Published: Mon, December 19, 2016
Economy | By Melissa Porter

Sumner Redstone to step down from Viacom board

Sumner Redstone will resign from Viacom's board following its annual meeting in February, the company said Friday, marking the end of an era for the billionaire patriarch. Daughter Shari Redstone will remain on the board. Redstone acquired Viacom in the late 1980s after a takeover battle with a management-led investor group.

In any case, not long ago, the Red stones sent a letter to the sheets of Viacom and CBS requesting that they desert merger arranges that they had proposed in September in the wake of seeing upgrades at Viacom, which had been working under acting CEO Bob Bakish.

Dauman officially left Viacom in August after a lengthy fight with National Amusement's Sumner Redstone, the controlling shareholder of the programmer.

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. Redstone will keep his chairman emeritus title and can still attend board meetings, but won't have a vote, according to Viacom. In spite of being an offended party all things considered and another related one, Redstone has declined to be removed, referring to wellbeing reasons.

The legal battles have come amid a power struggle atop Viacom resulting in the ouster of the former CEO Philippe Dauman, the overhaul of Viacom's board and the rising prominence of Ms. Redstone in the media empire.

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.

Corrections & Amplifications: A previous version of this article said misstated the first name of Viacom Chief Executive Bob Bakish.

Viacom Inc. Class B shares rose 93 cents, or 2.6 percent, to $35.84 in afternoon trading Friday.

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