Viacom and CBS, Post-Redstone (Sort Of)
A look at a corporate patriarch who still wields a lot of power, even without a fancy title.
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While Philippe Dauman, Viacom's chief executive, can now add the chairman's title to his resume at the company, there is, of course, one person who will continue to loom large there: Sumner Redstone.
Redstone resigned as chairman of Viacom on Thursday, less than 24 hours after stepping down from the same post at CBS. But the media baron's grip on both media and entertainment giants will continue to transcend any honorary boardroom titles he receives.
Through his family holding company, National Amusements, the 92-year-old billionaire still controls huge stakes in CBS and Viacom, leaving more than $40 billion of market value in his hands until he dies or a third-party deems him incompetent.