Viacom, Inc. (VIA,VIAB) CEO Philippe Dauman is suing Sumner Redstone after being ousted from his trust.
Dauman and Viacom director George Abrams were both ousted from a seven-member board that will control Redstone’s media empire after he passes or becomes incapacitated. This would leave control of his legacy in the hands of his previously estranged daughter Shari.
Dauman’ lawsuit argues that the Viacom CEO was ousted from the trust by Shari and that she is manipulating her father to gain control of the company and his other assets. It seeks to turn this decision around and reinstate him as a member of the trust, reports Fortune.
Redstone is reportedly planning to replace the Viacom CEO and director with Jill Krutick and National Amusements Inc’s general counsel Tad Jankowski as members of the trust. National Amusements is a movie theater chain belonging to Redstone that controls Viacom and CBS Corporation (CBS).
VIA and VIAB shares were up 2% as of Noon Monday.
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