Viacom Inc. chairman Sumner Redstone seems like he has problem with sharing power, especially if it involves his family.
The 84-year-old media executive has forced nephew Brent Redstone, his brother Edward S. Redstone and now possibly his 53-year-old daughter Shari Redstone out of his company. Industry insiders felt that Shari Redstone was the heir apparent to her father should he decide to step down. Currently, she serves as a director at CBS and Viacom helping to oversee such assets as the CBS network, MTV, Nickelodeon and Paramount Pictures. But since the two have been reportedly embroiled in a bitter feud that has escalated to the point where she has failed to receive notices on board meetings, the question of who succeeds Sumner Redstone and inherits the media giant arises. The New York Times reports that the two sides have been in discussion over having Shari Redstone depart the boards of both CBS and Viacom and having her father buy out her roughly 16% interest in both companies. Despite news reports of her imminent dismissal, Shari Redstone "has no intention of giving up her active roles with the boards of CBS or Viacom,'' her spokeswoman, Nancy Sterling, said Thursday. — Gerald Magpily
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Tags: Viacom, CBS, Sumner Redstone, media
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