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Top investors question whether Viacom’s Redstone should step down

Sumner Redstone Honored On The Hollywood Walk Of Fame

Two of the largest shareholders in Viacom Inc have made the highly unusual move of publicly questioning Sumner Redstone’s mental fitness to remain executive chairman of the multi-billion dollar media company.

Mario Gabelli, whose funds hold the second-largest voting stake in Viacom after Redstone himself, and Salvatore Muoio, whose firm is the seventh-biggest voting shareholder, voiced the concerns a week after a former girlfriend of Redstone filed a lawsuit alleging that the 92-year-old mogul was mentally incompetent.

The investors’ expressions of doubt about the mental competence of a high-profile company executive came as a surprise, but gossip column reports and heavy secrecy around the health of the media mogul have led to intense speculation over the future of Redstone and his $45 billion media empire.
Read the full story at Reuters, by Jessica Toonkel

 

READ MORE: Sumner Redstone

L-R Manuela Herzer ,   Sumner Redstone and Sydney Holland

Chairman of Viacom and CBS, 92-year-old Sumner Redstone, is a “living ghost” and subject to uncontrollable crying fits, according to a lawsuit filed Wednesday by former girlfriend Manuela Herzer. He More…

L-R Manuela Herzer ,   Sumner Redstone and Sydney Holland

The mental competency of Sumner Redstone could be openly challenged as his longtime companion Manuela Herzer — who was ejected from Redstone’s life in October — might be set to square off against More…

Sumner Redstone with his daughter Shari   Shari+Redstone and Sumner

The 92-year-old Mr Redstone has overwhelming control of Viacom, with a voting stake of about 80 per cent. The company has said little on the subject of his health. Mr Redstone’s daughter, Shari Redstone,  More…

sumner_redstones_girlfriend_settles

In the latest drama involving Viacom and Sumner Redstone, the 92-year-old executive chairman has split with his live-in girlfriend,  Sydney Holland. Sources say Holland, 43, was ejected from Redstone’s More…

sumner_redstones_girlfriend_settles

Tim Jensen, a former chauffeur for the 92 year old owner of CBS and Viacom Sumner Redstone, delivered a total of $1 million in cash on behalf of his boss to seven different women in Los Angeles. He made More…

sumner_redstones_girlfriend_settles

A California judge has declared Electric Barbarellas star Heather Naylor to be the winner of a lawsuit claiming she stole the laptop of Sumner Redstone’s girlfriend. Sydney Holland sued Naylor for $1 million,  More…

L-R Manuela Herzer ,   Sumner Redstone and Sydney Holland

Hollywood reporter correspondent Kim Masters published today one more weird story regarding the controlling owner of both CBS and Viacom, Summer Redstone and his two girlfriends. The story talks about how on May More…

Sumner Redstone with his daughter Shari   Shari+Redstone and Sumner

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,  More…

L-R Manuela Herzer ,   Sumner Redstone and Sydney Holland

The 91-year-old Billionaire Sumner Redstone  controls an empire worth an estimated $6.4 billion, including CBS and Viacom. His health and old age  have led to increasing speculation as to who Redstone’s More…

 

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