Shari Redstone Disinherits Herself

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Viacom heir apparent Shari Redstone is expected to leave the media conglomerate’s board after a falling out with her volatile chairman father, Sumner Redstone, the Wall Street Journal reports. In anticipation of a pending sale of all or part of the company, Viacom stock traded up 3% this morning.
The Redstone acrimony seems to be the product of disagreements on the future of Viacom’s National Amusements theater chain, which Sumner wanted to spin-off and Shari to invest further in. There is speculation that the younger Redstone may buy National Amusements upon her departure.
Earlier this year, Viacom bought out Sumner’s son Brent’s stake as part of a law suit settlement, suggesting Shari’s parting may be similar.
Despite the reports, Shari’s spokeswoman said she is not leaving the board and remains, “committed and involved.”
Shakeup at Viacom: Is It in Play? [Dealbook]
Shari Redstone Is Expected To Leave Viacom's Board [WSJ]

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