Viacom is changing a bit, the legal battle between Redstones and Chief Executive Officer Philippe Dauman is over. The sides have reached an agreement, which stipulates that CEO can leave the company with a $72 million severance package. Sumner Redstone and Shari Redstone signed this settlement this week.
Viacom is officially announced that Chief Executive Officer Philippe Dauman becomes a non-executive chairman until Sept. 13. Such a judicial decision gives him an opportunity to present to the board a proposal to sell a 49 percent stake in Paramount Pictures.
Another giant, The Paramount, always serves a cornerstone of a mass media empire. Dauman’s efforts to reduce Viacom’s debt and revive flagging sales and profit are obvious. Yet any accord must now have unanimous backing of the board, terms that cement the Redstones’ veto power.
Sumner Redstone (93) and his daughter are in one step on the winning of Redstones — now, they’re controlling 80 percent voting stake in Viacom. Shari and father a long time are fighting as the united front to remove Dauman and fellow board member George Abrams from the company and a Trust. The latter supposed to govern the family’s holdings in Viacom and CBS Corp. after Sumner Redstone’s death.