Redstone says daughter won't succeed
July 11, 2008
Sumner M. Redstone, the chairman and controlling shareholder of Viacom and CBS, said in a CNBC television interview that his daughter will leave the boards of both companies and will not succeed him.
Daughter Shari, who runs the family's private business National Amusements, doesn't see it that way, stating a satisfactory outcome was still being negotiated.
Redstone senior said: “The reason she won't succeed me is not she â€” that she isn't qualified, but I have made it clear that good governance requires â€” these are two public companies, they're not private like National â€” that two companies, the boards should decide who succeeds me. I'm not worried about it 'cause it's going to be another 20, 30 years.” Redstone said that a deal had been reached in principle to buy out his daughter's interest in CBS and Viacom. The deal, according to Redstone, essentially involves his daughter's receiving control of National Amusements in exchange for her interest in CBS and Viacom.