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Viacom Board Expected to Meet Tonight to Discuss Settlement with Redstone

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Sumner RedstonePhotograph by Frazer Harrison — Getty Images

Viacom ‘s board of directors is expected to meet on Thursday night to discuss a settlement with controlling shareholder Sumner Redstone that would result in the departure of Chief Executive Philippe Dauman, a source familiar with the situation told Reuters.

The board is due to meet this evening, although the timing could change, according to the source, who wished to remain anonymous because discussions are confidential.

A settlement would end the legal battle between Dauman and Redstone in Massachusetts over the CEO’s removal from National Amusements, the privately held company that holds Redstone’s Viacom (VIAB) and CBS (CBS) voting shares, as well as the trust that will determine the fate of both media companies when the 93-year-old dies or is deemed mentally incapacitated.

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Redstone also moved to kick Dauman and four other directors off the board in June, sparking litigation in Delaware to block the attempt.

Spokesmen for Viacom and National Amusements declined to comment.