Redstone Family Feud: Sumner and Shari At It Again


Seems that bottle of Cristal at Postino two months ago didn’t settle the Viacom (VIAB) Redstone father-daughter fight after all.  The New York Times says the LA Times says the pair are at it again–with father Sumner holding the cash and the cards:

According to the [LA] Times, all substantive talks between the two camps have come to a grinding halt, leaving succession at the $50 billion media conglomerate an open question.

The Times says that Mr. Redstone appears to have all the leverage. Although he could buy out his daughter’s 20 per cent stakes in CBS and Viacom, there is nothing compelling him to do so since he controls both companies. In addition, he has the right to remove his daughter from the board of directors and fire her as vice chairwoman if he wanted.

After the conflict erupted in the press this summer, the two Redstones publicly divulged that they were considering severing their business ties. Under one scenario discussed by their lawyers, Ms. Redstone would give up her board seats and sell her voting stakes in exchange for full ownership of National Amusements.

See Also:
New Viacom Family Feud: Now Sumner Wants to Fire His Daughter
Sumner Chronicles: Redstone Torches Daughter in Fax to Forbes
New Redstone Heir Apparent Philippe Dauman (Look out, Philippe!)