Pursuits
Redstone Resigns as CBS Chair, Igniting Viacom Speculation
- Redstone's daughter calls for independent chair at Viacom
- Rules out family trustees, including herself and Viacom CEO
Leslie Moonves Succeeds Sumner Redstone as Chairman
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Billionaire Sumner Redstone resigned as chairman of CBS Corp. in a surprise move that immediately raised speculation that his reign at Viacom Inc. could also soon be over.
CBS said Chief Executive Officer Les Moonves will replace Redstone, ending years of uncertainty over when the 92-year-old media baron would cede control of his prized broadcasting company. At the same time, Redstone’s daughter Shari revealed her intentions for succession at Viacom, the other piece of the family media empire. She said no member of the family trust -- including herself and Viacom CEO Philippe Dauman -- should get the chairman’s job there.