Sumner Redstone has been denying reports that he has turned control over his media empire, which includes both Viacom and CBS, to his daughter Shari. Sumner is 91 and Shari is a youthful 61.
Unfortunately for her, Sumner Redstone has no plans of stepping down while he still lives and reports that Shari was named the irrevocable chairman of CBS, worth $30.7 billion, and Viacom, worth $27.4 billion, have proven to be erroneous.
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Redstone controls both through his National Amusements.
In a statement the elder Redstone said, “Despite press reports to the contrary, decisions have not yet been made.”
“After my death, my ownership interest in the companies will be overseen by a group of seven trustees who will make fiduciary decisions based solely on the best interests of the beneficiaries of the trust. Until that time, I will continue to make all such decisions.”
“As I have always said, I believe strongly in professional management and appropriate corporate governance.
“Decisions about who will succeed me as chairman of CBS and Viacom will be made by the Boards of the respective companies, and not by any individual.”
This should come as a relief to people like Les Moonves, who runs CBS and who has been reportedly maneuvering to take over that company after Redstone departs.