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.


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