Viacom confirmed on Saturday that chief executive Philippe Dauman will leave on 13 September after his bitter dispute with owner Sumner Redstone.
Now, a Securities and Exchange Commission filing has revealed how Dauman’s estimated $72 million (£55 million) severance deal stacks up.
- Dauman will pocket a severance payment of $58 million (£44 million), $46.4 million (£35.2 million) of which will be paid upfront on 13 September. He will receive the remaining $11.6 million (£8.8 million) over a two-and-a-half-year period.
- Dauman has been awarded another 300,000 shares in Viacom. These are valued at around $12.85 million (£9.5 million).
- Viacom will fund independent office space for Dauman for more than three years. It will also continue to pay the $165,405 (£125,000) salary of his personal secretary, Rosemarie Cresswell, over the same period.
- Dauman will retain his and his wife’s Viacom healthcare package for two years, while his legal costs for the dispute with Redstones will also be covered.
- On top of all of the above, Dauman is entitled to a $20 million (£15.6 million) bonus for his work at Viacom in 2016.
The regulatory filing also confirms that Dauman will have the right to present proposals to the Viacom board for his ambition to sell a 49% stake in Paramount Pictures. The plan will require unanimous agreement from Viacom’s directors.
The dispute leading to Dauman’s departure was ignited in May after he was removed from the trust that will control 93-year-old Redstone’s assets when he dies or is declared incompetent. Dauman was also ousted from the board of National Amusements, the group that controls Redstone’s media empire.
Lawyers representing Redstone cited dissatisfaction with Viacom’s recent performance as reason for the decision, but Dauman claimed that the media mogul was being unduly influenced by his daughter, Shari.
His departure is seen as a victory for Shari Redstone, with the Wall Street Journal reporting that the settlement completes her “stunning rise.” She is now the favourite to take control of her father’s empire, which includes Viacom and CBS.
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