You will be redirected back to your article in seconds

Court Date Set as Dauman Wants Back In at Redstone Trust

A Massachusetts judge has set a June 7 court date on Viacom CEO Philippe Dauman’s motion to expedite the trial over his ouster from the board of National Amusements Inc.

Dauman is seeking to be reinstated to the board and to the family trust of Sumner Redstone, who holds 80% of the voting stock of Viacom and CBS. Dauman is pushing for a trial to take place no later than four months from now.

Meanwhile, Standard & Poors issued a statement Friday criticizing Dauman for waging a legal fight over the trust, and downgrading its opinion of Viacom’s governance. The ratings agency specifically faulted the independent directors of Viacom, who it said had not fulfilled their responsibility to supervise the company’s senior management in the interests of all stakeholders.

“Whatever the merits of the lawsuit (or defenses to it) this situation in our view arises from a long dysfunctional relationship between the key litigants especially as that relates to coherent succession planning by the Viacom board of directors,” S&P said.

The developments came as the directors of Viacom are bracing for their ouster, possibly as early as today.

More Biz

  • Phillip Eubanks and Marc Hemeon Join

    Phillip Eubanks and Marc Hemeon Join Troy Carter’s Q&A

    Q&A, the music and tech company founded by former Lady Gaga manager and Spotify exec Troy Carter, today announced the appointments of Phillip Eubanks as Chief Operating Officer (pictured above, right) and Marc Hemeon as Head of Design (left). The pair join Carter, J. Erving (Human Re Sources, Atom Factory), Suzy Ryoo (Atom Factory, OMD) [...]

  • Aretha Franklin'Clive Davis: The Soundtrack of

    Three Handwritten Wills Found in Aretha Franklin's Home

    While Aretha Franklin was thought to have died without leaving behind a will, earlier this month three documents were discovered by her niece and filed in court earlier this week, according to the Associated Press. Two handwritten wills, dating from 2010, were found in a locked cabinet, and another from 2014 was discovered in a [...]

  • WGA Agency Packaging Fight Placeholder Writer

    Gersh Agency Stirs Ire After Canceling Network Meeting for Former Client

    In a sign of hostility in the war between the WGA and Hollywood’s largest talent agencies, Gersh Agency has come under fire from TV and film writers for canceling a network meeting that it had arranged for a now-former client. Writer Jorge Reyes disclosed the incident in a series of tweets on Monday. Reyes asserted [...]

  • Streaming Placeholder

    TikTok Owner Preparing Streaming Service to Rival Spotify (Report)

    ByteDance, the Beijing-based owner of the TikTok video app, is developing a paid streaming music service aimed at the same emerging markets that Spotify and Apple are seeking to explore, according to a report in Bloomberg. The app could be introduced as early as autumn, according to the report, which adds that the company has [...]

  • Stranger Things

    Coca-Cola Will Revive New Coke in Alliance With Netflix, 'Stranger Things'

    A rush of TV watchers to streaming video has prompted Coca-Cola to test an interesting pour. Coca-Cola will bring New Coke back to market for a brief time, all part of a partnership with Netflix, which has featured Coke in its cult-favorite series “Stranger Things.” The third season of the series, set in 1985, will [...]

  • Doug Davis and Jodie ShihadehVariety Power

    Jodie Shihadeh Named Partner at The Davis Firm

    Jodie Shihadeh has been named Partner at The Davis Firm, PLLC. She joined the firm in 2011 and rose from associate to Managing Attorney and now partner. She graduated from Boston College and received her law degree from Fordham University School of Law in 2011. While still in law school she interned in the Business [...]

More From Our Brands

Access exclusive content