Former Viacom Chief Executive Philippe Dauman, who remains non-executive chairman of the Viacom board, “has effectively left the conglomerate, waiving a deal where he would present an offer from Dalian Wanda Group to purchase a 49 percent stake in Paramount Pictures,” according to an exclusive report by The Hollywood Reporter. “At the same time, the Viacom board could be facing a potential legal standoff with the top executive at the film studio.”
The report cites sources close to the situation saying Dauman will submit a memo detailing Wanda’s bid for a portion of the film studio instead of making a presentation in person to board members.
“The newest wrinkle in a yearlong drama that pitted Dauman against Sumner and Shari Redstone, Viacom’s chairman emeritus and vice chair, respectively, comes after what sources describe as an intense meeting between Paramount head Brad Grey and the Viacom board,” THR notes, adding: “Grey met with the board, including interim CEO Thomas Dooley, six days ago to present a turnaround plan for the studio, which has released recent flops including ‘Ben-Hur,’ ‘Zoolander 2’ and ‘Teenage Mutant Ninja Turtles: Out of the Shadows.’ After the meeting, the board issued a statement saying it remains ‘fully supportive’ of Paramount under Grey’s leadership.”
Please click on the link to THR near the top of this story to read the full report.