Viacom says CEO Dauman to leave in September

Reuters News
Posted: Aug 20, 2016 7:43 PM

By Jessica Toonkel

NEW YORK (Reuters) - Viacom Inc <VIAB.O> said on Saturday that Chief Executive Philippe Dauman will leave the company next month, marking a victory for the family of controlling shareholder Sumner Redstone in the battle for the $40 billion media empire.

The settlement with Dauman also ends the legal fight between members of the Viacom board and Redstone's National Amusements Inc, the privately held company that holds 80 percent of the voting shares of Viacom and CBS Corp <CBS.N>.

(Reporting by Jessica Toonkel; Editing by Dan Grebler)