Sumner Redstone leaving Viacom board after February meeting

Dauman alleged that an incapacitated 92-year-old Redstone was being manipulated by his daughter, Shari Redstone.

The move represents the latest step back for Mr. Redstone from a company he once claimed made up his entire identity - his 2001 memoir opens with the battle cry, "Viacom is me" - but which he hasn't been closely involved in for some time, according to people familiar with the matter.

Media giant Sumner Redstone's National Amusements is cancelling the recommendation following which CBS and Viacom were to rejoin after splitting their ways a decade ago. He split Viacom from CBS in 2006.

Presently, the organization, run by Redstone along with his daughter Shari, assert that taking after administration changes at Viacom and quality at CBS, which handles CBS, Showtime and other bodies, it bodes well for the organizations to continue functioning as independent elements.

According to Friday's regulatory filing, Mr. Redstone received $1.3 million in compensation during fiscal 2016 through May 20.

Redstone's decision marks the end of an era for the media mogul, who once considered Viacom his crown jewel. That case, in which a previous buddy of Redstone tested his mental limit, had been expelled by the judge a week prior. CEO's October elder abuse suit against Holland and another of the nonagenarian's former lovers, Manuela Herzer.

Viacom has been in turmoil for months, having ousted chief executive Philippe Dauman, who clashed over control of the company with the Redstone family.

According to an SEC filing, more than $58 million of Dauman's payday falls under "other compensation", nearly all of which is in the form of separation payments.

Viacom elected Bakish official President and CEO this week.

Viacom shares rose 2.6% to $35.86 during morning trading, though they are still down 13% so far this year.

Related:

  • Evacuation halted in Aleppo after emergence of conflicting reports create confusion

    Evacuation halted in Aleppo after emergence of conflicting reports create confusion

    United Nations envoy Staffan de Mistura told reporters in Paris that around 50,000 people were still trapped in Aleppo. Putin said Ankara had helped broker the rebel exit from Aleppo that is now underway.
    More snow, bitter cold leads to warnings in Wisconsin

    More snow, bitter cold leads to warnings in Wisconsin

    The highest amounts will be found across the southeast where some lake enhancement is possible throughout much of the evening. The National Weather Service says central Minnesota could get half a foot of snow from the system.
    Sri Lanka, Malaysia to expand investment, trade ties

    Sri Lanka, Malaysia to expand investment, trade ties

    He was received by the Malaysian Human Resource Development Minister Dato Sri Richard Riot Anak Jaem and senior officials. President Maithripala Sirisena has departed from Kuala Lumpur airport after completing his three day visit in Malaysia.
  • NES Classic Edition is back in stock in 'limited quantities' at GameStop

    If you are still trying to hunt down the NES Classic Edition, there might still be time to pick it up. It's clear that the NES Classic Edition has struck nostalgia-fueled gold with consumers.

    Nintendo Is Taking The Switch On The Road Before Launch

    The Nintendo Switch has a March 2017 launch window, and we know a bit about how it's both a home game console and a portable one. Nintendo warns that space will be limited, and fans will be allowed to check out the console on a first-come, first-serve basis.

    BAMTech paying $300M for 'League of Legends' e-sports rights

    BAMTech is a subsidiary of MLB Advanced Media which functions as an online interactive unit for 30 Major League Baseball club owners.
  • 'Frozen woman' mannequin fools police in NY

    They saw a seat-belted figure wearing an oxygen mask sitting motionless in the passenger seat, mentioned PTI report. If it was a matter of convenience for him - it was a station wagon - carry your mannequin a little bit better.

    Jordan shootings kill 4 policemen, Canadian tourist

    A Canadian tourist and four Jordanian police officers were killed after an attack in the Jordanian town of Karak, police say. Shortly after, gunmen fired at another police patrol in Karak and then at a police station from inside the Karak fortress.

    Monte dei Paschi making final effort to woo retail investors

    Even at €1, the bank would be demanding a higher valuation than almost all its domestic rivals. A spokesman for Monte Paschi declined to comment on Saturday.
  • Brock Osweiler Benched Osweiler Benched, Tom Savage In At QB ×

    Brock Osweiler Benched Osweiler Benched, Tom Savage In At QB ×

    Savage played well in relief of Osweiler, directing the Texans to their lone touchdown of the game without turning the ball over. Houston (7-6) has a slim lead on the AFC South division, owning the tiebreaker over Tennessee (7-6) with a 4-0 division record.

    Reliable stocks in today's share market: Las Vegas Sands Corp. (NYSE:LVS)

    Wells Fargo & Co. reaffirmed a "neutral" rating on shares of Las Vegas Sands Corp.in a research report on Monday, October 10th. This incidence signifies an intrinsic bias to advanced EPS growth when there are positive retained incomes in the past year.

    David Beckham's son releases Christmas charity single

    The video was filmed at various locations around London, with one scene showing the family throwing piles of leaves at each other.

Comments

Other news