Market Overview

Sumner Redstone Doesn't Want To Sell A Stake In Paramount


The Wall Street Journal reported late Monday evening that Viacom, Inc. (NASDAQ: VIAB)'s CEO Philippe Dauman may have misunderstood Sumner Redstone's desires to sell a stake in Paramount Pictures, as has been previously reported.

Related Link: Sumner Redstone To Step Down As Head Of CBS; Moonves To Assume Role

According to The Wall Street Journal, Dauman visited Redstone's residence back in February and asked the 92-year-old mogul if he would support selling a minority stake in Paramount Pictures.

Dauman returned to Viacom's board and said that Redstone is in favor of an asset sale that may appease investors who have been pushing for a major strategic change at the company. However, The Wall Street Journal stated Redstone is not in favor of a deal and Dauman may have misheard his words given his health problems and trouble speaking.

Shares of Viacom were trading higher by 0.36 percent at $38.27 Tuesday morning.

Posted-In: philippe dauman Sumner Redstone The Wall Street Journal Viacom Wall Street JournalNews Rumors Media


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