Les Moonves, currently CEO of CBS Corp., is in line to become chairman of the company upon the death of Sumner Redstone, BloombergBusiness reports. Citing a source who’s familiar with the situation, the story reports that the arrangement is part of a deal with Redstone’s daughter Shari.
“The arrangement lessens the potential for discord over succession at CBS after the death of Sumner Redstone, the 92-year-old billionaire who controls both CBS and Viacom Inc. and serves as chairman of both media companies,” Bloomberg reports. “Moonves and Viacom CEO Philippe Dauman have employment contracts that allow each of them to leave with millions of dollars in severance if they aren’t made chairman once Sumner Redstone is gone.”
The report adds: “A provision of the Redstone family trust allows Shari Redstone to become chairman of CBS and Viacom, the Wall Street Journal reported earlier. Shari Redstone doesn’t have a similar arrangement with Viacom’s Dauman.”