Viacom Owner Throws Up Hurdle to Paramount Sale
In a move that further undermines Viacom CEO Philippe Dauman, the company’s controlling shareholder says it amended Viacom’s bylaws to require unanimous board approval for any full or partial sale of movie studio Paramount Pictures.
The action further consolidates control in the hands of ailing media mogul Sumner Redstone and his daughter, Shari Redstone. The elder Redstone has said he’s against the sale, which was backed by Dauman.
National Amusements Inc., which controls 80 percent of the voting stock in both Viacom and CBS Corp., announced the change Monday. National Amusements is controlled by the Redstones.
It’s the latest twist in the battle over multibillion-dollar conglomerates and came a day before a trial gets underway in a Massachusetts probate court into whether 93-year-old Sumner Redstone is mentally competent.
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