- Earlier there seemed to be finality to months of rumors that had Viacom's ad chief headed to Snapchat (CHAT), but sources tell Variety that a New York Post report to that effect is just speculative.
- One source said it was unlikely that Jeff Lucas would depart to become Snapchat's chief operating officer right in the middle of a crucial upfront ad negotiation (reportedly on July 8), while a Snapchat source told Brian Steinberg that Lucas wasn't joining the company as COO.
- Meanwhile, in news of the leadership fight at Viacom (VIA -1.2%, VIAB +0.3%), Shari Redstone is pushing back against charges that she's manipulating father Sumner, by saying she doesn't want to run the company.
- A statement from her representatives says: "Shari has made it abundantly clear that she has no desire to manage Viacom nor Chair its Board and is fully engaged in running and growing her firm, Advancit Capital. 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. "
- Viacom's board should spend less time focused on Shari and how to maintain their own directorships, the statement says, and more time on a long-term strategy to turn around Viacom and increase shareholder value.
- After hours: VIAB -0.5%.