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REDSTONE DEFENDS VIACOM SPLIT Wednesday, May 17 2006 
Sumner
Redstone,
the
chairman
of
Viacom
Inc.
and
CBS
Corp.,
urged
investors
in
the
two
companies
to
be
patient
Tuesday
and
maintained
that
splitting
the
company
will
eventually
result
in
boosting
share
price.
Since
January,
when
Viacom
was
split
in
two,
CBS
stock
has
remained
virtually
unchanged,
while
shares
in
Viacom
have
dropped
7
percent.
"I
think
you
will
see
my
deal
exonerated
so
to
speak...The
share
prices
have
not
moved
very
much
[since
the
(more)VIACOM CHAIRMAN BACKS PARAMOUNT CHIEF Monday, April 17 2006 Viacom Chairman Sumner Redstone has expressed his "unequivocal faith in the integrity" of embattled Paramount Chairman Brad Grey, whose past association with private detective Anthony Pellicano continues to draw widespread attention by the news media. In an interview with Newsweek magazine, Redstone remarked, "When Brad came aboard, he told us everything there was to tell us about what was going on with Pellicano ... I would be shocked, truly, if Brad engaged in any -- (more) |
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A New York court has given the go-ahead to a lawsuit filed by Viacom shareholders who claimed that the company was doling out excessive and unwarranted compensation packages to Chairman Sumner Redstone and his top lieutenants, Thomas Freson and Les Moonves, even while the company was losing money. The lawsuit noted that in 2004, when the company reported a net loss of $17.4 billion, Redstone received $21.5 million and options valued at $34.4 million.
