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Redstone's firm ousts five Viacom directors, including CEO (updated)

Jun. 16, 2016 3:19 PM ETViacom Inc. (VIA-OLD) StockVIA-OLD, VIABBy: Eric Jhonsa, SA News Editor12 Comments
  • Sumner Redstone's National Amusements (Viacom's controlling shareholder) has ousted five Viacom (VIA +4.3%) directors, including CEO Philippe Dauman.
  • Viacom has spiked higher following the news. It arrives shortly after the 93-year-old Redstone said he "no longer trusts" Dauman to act in Viacom's best interests.
  • Prior Viacom coverage
  • Update: National Amusements has confirmed the move, and says it has "elected" five "independent directors" to replace the ones that were ousted. "Because of public statements by the existing directors that they would challenge any removals, and to maintain stability until any such challenges are resolved, National Amusements also today filed papers in the Delaware Court of Chancery to affirm the validity and effectiveness of these actions."

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