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Epic quarrel for control of U.S. media hulk is over

Sumner Redstone in 101 seconds

When a months-long family play for control of Viacom was done central in an oddly-timed press recover Saturday night, one voice was missing: The male during a core of a dispute, Sumner Redstone.

Redstone, 93, is a determining shareholder of Viacom, one of a world’s largest media companies. He has been in bad health for several years. Some people tighten to him have pronounced that he can hardly speak. His mental competency has been challenged.

But his open family member pronounced Saturday that he is happy with a settlement’s outcome.

His daughter Shari Redstone, who has succeeded in deposing longtime CEO Philippe Dauman, has been holding a lead on open statements and positioning. Sumner and Shari were formerly estranged, yet they are now behind in any other’s lives.

As a tug-of-war over a company’s future unfolded progressing this year, Dauman and his allies indicted Shari of holding advantage of her bum father.

The allotment resolves several lawsuits and countersuits between a dual sides.

The Viacom house voted to approve a understanding on Thursday, yet it was not publicly announced until Saturday night.

Dauman “will renounce immediately,” a press recover said. Viacom COO Tom Dooley will take Dauman’s place, yet usually by Sep 30.

After that point, a newly stretched Viacom house — with 5 new members comparison by a Redstones — “will make a preference on period plans,” according to a press release.

Shari Redstone is a non-executive clamp chair of Viacom (VIA).

The Wall Street Journal pronounced a allotment finished her “stunning rise.”

“Often during contingency with her now-ailing father over a years, she is staid to take stick position in his empire,” the journal said.

Dauman, Dooley, and Shari Redstone were all quoted in a proclamation on Saturday.

But Sumner Redstone was not, even yet he stays a authority emeritus of Viacom and a conduct of National Amusements, a holding association that controls both Viacom and CBS.

Viacom deferred questions to National Amusements, or NAI for short. A mouthpiece for NAI, Sara Evans, pronounced “Sumner’s really happy with a outcome and authorized a recover today.”

Evans pronounced that “Sumner participated in both a Viacom and NAI house meetings. He is in hold with his lawyers probably each day and has been a partial of this routine each step of a way.”

An outmost orator for Sumner, Mike Lawrence, pronounced that “Sumner entirely supports a allotment terms, that respect a changes he done to a curators of his trust and to a play of National Amusements and Viacom.”

In response to followup questions about how he knows this, Lawrence said, “His authorised warn told me. And they are communicating with Sumner daily.”

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