us media mogul redstone opposes paramount sale
Last Updated : GMT 15:40:30
Arab Today, arab today
Arab Today, arab today

US mogul Sumner Redstone:

US media mogul Redstone opposes Paramount sale

Arab Today, arab today

Arab Today, arab today US media mogul Redstone opposes Paramount sale

US mogul Sumner Redstone
New York - Arab Today

US mogul Sumner Redstone said he opposes the proposed sale of a minority stake in Paramount Pictures, the jewel of his media empire.

"Unless Viacom's board presents a concrete plan that convinces him otherwise, Mr Redstone continues to believe that it is in the best interest of Viacom that Paramount Pictures should remain wholly owned by the parent company," said a statement by Mike Lawrence of Cone Communications representing the ailing 92-year-old billionaire.

In late February, Philippe Dauman, the new CEO of Redstone's Viacom, Paramount's parent company, said the firm would sell a significant minority stake in the movie studio and had received expressions of interest.

The announcement prompted a jump in Paramount's stock price and praise from the activist fund SpringOwl, a Viacom minority shareholder, which demanded the company replace Dauman in order to better compete in the era of digital and streaming video.

Dauman had promised a deal over Paramount by late June.

But Redstone's unexpected opposition further weakens his position, especially after another surprise decision on Saturday, when Redstone ousted Dauman and an ally at Viacom from a trust with the power to manage Redstone's $40 billion empire if he dies or is declared incompetent.

Dauman called his ouster "shameful" and "illegal," saying Redstone is being "manipulated" by his daughter Shari in an attempt to gain control of Viacom. She had voted against Dauman's appointment as Viacom CEO in February.

Dauman accused Shari Redstone of restricting access to her father, saying he had become legally incompetent, accusations the billionaire rejected on Sunday.

"Sumner Redstone remains today as Phillippe Dauman described him less than six months ago: 'engaged, attentive and as opinionated as ever,'" the statement said.

"Viacom's false and unfair statements to the media, as well as Mr Dauman's opportunistic claims of incapacity, now make it problematic to move forward with any direct meeting and briefing as Mr Redstone had previously requested."

Besides the struggle between management and the Redstone family for control of the group, Viacom is also facing operational difficulties.

The parent of cable channels MTV, Nickelodeon and Comedy Central saw its revenue fall 2.5 percent to $3 billion in the last quarter.

Its stock has shed nearly 60 percent of its value since its peak in 2014.

Source: AFP

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

us media mogul redstone opposes paramount sale us media mogul redstone opposes paramount sale

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

us media mogul redstone opposes paramount sale us media mogul redstone opposes paramount sale

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today Japanese regulators raid Airbnb

GMT 00:44 2017 Monday ,20 November

Japanese regulators raid Airbnb
Arab Today, arab today Keep kids busy at Thanksgiving gatherings

GMT 11:14 2017 Friday ,10 November

Keep kids busy at Thanksgiving gatherings
Arab Today, arab today Saudi, Bahrain target Iran

GMT 00:48 2017 Monday ,20 November

Saudi, Bahrain target Iran
Arab Today, arab today Europe turns on Facebook, Google

GMT 02:26 2017 Monday ,20 November

Europe turns on Facebook, Google
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Australian academic's book pulled

GMT 15:20 2017 Monday ,13 November

Australian academic's book pulled
Arab Today, arab today May under Brexit pressure at EU reform summit

GMT 02:14 2017 Saturday ,18 November

May under Brexit pressure at EU reform summit
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Driverless, electric future just round

GMT 02:45 2017 Monday ,20 November

Driverless, electric future just round
Arab Today, arab today Tesla unveils its all-electric semi truck

GMT 02:59 2017 Saturday ,18 November

Tesla unveils its all-electric semi truck
Arab Today, arab today Mona Abdel Ghany increased artistic activities

GMT 12:15 2017 Friday ,17 November

Mona Abdel Ghany increased artistic activities
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 12:22 2017 Thursday ,16 November

Hanan Metawe denies apology for “Major Treason”

GMT 11:15 2017 Thursday ,16 November

Angola oil boss sacked by father's protege

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 11:49 2017 Thursday ,17 August

Egyptian artist presents new collection of designs

GMT 02:28 2017 Saturday ,18 November

Anti-drug operation nets 4 tonnes

GMT 01:34 2017 Friday ,17 November

Banyan Tree Phuket Takes Festive Season

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday