Redstone officially out as CEO in '06.(VIACOM BREAKUP)(Sumner Redstone of Viacom Inc.)(Brief Article)
Multichannel News, August, 2005 by Farrell, Mike
ViaCom Inc. chairman Sumner Redstone made it official last week--he will step down as CEO after the company splits into two separate operating units next year, relinquishing those roles to co-chief operating officers Tom Freston and Les Moonves. Viacom's board of directors approved the split earlier this year that will cleave the company into a high-growth unit--including MTV Networks and the Paramount film studio--and one consisting of its more mature assets--CBS Inc., Infinity Radio, Infinity Outdoor Advertising, Showtime Networks, theme parks and its Simon & Schuster publishing unit.
The cable unit will be headed by Freston. Moonves will head up the broadcasting unit. There had been some doubt whether Redstone would give up the CEO title....
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