Sumner Says Daughter Won’t Succeed Him

Jul 10, 2008  •  Post A Comment

Sumner Redstone, chairman and majority shareholder of Viacom and CBS, says in an interview with CNBC airing today that his daughter Shari will not be taking over his positions when he’s done with the media companies, the New York Times reports. The elder Redstone, 85,notoriously disinterested in designating a successor, said in the interview, “I’m not worried about it ’cause it’s going to be another 20, 30 years” before he needs a successor. He said a deal had been reached in principle to buy out his daughter’s interest in CBS and Viacom in exchange for control of the remainder of family holding company National Amusements. A spokeswoman for Shari Redstone told the paper “there is no final agreement” and that “this calls into question the veracity of anything else he might say.”
—Sergio Ibarra

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