Viacom Shareholders Vote To Re-Elect Company’s Board

Philippe Dauman
Paul Hampartsoumian/REX Shutterstock

A majority of shareholders in Viacom Inc., the media company that has been under intense scrutiny of late, agreed to re-elect the New York concern’s board of directors at an annual meeting held Monday.

These shareholders, who were not affiliated with National Amusements Inc., the movie-exhibition company that controls 80% of Viacom’s voting shares, also turned down a proposal to end the company’s dual-class structure, which gives more voting power to owners of a different class of shares.

Viacom, the owner of MTV, Comedy Central and Nickelodeon, has sparked controversy on Wall Street as investors have expressed doubt about the company’s management as Sumner Redstone, the 92-year-old mogul who owns the bulk of controlling share of both Viacom and CBS, grows old and, according to media reports, more infirm. Redstone has been involved in a court battle with a former girlfriend who has challenged has ability to govern the corporations’ direction. Redstone recently stepped down as executive chairman of both Viacom and CBS. Viacom CEO Philippe Dauman has run into headwinds as Redstone’s daughter Shari has stepped into the fray, and voted against Dauman’s ascension to her father’s position.

“The management team and board of Viacom are completely focused on improving our performance and ensuring that performance is reflected in our share price,” said Dauman in remarks made at the annual meeting.


Filed Under:

Want to read more articles like this one? SUBSCRIBE TO VARIETY TODAY.
Post A Comment 0

Leave a Reply

No Comments

Comments are moderated. They may be edited for clarity and reprinting in whole or in part in Variety publications.

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More Biz News from Variety