WSJ Report: Shari Redstone To Depart Viacom Board
July 19, 2007 at 7:10 AM (PT)
THE WALL STREET JOURNAL is reporting VIACOM INC. Chairman SUMNER REDSTONE has had a major falling out with his daughter and heir apparent, SHARI REDSTONE, that is expected to result in her departure from the VIACOM board, said a person familiar with the situation.
Representatives for SUMNER REDSTONE and his daughter are negotiating her separation from the family's media empire, which includes CBS CORP. as well as VIACOM, according to people familiar with the situation. One possible option is for SHARI REDSTONE to buy the family-owned theater chain, NATIONAL AMUSEMENTS, as a way to extricate herself from the family affairs.
In comments published in the JOURNAL in 2005, SHARI REDSTONE said she was in no rush to succeed her father. "My father is going to do this forever," she said. "I don't think he will ever walk away, nor should he."
Earlier this year, SUMNER REDSTONE settled a lawsuit with his estranged son BRENT REDSTONE over the family's vast fortune, ending a potentially messy confrontation that threatened to complicate his succession plans.
More details are expected shortly.