Tags: Sumner Redstone | Viacom | CBS | board

Sumner Redstone to Give Up Voting Role in Viacom Board Meetings

Sumner Redstone to Give Up Voting Role in Viacom Board Meetings

 (AP)

Friday, 16 December 2016 11:10 AM

Sumner Redstone, chairman emeritus and controlling shareholder of Viacom Inc., will give up his vote on the board after the media giant’s next annual meeting.

Redstone, 93, will retain his title and continue to participate in meetings after the Feb. 6 shareholder gathering, Viacom said Friday in a filing. The billionaire, who has been in frail health, relinquished his title as chairman in February.

With her father ailing, Viacom Vice Chairman Shari Redstone won a legal battle with former Chief Executive Officer Philippe Dauman earlier this year to take the lead on major decisions involving the leadership and strategic direction of the company. This month, she installed Bob Bakish as CEO and scrapped a plan to merge Viacom with her family’s other major media holding, CBS Corp.

Now the Redstones are entrusting Bakish to restore the luster of Viacom’s best-known properties, including cable networks MTV and Nickelodeon and film studio Paramount Pictures.

Viacom rose 1.2 percent to $35.33 at 9:31 a.m. in New York.

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Sumner Redstone, chairman emeritus and controlling shareholder of Viacom Inc., will give up his vote on the board after the media giant's next annual meeting.
Sumner Redstone, Viacom, CBS, board
164
2016-10-16
Friday, 16 December 2016 11:10 AM
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