Viacom Inc. executives and National Amusements — the holding company through which Sumner Redstone controls Viacom and CBS Corp. — held talks to settle litigation over the composition of Viacom's board and administration of Redstone's estate,
the
Wall Street Journal
reported.
The talks broke down, the
Journal
article said.
Dauman and George Abrams, a Viacom board member, have sued to be reinstated to a trust that will control Redstone's holdings when he dies or is declared incapacitated.
Under the settlement terms that were discussed, Viacom CEO Philippe Dauman would have left the company after about a month, and several of the company's board members would have left gradually over a “significantly longer time frame,” the article said.
“It's possible the two sides could fine reason to come back to the negotiating table,” the
Journal
article said. “The talks are the first sign of any willingness by Mr. Dauman to exit the stage. If he did leave, it would likely come with a significant payout.”
A regular Viacom board meeting scheduled for August 3 “will force an awkward dialogue between the warring parties,” the
Journal
report said. (Source:
Wall Street Journal
, Aug. 2, 2016.)
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