Sumner Redstone Is Said to Prevail in Fight for His Media Empire
Source: New York Times
The fight over Sumner M. Redstone’s $40 billion media empire appears to be over.
A truce has been reached in the vicious corporate battle that pitted the 93-year-old Mr. Redstone and his long-estranged, recently reconciled daughter Shari Redstone against his longtime confidants and directors at Viacom, according to multiple people briefed on the agreement.
The two sides are close to completing a settlement agreement that would put an end to messy legal battles in Massachusetts, Delaware and California over whether Mr. Redstone had the mental capacity to make decisions about his businesses and whether he was being manipulated by Ms. Redstone.
Terms of the settlement — which was viewed as a victory for Mr. Redstone and his daughter — include the dismissal of Philippe P. Dauman as chief executive of Viacom, the beleagueredmedia company that owns MTV, Comedy Central, Nickelodeon cable television networks and the Paramount Pictures film and television studio. Mr. Dauman is expected to depart with a total severance package valued at about $72 million.
Read more: http://www.nytimes.com/2016/08/19/business/media/sumner-redstone-battle-viacom-empire-shari-philippe-dauman.html?hp&action=click&pgtype=Homepage&clickSource=story-heading&module=first-column-region®ion=top-news&WT.nav=top-news
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