Redstone Split Boosts Viacom - TheStreet

Redstone Split Boosts Viacom

A news report says the chairman had a falling out with his daughter.
Publish date:

Viacom (VIA) - Get Report rose 3% on news reports that Chairman Sumner Redstone's daughter is leaving the board.

The Wall Street Journal

reported that Shari Redstone, widely seen as heir apparent atop the media conglomerate, and her father "had a major falling out." The report cited a person familiar with the situation.

The news pushed Viacom shares up as investors speculate the uncertainty about Viacom's management could cause the elder Redstone, Viacom's controlling shareholder, to sell the company.

Last year Redstone surprised Wall Street by firing Viacom chief Tom Freston and replacing him with two longtime sidekicks, Philippe Dauman and Tom Dooley.

Shares rose $1.28 to $42.50.