Shari Redstone Says Viacom Shareholders Want New Management

A spokeswoman for Shari Redstone said shareholders of Viacom Inc. "have already spoken" and "want new management at the top" as she responded to criticism by board members of her role in her father Sumner Redstone's media empire.

In a letter Monday to Viacom constituencies, lead independent director Frederic Salerno said he and other board members believe Ms. Redstone, who is vice chair of the media company, was behind Mr. Redstone's recent decision to remove Viacom CEO Philippe Dauman and board member George Abrams as stewards of his holdings.

The changes, which could leave Ms. Redstone in a better position to influence events at Viacom, were inconsistent with Mr. Redstone's "stated judgment for many years that his daughter, Shari, should not control Viacom or his other companies," the letter said.

The letter said also signaled the board members' intent to fight for their jobs in court if they are removed, on the grounds that Mr. Redstone, who is 93 years old and in poor health, isn't acting of his own free will.

Ms. Redstone has denied orchestrating the removals of Messrs. Dauman and Abrams from the family's holding company, National Amusements Inc., and the trust that will oversee Mr. Redstone's controlling stakes in Viacom and CBS Corp. when he dies or is incapacitated.

The statement issued by Ms. Redstone's spokeswoman said she has made it "abundantly clear that she has no desire to manage Viacom nor chair its Board" and is focused on running her investment firm, Advancit Capital. She said she was offered and turned down the non-executive chairman job in February.

"What she has also made clear is that what she wants for Viacom is the best management in place, and strong, independent Directors who will properly oversee that management," the statement said.

"The shareholders whom Salerno and the other independent directors purport to represent have already spoken—they want new management ‎at the top and strong Directors with independent oversight on the Board," the statement said.

Mr. Salerno couldn't immediately be reached for comment.

Viacom stock closed Tuesday at $44.37. It is up 15% since Messrs. Dauman and Abrams were removed from the National Amusements Trust on May 20.

Write to Joe Flint at [e-mail]

(END) Dow Jones Newswires

May 31, 2016 19:05 ET (23:05 GMT)

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