Viacom CEO Philippe Dauman is out and will be replaced by Thomas Dooley, currently COO, as part of an agreement ending the battle for control of the media company that has been won by 93-year-old mogul Sumner Redstone and his daughter Shari Redstone, according to sources familiar with the situation.
According to a report in the Los Angeles Times, Dooley will serve until the company’s board meeting in September, but could be asked to continue in the job.
Dauman was one of the highest paid CEOs in the U.S. but in recent year’s Viacom’s business has been bad, with ratings dropping at its cable networks and ad revenues declining. Its stock hit new lows earlier this year.
Shari Redstone was a rival of Dauman’s for control of her father’s $40 billion media empire, which includes CBS. She also criticized Dauman and opposed his election as chairman earlier this year.
The deal was approved by Viacom's directors Thursday night, but some elements needed to be signed off on before an official announcement can be made.