A New York Times article today reported that Shari Redstone, the daughter and heir apparent of Viacom Chairman Sumner Redstone, will not in fact inherit her father’s position.
Shari Redstone is currently the president of National Amusements, a movie theater company owned by Viacom. Sumner Redstone’s reasoning for not bequeathing the company to his daughter, the article said, is because since Viacom and CBS are public companies, their shareholders should decide who runs the company.
Shari and Sumner Redstone have struck a deal in which Shari Redstone receives control of National Amusements in return for her sake in the Viacom and CBS companies. Shari Redstone will also step down as a board member of Viacom and CBS. The split between Shari and Sumner Redstone is only the latest in what has become a trend of disagreements with Mr. Redstone’s family, friends and associates.