Viacom And Controlling Shareholder Sumner Redstone Agree On Settlement: Sources

[Ron Burgundy]

By Jessica Toonkel NEW YORK (Reuters) - - Viacom Inc and controlling shareholder Sumner Redstone have come to an agreement on terms of a settlement that would result in the departure of Chief Executive Philippe Dauman, two sources familiar with the situation told Reuters on Thursday. The settlement would end the battle for control over Redstone's $40 billion empire that includes Viacom and CBS, and which has been a source of shareholder angst and months of uncertainty. It would also conclude the legal battle between Dauman and Redstone in Massachusetts over the CEO's removal from National Amusements Inc, the privately held company that holds Redstone's Viacom and CBS Corp voting shares, as well as the trust that will determine the fate of both media companies when the 93-year-old dies or is deemed mentally incapacitated.

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