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Wednesday, February 3, 2016

MOONVES REPLACES REDSTONE AT CBS

Leslie Moonves has replaced Sumner M. Redstone, as CBS’ chief executive, adding the title of chairman to his role as CEO.

Redstone, whose mental competence has been challenged via a lawsuit, is assuming the title of chairman emeritus. Redstone, 92, controls about 80 percent of the voting stock in CBS and Viacom.

While that change became effective 2/2, Redstone was still executive chairman of Viacom, the company that includes Paramount Pictures, MTV, Comedy Central and Nickelodeon. The Viacom board is expected to discuss Redstone’s role during a meeting scheduled for 2/4.

The New York Times reported that the chairman position was first offered to Redstone’s daughter, Shari, currently vice chairwoman of CBS and Viacom. She declined and nominated Moonves for chairman.

Moonves has the Super Bowl and Grammy Awards on his immediate plate over the next two weeks.

In other transitions-of-power news, Donald Trump has recovered from his brief spate of humility and is now feeling much more himself.

 
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