Viacom Shares Rise Amid Rumors of Board Blowout

Viacom shares were up more than 3% in trading Friday amid rumors that controlling shareholder Sumner Redstone is poised to replace the company’s board of directors.

Viacom shares have been climbing all week as an extraordinary public battle has unfolded between Redstone and Viacom chairman-CEO Philippe Dauman. Shares spiked on Friday morning after CNBC’s David Faber reported that nine of Viacom’s 11 board members — save for Sumner Redstone and his daughter Shari Redstone — are bracing for their ouster and preparing to mount a legal challenge.

The drama surrounding the board overshadowed some good news for Viacom on Friday. The company set a long-term carriage agreement with Cox Communications that includes expanded on-demand rights to the its cable channels. The deal also covers Epix, the premium movie channel that Viacom owns with MGM and Lionsgate.

Sumner Redstone has broad discretion to replace the board thanks to his control of 80% of the voting interest in Viacom and CBS Corp. Redstone owns preferred shares that allow him iron-clad control of both companies.

Viacom shares were up 4% at the close of trading Friday to $44.24.

More Biz

  • Brian Roberts Sun Valley Conference

    Merger Mania Dominates Talk at Sun Valley Moguls' Confab

    Viacom shares were up more than 3% in trading Friday amid rumors that controlling shareholder Sumner Redstone is poised to replace the company’s board of directors. Viacom shares have been climbing all week as an extraordinary public battle has unfolded between Redstone and Viacom chairman-CEO Philippe Dauman. Shares spiked on Friday morning after CNBC’s David […]

  • Discovery Extends CEO David Zaslav's Contract

    Discovery Extends CEO David Zaslav's Contract Through 2023

    Viacom shares were up more than 3% in trading Friday amid rumors that controlling shareholder Sumner Redstone is poised to replace the company’s board of directors. Viacom shares have been climbing all week as an extraordinary public battle has unfolded between Redstone and Viacom chairman-CEO Philippe Dauman. Shares spiked on Friday morning after CNBC’s David […]

  • Sire Records Cofounder Seymour Stein Leaving

    Sire Records Co-Founder Seymour Stein Leaving Warner Music Group After Four Decades

    Viacom shares were up more than 3% in trading Friday amid rumors that controlling shareholder Sumner Redstone is poised to replace the company’s board of directors. Viacom shares have been climbing all week as an extraordinary public battle has unfolded between Redstone and Viacom chairman-CEO Philippe Dauman. Shares spiked on Friday morning after CNBC’s David […]

  • Mark Zuckerberg

    Five Things We Learned From Mark Zuckerberg's Interview With Recode

    Viacom shares were up more than 3% in trading Friday amid rumors that controlling shareholder Sumner Redstone is poised to replace the company’s board of directors. Viacom shares have been climbing all week as an extraordinary public battle has unfolded between Redstone and Viacom chairman-CEO Philippe Dauman. Shares spiked on Friday morning after CNBC’s David […]

  • Jay-Z Slams Philadelphia Mayor for Made

    Jay-Z Slams Philadelphia Mayor for Made in America Festival Move

    Viacom shares were up more than 3% in trading Friday amid rumors that controlling shareholder Sumner Redstone is poised to replace the company’s board of directors. Viacom shares have been climbing all week as an extraordinary public battle has unfolded between Redstone and Viacom chairman-CEO Philippe Dauman. Shares spiked on Friday morning after CNBC’s David […]

  • Steph Curry Uncovered

    Steph Curry Says He Would 'Jump' at the Chance to Act

    Viacom shares were up more than 3% in trading Friday amid rumors that controlling shareholder Sumner Redstone is poised to replace the company’s board of directors. Viacom shares have been climbing all week as an extraordinary public battle has unfolded between Redstone and Viacom chairman-CEO Philippe Dauman. Shares spiked on Friday morning after CNBC’s David […]

More From Our Brands

Access exclusive content