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Business

Sumner Redstone ousts Viacom CEO from board

Opening sequence

Opening sequence

Business

Sumner Redstone ousts Viacom CEO from board

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COMING UP:Sumner Redstone ousts Viacom CEO from board

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Transcript

00:00:01
>> A huge shake up at Viacom. Sumner Redstone ousting CEO and longtime confidant Philippe Dauman and four other directors from the board. The latest move in fierce battle over the 93 year old’s $40 billion media empire. At issue is whether the elderly billionaire is calling the shots or being manipulated by his daughter Shari.
00:00:19
Redstone has already removed Dauman from his family trust and the board of National Amusements. Redstone and his board have been trading missives in the media over their shared distrust. Redstone recently said he no longer trusted Dauman to act in the media company's best interests citing dissatisfaction with the struggling company's strategy that includes a proposed sale of Paramount Pictures.
00:00:39
Last month the media mogul survived a competency trial brought by his ex-girlfriend, which could have resulted in losing control of Viacom and CBS. Dauman remained CEO and the board will stay in place until a court affirms the changes. Viacom stock surged immediately on word of his ousting.