Published On: Thu, Dec 3rd, 2015

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

 

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