The battle over the fortune of ailing Viacom and CBS Inc. mogul Sumner Redstone shifted to a new front Monday after a judge threw out the case over his medical care and both sides targeted each other with new $100 million-plus lawsuits.
New court documents reveal that Sumner Redstone’s former girlfriends, Manuela Herzer and Sidney Holland, received $150 million from him over a five-year period.
Los Angeles Superior Court Judge David J. Cowan ruled Monday that attorneys for the media mogul and Sumner Redstone’s ex-girlfriend and longtime companion will be allowed to solicit 30 minutes of sworn testimony from Redstone. The session will be conducted at Redstone’s home and videotaped.
Fissures within the famously fractured Sumner Redstone family widened Tuesday when his granddaughter asked to join the contentious court battle over whether the media mogul is mentally competent. Keryn Redstone, the 34-year-old daughter of Sumner Redstone’s estranged son, Brent, is petitioning the court to allow her to join the lawsuit in support of Redstone’s former companion, Manuela Herzer.
Exclusives
A judge reaffirmed the ruling ahead of a scheduled trial in a mental capacity suit filed by Manuela Herzer, the former companion of ailing media mogul Sumner Redstone.
Settlement talks between Sumner Redstone and ex-girlfriend Manuela Herzer have hit a roadblock, and attorneys now are busy gearing up for what could be a contentious trial. Attorneys representing the 92-year-old mogul and his former companion late last week were close to an agreement on the framework for a settlement that would have ended the lawsuit that challenged Redstone’s mental competency. But after details of the settlement leaked, negotiations fell apart.
A preliminary settlement between media mogul Sumner Redstone and his former companion Manuela Herzer would pay her more than $10 million in exchange for dropping her suit and ceasing contact with the 92-year-old billionaire, according to a person briefed on the matter.
Viacom boss Philippe Dauman will not be sitting down for a planned deposition today as settlement talks in the Sumner Redstone health care lawsuit are underway. There’s no deal right now but talks on an agreement between reps for Redstone’s side and the media mogul’s former companion Manuela Herzer are moving along, according to sources.
These are the directors of Sumner M. Redstone’s entertainment empire, which may soon become the center of a very public power struggle.
The decision is a major legal victory for Manuela Herzer, a former companion of Redstone, the former head of CBS and Viacom.
Viacom-CBS Split Tarnished Redstone Legacy
Watching Viacom and CBS seek to sort out the succession mess that is now Sumner Redstone’s legacy, it’s pretty simple to trace much of the drama back to the mogul’s ill-considered, seemingly knee-jerk decision to split up the two companies back in 2005.
The Viacom board today named CEO Philippe Dauman executive chairman, replacing Sumner Redstone who has become chairman emeritus — the same role he has at CBS following a change announced yesterday. Redstone endorsed the decision; his daughter, Shari , was the only member of the board to vote “no.” The board offered her the job of non-executive vice chair, which she declined. She’ll remain non-executive vice chair.
Leslie Moonves has been named chairman of CBS Corp. Sumner Redstone has stepped down from his role as executive chairman of the company and has been named chairman emeritus.
Viacom Chairman Sumner Redstone will be evaluated Friday by a doctor hired by his ex-girlfriend in a legal brawl over who should have the power to make health care decisions for him.
A Los Angeles Superior Court judge has ruled to allow a medical examination of Viacom and CBS chairman Sumner Redstone. In a hearing Friday, a judge did not allow a request by Redstone’s ex, Manuela Herzer, to have the 92-year-old executive deposed. But the judge did rule to allow for Redstone to be examined for one hour by Herzer’s medical expert.
The 61-year-old executive has spent the last week getting torched by an activist calling for his ouster and a shareholder lawsuit saying he and the rest of the Viacom board put loyalty to Executive Chairman Sumner Redstone ahead of their fiduciary duties. And if that’s not enough to put Dauman on edge, now the CEO may be forced to duke it out with Shari Redstone, daughter of the 92-year-old company founder, and Charlie Ergen’s Dish TV.
Viacom Inc. on Wednesday pre-released details about executive pay that show an 85% drop in compensation for its ailing 92-year-old executive chairman, Sumner Redstone, amid legal battles questioning his health and competence.
The embattled media giant that owns MTV, Comedy Central and other popular brands, got hit with a double whammy on Tuesday — a shareholder lawsuit accusing the board of failing its fiduciary duties and a highly critical activist investor presentation.
Sumner Redstone’s lawyers are asking a judge to dismiss a petition that seeks to have the media mogul declared mentally incompetent, claiming the case is an unwarranted intrusion into Redstone’s privacy.
CBS Corp. CEO Leslie Moonves would become chairman of the broadcaster upon the death of Sumner Redstone under an agreement with Redstone’s daughter Shari, according to a person familiar with the situation. The arrangement lessens the potential for discord over succession at CBS after the death of Sumner Redstone, the 92-year-old billionaire who controls both CBS and Viacom Inc. and serves as chairman of both media companies.
Judge David J. Cowan said Monday that Viacom and CBS executive Sumner Redstone does not have to submit to a medical examination in a suit filed by the 92-year-old media mogul’s former girlfriend seeking to take control of his health decisions. The judge said Viacom’s CEO, Philippe Dauman, may need to be deposed about his recent interactions with Redstone, but if he gives testimony it should be restricted to details about medical issues.
The hearing Monday afternoon in Los Angeles Superior Court has been prompted by a recent filing by Sumner Redstone’s former companion, Manuela Herzer, who contends his signature was forged on a recent document. Redstone controls CBS Corp. and Viacom Inc.
Viacom Chief Executive Philippe Dauman on Monday sought to calm investors worried about the ailing health of Executive Chairman Sumner Redstone — and the future of the media empire he controls. Redstone, 92, is the controlling shareholder of both Viacom and CBS Corp.
Wall Street speculation is at fever pitch about what happens next at Viacom and CBS (both controlled by the ailing 92-year-old Sumner Redstone).
Two of the largest shareholders in Viacom Inc. have made the highly unusual move of publicly questioning Sumner Redstone’s mental fitness to remain executive chairman of the multi-billion dollar media company.
Media mogul Sumner Redstone won’t have to submit to a battery of medical tests to determine his mental competence — at least for now. A Los Angeles County Superior Court judge on Monday denied a request by Redstone’s former girlfriend, Manuela Herzer, to speed up the legal process to determine whether Redstone is mentally fit to make decisions about his health.
A bitter battle to control the fortune of ailing billionaire Sumner Redstone escalated Wednesday when the media mogul’s ex-girlfriend filed a lawsuit alleging that he is mentally impaired and unable to make decisions. The lawsuit raises important questions about whether the 92-year-old Redstone is capable of overseeing the affairs of the two media companies that he controls, Viacom Inc. and CBS Corp., and whether he should be ejected from the top of the multibillion-dollar empire.
As CBS Corp. investors gather at New York’s Museum of Modern Art for the company’s annual meeting Thursday, its largest shareholder is expected to remain cloistered in his mansion in a gated enclave north of Beverly Hills.
The CBS Corp. executive chairman said Thursday that he’s not attending the company’s annual meeting in New York next week. The 91-year-old also missed the meeting of Viacom Inc. in Florida in March for the first time.
Theories abound on Wall Street about what conflicts might arise if either CBS or Viacom receives an outside bid in a post-Sumner Redstone world. Both companies are majority controlled by Redstone’s Boston-based National Amusements. The problem, of course, is that once Redstone’s reign ends, a trust takes over the running of National Amusements and that trust is staffed by members of both companies, with their own allegiances and interests.
Viacom shares jumped 1.8% on Thursday after the media giant announced a cost-saving restructuring that cut its three operating units to two. But the moves left some observers wondering if it was orchestrated by Philippe Dauman in his role as CEO or as chief estate planner for controlling shareholder Sumner Redstone.
The 91-year-old media mogul, Sumner Redstone, who is said to be in poor health, failed to deliver his usual effusive praise of Viacom CEO Philippe Dauman during the company’s latest earnings call Thursday. The absence of the limelight-loving billionaire is bound to set off another round of speculation about the future of his media empire that spans entertainment powerhouses Viacom and CBS.
Viacom and CBS executive chairman Sumner Redstone — who turns 91 today — has sold hundreds of millions of dollars in the two companies this month.
Smaller bonuses led to compensation decreases in fiscal 2012 for the top executives at Viacom Inc., who traditionally have been among the nation’s most richly paid. CEO Philippe Dauman took home $33.5 million in the year that ended Sept. 30, down 22% from the previous year. His No. 2, COO Tom Dooley, saw a 23% drop to $26.3 million. Compensation for Chairman Sumner Redstone, who holds the same title at CBS Corp., dropped 3% to $20.4 million.
Robert Freedman claims that Viacom chairman Sumner Redstone, CEO Philippe Dauman and COO Thomas Dooley were overpaid $36.6 million and the shareholder is taking the trio to court to get the money back.
