Shari Redstone Fires Back At Viacom Independent Director's Letter

Drama

The drama over who will control VIACOM and CBS CORPORATION in light of questions about controlling shareholder and former Chairman SUMNER REDSTONE's health and competency continues, with Vice Chair SHARI REDSTONE firing back at the comments made MONDAY by VIACOM's lead independent board director warning that SHARI REDSTONE would try to remove the independent board members.

The LOS ANGELES TIMES reports that NANCY STERLING, a spokesperson for SHARI REDSTONE, responded to FREDERIC SALERNO's letter to investors (NET NEWS 5/31) by issuing a statement saying that "SHARI has made it abundantly clear that she has no desire to manage VIACOM nor chair its board, and is fully engaged in running and growing her firm, ADVANCIT CAPITAL.  What she has also made clear is that what she wants for VIACOM is the best management in place, and strong, independent directors who will properly oversee that management.”  She added, "The board should spend less time focusing on 1) SHARI and 2) how to maintain their own directorships, and more time on a long-term strategy to increase the value for shareholders and to develop a specific long-term plan to turn around the current state of VIACOM."

Meanwhile, the circus aspect of SUMNER REDSTONE's personal life continued as well with THE HOLLYWOOD REPORTER reporting that one of his much-younger ex-girlfriends, SYDNEY HOLLAND, is "in the running" to join the BRAVO reality show "THE REAL HOUSEWIVES OF BEVERLY HILLS" in the show's seventh season.  HOLLAND and MANUELA HERZER were REDSTONE companions until last FALL, when HOLLAND was thrown out of REDSTONE's home for an alleged affair, while HERZER sued over being ousted as REDSTONE's health care representative.  THR added that no decisions on casting have yet been made.

And VARIETY is speculating that former VIACOM CEO and MTV NETWORKS chief TOM FRESTON is a candidate to replace his VIACOM replacement, PHILIPPE DAUMAN, as CEO if DAUMAN is fired, with the trade magazine saying that it is "understood" that SHARI REDSTONE has communicated with FRESTON in recent weeks.  The speculation also suggests that FRESTON " might also be enlisted in a high-level advisory capacity if not for the full-time job as CEO."

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