Report: Viacom execs, National Amusements held settlement talks




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.”

- Advertisement -


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.)

About the Author(s)

This is your 1st of 5 free articles this month.

Introductory offer: Unlimited digital access for $5/month
4
Articles Remaining
Already a subscriber? Please sign in here.

Related Articles

KEEP IT IN THE FAMILY

The Family Business newsletter. Weekly insight for family business leaders and owners to improve their family dynamics and their businesses.