Viacom Investors Sense Changes Afoot as Board Gathers: Chartby
Sumner Redstone’s probable departure as chairman of Viacom Inc. has given investors in the media company a fresh sense of optimism. The shares surged 5.2 percent at 9:30 a.m. in New York, half an hour before Viacom’s board is expected to meet to decide on a replacement for the 92-year-old billionaire. The directors’ decision will be tougher than for their counterparts at Redstone’s other company, CBS Corp., which has outperformed its former parent in the past 12 months. On Wednesday, CBS said its board chose Chief Executive Officer Les Moonves to replace Redstone as chairman.