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.