You will be redirected back to your article in seconds

Viacom Shareholders Vote To Re-Elect Company’s Board

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.


More Biz

  • David Rhodes CBS News

    CBS News Faces New Challenges in Weeks Ahead

    At CBS News, President David Rhodes has a series of important decisions to make that could affect the trajectories of some of TV’s best-known news programs. As its parent company seeks to move forward from recent seismic events – the ouster of its former CEO, Leslie Moonves; a corporate probe into its workplace culture; and [...]

  • Listen: Sarah Bernhardt and the Birth

    Listen: How Sarah Bernhardt and Eleonora Duse Helped Create Modern Celebrity Culture

    They were pioneers in the business of superstardom more than a century ago. Behind the scenes, legendary actors Sarah Bernhardt and Eleonora Duse were also entrepreneurs who ran their own companies and controlled every aspect of their careers. The new biography “Playing to the Gods: Sarah Bernhardt, Eleonora Duse and the Rivalry That Changed Acting [...]

  • Charter Communications logo

    Charter Reaches $174 Million Settlement on Internet-Throttling Fraud Suit

    Charter Communications agreed to a settlement valued at $174.2 million to resolve a lawsuit alleging the U.S.’s second-biggest cable operator defrauded broadband customers by failing to deliver promised internet speeds. According to the terms of the settlement with the New York Attorney General’s Office, Charter will pay $62.5 million in direct refunds to 700,000 active broadband [...]

  • Making a Murderer

    'Making A Murderer' Detective Sues Netflix for Defamation

    A retired sheriff’s detective sued Netflix for defamation on Monday, alleging that the hit series “Making a Murderer” falsely suggested that he planted evidence to frame a murder suspect. Andrew Colborn filed suit in Manitowoc County Circuit Court in Wisconsin, alleging that he had been subject to “worldwide ridicule, contempt and disdain” since the docuseries [...]

  • Yael Stone Geoffrey Rush

    'OITNB' Actress Yael Stone Accuses Geoffrey Rush of Sexual Harassment

    In a New York Times article published Sunday, “Orange Is the New Black” actress Yael Stone alleged that Geoffrey Rush harassed her numerous times while they both worked on a theater production in 2010. She said he exposed himself to her, sent her sexually suggestive text messages, and used a mirror to spy on her [...]

  • Laura Donnelly

    CAA Signs 'The Ferryman' Actress Laura Donnelly (EXCLUSIVE)

    CAA has inked Laura Donnelly for representation. Donnelly, who was most recently represented by ICM Partners, won the prestigious Laurence Olivier Award for best actress this year for her performance in Jez Butterworth’s play “The Ferryman,” directed by Oscar and Tony winner Sam Mendes. The production has also received two more Olivier Awards, including best [...]

More From Our Brands

Access exclusive content