Sumner Redstone Shoots Down Succession Report: "Decisions Have Not Yet Been Made"

Christopher Patey

Redstone's statement is presumably a response to stories in the New York Post and Vanity Fair.

Sumner Redstone is debunking published reports that his daughter Shari will succeed him at CBS and Viacom when dies, saying Thursday that no such decision has been made.

"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," Redstone said in statement issued to The Hollywood Reporter. "Despite press reports to the contrary, such decisions have not yet been made."

Redstone's statement seems to be in response to stories in the New York Post and Vanity Fair. The Post story said that Shari, 61, "will become the irrevocable chairman" of both CBS and Viacom when her 91-year-old media mogul father dies.

Shari will serve on a seven-person board and she has secured "four of the seven votes,"  according to the Post, making her control of the media conglomerates inevitable.

Redstone's entire statement debunking the reports is as follows:

"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.  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."

Email: Paul.Bond@THR.com

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