last night to vote and agree on terms of a deal with the company’s controlling shareholder, Sumner Redstone. Viacom […]

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 battle set for court

The fight for control of Sumner Redstone’s Viacom is headed for a court case. A Massachusetts court has ruled that Viacom CEO Philippe Dauman lead board director George Abrams can make their case against parent company National Amusements during a trial in October. A judge denied a motion taken to strike the suit, which aims […]

Redstones slam ‘vicious’ Viacom attacks

National Amusements has branded members of Viacom’s board “antagonistic” and “vicious” as the battle for the future of the US media giant rages on in public. A letter distributed to press said it regarded actions recently dismissed Viacom board members, including Philippe Dauman, as “antagonistic to the interests” of the company, and that even if […]

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 […]

Shari Redstone denies ambition to control Viacom

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 […]