Dauman out at Viacom

Viacom’s corporate board has reportedly approved a deal that will see Sumner Redstone oust Philippe Dauman at the top of the US media giant.

Philippe Dauman

The deal looks set to bring to an end a protracted power struggle between Dauman and the company’s board with controlling shareholder Redstone and his daughter Shari.

Dauman will be paid in the region of US$72m by National Amusements, the Redstones’ holding company, in return for his resignation, according to US reports. A formal announcement is expected soon.

Chief operating officer Thomas Dooley is expected to take up the position of interim CEO of Viacom, which controls assets such as MTV, Nickelodeon, Comedy Central, Paramount Pictures and Channel 5 in the UK, until the end of September.

The dispute began when Dauman raised questions over the 93-year-old Redstone’s ability to manage his own affairs and proposed a sell-off of Paramount Pictures.

Dauman had replaced Redstone as executive chairman of the firm in February.