Talks about the future of Viacom fell through last week between top Viacom executives and parent company National Amusements Inc., The Wall Street Journal reports, citing sources who are familiar with the situation.
“Under the terms that were discussed, Viacom Chief Executive Philippe Dauman would agree to depart the company after roughly a month, and several board members of Viacom would eventually relinquish their posts over a significantly longer time frame, the people familiar with the matter said,” the story reports. “Chief Operating Officer Tom Dooley would have become interim CEO under the deal, they said.”
“The deal would have put an end to litigation affecting the composition of Viacom’s board and the handling of the estate of [Sumner] Redstone, who is 93 years old and in ill health,” WSJ adds.
Redstone holds almost 80% voting stakes in Viacom and CBS Corp. through National Amusements.