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Showing posts with the label family ownership

The Challenges of Succession at Viacom, CBS and Natonal Amusements

The current dispute over Sumner Redstone’s competency to make decisions regarding his firms is pitting company executives against family members and family members against each other, diverting significant attention from running the companies and revealing the challenges of governing a firm as its founder ages. Redstone, who is now 92 and allegedly mentally incapacitated, had for many years planned his estate. He created a family trust that would take control over National Amusements after his death. National Amusements holds controlling interest in companies such as Viacom, CBS, Paramount Studios, Comedy Central and Nickelodeon. In recent months Redstone suddenly altered his will and estate gift plan and changed the trustees of the Redstone trust and the members of the Viacom board. This provoked a corporate and family drama about whether he is capable of making the changes or is being manipulated by his daughter Shari Redstone, who serves as President of National Amusements and vice