Sumner Redstone in talks to buy out daughter

posted by Michael Zoldessy on July 15, 2008 at 7:46 am

More chatter regarding Sumner Redstone buying out his daughter’s shares of Viacom/National Amusements.

Sumner Redstone is negotiating to buy out his daughter Shari’s equity interest in Viacom Inc and CBS Corp, but the two sides have not reached a deal, his spokesperson said on Thursday.

The spokesperson also denied a CNBC online report that quoted the 85-year-old media mogul saying in an interview that his daughter was not qualified to succeed him.

For a long time, Shari Redstone had been expected to take the mantle from her father as chairman of Viacom and CBS, but their public dispute over corporate governance last year has left the issue of succession unclear.

Read the full story in Reuters.

Comments (4)

Michael Furlinger
Michael Furlinger on July 15, 2008 at 9:11 am

I had thought part of the deal is that she would get all NATIONAL AMUSEMENT.

moviebuff82 on July 15, 2008 at 1:03 pm

It’s all in the family business. National Amusements is not as well known as other Redstone properties, so seeing the chain fold under two separate companies might be a strange idea.

IanJudge on July 16, 2008 at 6:23 pm

If you read the article, Sumner Redstone is not trying to take away National Amusements from his daughter; he is arranging for her to have the theater chain for herself. He is trying to buy out her interest in Viacom and CBS, which are separate from NA.

Michael Furlinger
Michael Furlinger on July 16, 2008 at 6:44 pm

As i thought……..She has done well with the cinema chain..

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