Shari Redstone, the 61-year-old daughter of ailing media mogul Sumner Redstone, appears to be in line to inherit the companies he controls, CBS and Viacom,
Vanity Fair
and
the
New York Post
reported.
CBS is worth $30.7 billion and Viacom is worth $27.4 billion, the
Post
report said. National Amusements Inc., a company controlled by the Redstone family, currently holds controlling stakes in CBS and Viacom, the article said. CBS was part of Viacom until 2005.
Vanity
Fair
broke the news, citing information on the structure of the trust that will hold controlling stakes in the two companies upon the death of Sumner Redstone, 91. Shari will become the “irrevocable chairman” of the companies, the
Post
article said.
“Her views will likely be supported by a majority of the trust’s directors — including the two independent trustees to be added when her father dies, sources said,” the
Post
reported.
Shari and her son, Tyler Korff, will serve on a seven-person board along with two attorneys who have represented Shari and her mother “in business and personal matters,” the
Post
article said.
One unnamed source told the
Post
that Shari may decide to sell CBS and keep Viacom.
In 2009, Sumner Redstone said in an interview with CNBC that Shari was no longer the heir apparent. In 2007, Sumner Redstone settled a lawsuit filed by his son, Brent, by buying out Brent’s stake in National Amusements.
Shari currently runs a digital investment company, Advancit Capital, the
Post
article said. (Sources:
Vanity Fair
, June 2015;
New York Post
, May 6, 2015.)
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