Viacom Board Members Vow to Fight Removal Attempt

Gearing up for a battle for control of media company Viacom, board members on Monday took the unusual step of vowing to fight an expected campaign by Sumner Redstone and his family to shake up the board. In a letter to shareholders and employees, Viacom’s lead independent director Frederic Salerno on Monday said the board would fight any board removals in court in Delaware, where Viacom is incorporated. Sumner Redstone and his family are at odds with leaders of Viacom, which has seen its stock plummet more than 45% in the last two years. The family controls 80% of the Class A voting shares of Viacom, but their economic stake in the company is about 10%.

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