Cyber Monday Deal: Up to 60% off InvestingProCLAIM SALE

Granddaughter of Sumner Redstone backs Viacom's directors

Published 06/01/2016, 02:28 PM
Updated 06/01/2016, 02:30 PM
Granddaughter of Sumner Redstone backs Viacom's directors
CBS_old
-

(Reuters) - Sumner Redstone's granddaughter Keryn said on Wednesday she plans to support the independent directors of Viacom Inc to help free the 93-year-old media mogul from the "clutches" of his daughter, Shari.

The independent directors have questioned Sumner Redstone's mental competence, and said they will legally contest any move by his purported representatives to remove them from Viacom's board.

"I will soon be announcing legal steps to join with the Viacom directors in our common cause to liberate my grandfather from Shari's clutches and protect my fellow trust beneficiaries and myself from her machinations," Keryn Redstone said in a statement issued by attorney Pierce O'Donnell, who also represents Sumner Redstone's ex-girlfriend Manuela Herzer.

Herzer had challenged Redstone's mental competence after she was ejected from his mansion last October. She had sought to be reinstated as his designated healthcare agent, but a Los Angeles judge dismissed that case in May. Herzer's lawyers have said she planned to appeal the decision.

Keryn Redstone, who supported Herzer's lawsuit, said she had been prevented from seeing her grandfather by her aunt, Shari Redstone, who is vice chair of Viacom's board.

A spokeswoman for Shari Redstone had no comment. She had previously denied allegations that she was manipulating her father. "Shari has made it abundantly clear that she has no desire to manage Viacom nor chair its board," she said in a statement on Tuesday.

Sumner Redstone, in a statement issued last week by his spokesman, said he was considering replacing Viacom's chief executive, Philippe Dauman, and its board of directors.

Legal experts said Dauman and the directors would face a tough legal battle to prevent their ouster because Redstone's National Amusements Inc (NAI) had the ability to immediately remove Viacom's board at any time under Delaware law.

NAI controls 80 percent of the voting shares in Viacom and CBS Corp (NYSE:CBS). Earlier in May, Redstone ejected Dauman and a Viacom board member from the seven-person trust that will control the voting shares after Redstone's exit.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.