Shortly after agreeing to step dwon, former Viacom CEO Philippe Dauman sold nearly half a million shares of Viacom stock.
Dauman disposed of 200,000 Viacom B shares on Aug. 22 and another 227,046 share on Aug. 23 at almost $42 a share, according to a filing with the SEC. Total proceeds from the sales were $17.8 million.
Dauman continues to own more than a million shares of the media company. Viacom stock closed Wednesday at $41.34 cents a share, down 0.86%, making Dauman’s remaining holdings worth $41.4 million.
Read more at broadcastingcable.com.