Sumner Redstone and his daughter Shari reasserted their control of Viacom last night after a monthslong battle.
The Redstones' holding company, National Amusements, agreed to pay Viacom CEO Philippe Dauman $72 million to step down. Viacom's board approved the action last night.
Viacom Chief Operating Officer Thomas Dooley will become interim CEO until the company's fiscal year ends on Sept. 30. Dauman will serve as corporate board executive chairman until Sept. 13 and will have the chance to present his proposal to the Viacom board to sell a major stake of Paramount to a Chinese investor.
The board, which soon will have five additional Redstone-approved members, is expected to reject the sale. Five other board members with ties to Dauman will resign or cycle off as their terms expire.
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