Viacom, National Amusements resume settlement talks

Viacom Inc. and National Amusements Inc., the company through which Sumner Redstone controls Viacom and CBS Corp., have resumed “deep talks” to reach a settlement that would end their litigation,

the

Wall Street Journal

reported,

citing unnamed sources.

The terms the parties are discussing would involve the resignation of Viacom chairman and CEO Philippe Dauman, who would be replaced by the company's COO, Tom Dooley, the article said.

Viacom board members George S. Abrams, Blythe J. McGarvie, Frederic V. Salerno and William Schwartz would also be replaced, the article said. “One sticking point” is that several of the directors who are negotiating their exit would like to stay on for several months after a settlement is reached, the


Journal


reported.

The replacement directors, according to the


Journal


report, are Kenneth Lerer, managing partner of a venture capital fund and chairman of BuzzFeed; Thomas May, chairman of Eversource Energy; Judith McHale, a former senior executive at Discovery Communications Inc.; Ronald Nelson, chairman of Avis Budget Group Inc.; and Nicole Seligman, a former president of Sony Entertainment. (Source:


Wall Street Journal


, Aug. 17, 2016.)