Viacom on Saturday formally announced the deal ending the battle over the media company, with the Sumner and Shari Redstone in control and CEO Philippe Dauman stepping down.
The agreement, ratified by Viacom directors late Thursday, ends lawsuits in three states between the Redstones, whose family holding company National Amusements holds 80% of the voting stock, and Dauman and other Viacom directors.
COO Thomas Dooley was named interim CEO through the end of the fiscal year on Sept. 30 and National Amusements will be adding five directors to Viacom’s board.
“We thank Philippe for his many years of dedicated service and the important role he has played at Viacom. We also welcome the new Board members who join us today,” Shari Redstone said in a statement. “By strengthening Viacom’s governance and leadership, these changes will enable the Company to embark swiftly on a strategy that strengthens its position as an industry leader. Viacom has extraordinary assets and people, and we look forward to taking the necessary steps to realize the Company’s full potential to the benefit of all stockholders.”