August 22, 2016 Comments Off on Viacom Settles Redstone Lawsuits, CEO Steps Down Views: 194 California, California News, West

Viacom Settles Redstone Lawsuits, CEO Steps Down

Viacom’s CEO Philippe Dauman is stepping down as part of a settlement the Viacom board approved with National Amusements, a private company owned by Sumner Redstone. The 93-year-old Redstone holds controlling stakes in both Viacom and CBS.

Thomas E. Dooley, currently Viacom’s COO, will serve as interim CEO through the end of the company’s fiscal year, and could earn the top spot permanently.

The company had been in a messy legal skirmish over control of Redstone’s media empire. Viacom Inc. owns Paramount Pictures, MTV, Nickelodeon, Comedy Central and BET.

Viacom is also expanding its board, by adding five new members that will be nominated by National Amusements.

Read More at Associated Press

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