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Broadcasting & Cable, August, 2004 by Higgins, John M.
A major Viacom shareholder recently sent Sumner Redstone a letter essentially imploring him not to make any big acquisitions. While applauding "the size and diversity" of Viacom's operations, the investor didn't want Redstone to expand them as he has for 17 years. Instead, he offered a more mundane strategy to lift the share price: buy Viacom's stock on the open market.
So how does the stubborn, deal-hungry chairman and CEO of Viacom react to such pleas? After reading the note to a group of investors, he said, "All I can say is Amen, brother.'"
Come fall, Redstone plans to follow the advice. Based on the simple belief that there's nothing else better to do with Viacom's money at the moment, Redstone plans a major stock buyback estimated to be...
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