Redstone Says No Call Yet on Succession - Broadcasting & Cable

Redstone Says No Call Yet on Succession

Ownership interests will be overseen by trustees
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Media mogul Sumner Redstone said no decisions have been made about who will run his controlling interests in Viacom and CBS after he dies.

At 91 years old, and not making appearances on earnings calls, there has been heightened speculation about the disposition of Redstone’s assets, including published reports Thursday saying his daughter, Shari Redstone, would be in charge.

But Redstone released a statement refuting those reports.

"As I have always said, I believe strongly in professional management and appropriate corporate governance. Decisions about who will succeed me as chairman of CBS and Viacom will be made by the Boards of the respective companies, and not by any individual,” the statement says. “Despite press reports to the contrary, such decisions have not yet been made. After my death, my ownership interest in the companies will be overseen by a group of seven trustees who will make fiduciary decisions based solely on the best interests of the beneficiaries of the trust. Until that time, I will continue to make all such decisions."

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