Redstone Moves to Overhaul Viacom Board
Viacom and CBS controlling shareholder Sumner Redstone’s National Amusements moved to fire five directors from Viacom’s board, including CEO Philippe Dauman.
The move triggers a power struggle at one of the country’s most significant media companies, reports USA Today.
Dauman would remain CEO of Viacom, which owns Paramount, BET, Comedy Central, MTV and Nickelodeon. But a new board “would evaluate the current management team,” according to a statement from National Amusements.
While National Amusements filed papers in the Delaware Court of Chancery, Dauman and the other Viacom directors are challenging attempts to remove them from their board seats, claiming Redstone cannot make business decisions and that his daughter Shari Redstone is influencing him, which she denies.