Redstone Denies Succession Chatter

Sumner Redstone

92-year-old Sumner Redstone has denied recent media reports that his 61-year-old daughter Shari Redstone would succeed him as the top exec for Viacom and CBS.

In a statement released Thursday, Redstone stated, "Decisions about who will succeed me as chairman of CBS and Viacom will be made by the boards of the respective companies, and not by any individual," according to the Sumner Redstone statement.

The LA Times reports succession is a high-stakes affair because it involves the future of two publicly traded companies, CBS and Viacom.  The companies have different directors, different investors and different points of view.

Redstone has two adult children. His daughter Shari Redstone, 61, is an accomplished executive who runs Advancit Capital, which makes investments in new media companies. She is vice chairman of both CBS and Viacom's boards but she is not involved in the day-to-day management of the two companies.

"After my death, my ownership interest in the companies will be overseen by a group of seven trustees who will make fiduciary decisions based solely on the best interests of the beneficiaries of the trust," the Sumner Redstone statement said. "Until that time, I will continue to make all such decisions."

CBS is managed by its chief executive Leslie Moonves. Viacom is managed by its chief executive Philippe Dauman, who once was Sumner Redstone's attorney. Dauman is one of the trustees of a seven-member board that will one day make decisions about the Redstone empire.