Sumner Redstone Resigns, What's Next for His Media Empire?

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Earlier today the board of Viacom voted to promote CEO Philippe Dauman to executive chairman of the media company that includes MTV, Comedy Central and Paramount. This move was in direct contradiction to the wishes of Shari Redstone, the daughter of 92-year-old Sumner Redstone, who resigned as executive chairman yesterday. Shari Redstone felt the company should not be run by someone who is a member of the family or a member of Redstone's trust, which Dauman is. This is the same board that issued Dauman a massive paycheck in a year when the company's stocks dropped 40%. On the CBS side, Les Moonves will take on the role of executive chairman. What remains to be seen is if a court will declare Redstone mentally competent, and what effect that ruling could have on the leadership of Viacom.

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