Months-long war for control of Viacom nears an end

Sumner Redstone in 101 seconds

The Viacom board is meeting Thursday evening to approve a settlement that will change the face of the company.

Philippe Dauman, CEO for the past 10 years, will step down next month, according to the terms of the settlement.

The settlement will end a protracted battle over the future of Viacom (VIA), one of the world’s largest media companies. Viacom owns cable channels like MTV and Nickelodeon and the movie studio Paramount.

Tom Dooley, the company’s longtime chief operating officer, will be Dauman’s interim successor. Dooley may become the permanent CEO, but not right away, according to a source.

The source described the terms to CNNMoney, but only on condition of anonymity because it had yet to be formally announced.

The settlement is the result of arduous negotiations between Dauman, independent directors of the Viacom board, the company’s controlling shareholder Sumner Redstone, and Redstone’s daughter Shari.

The Redstones have been warring with Dauman and his allies for several months.

The power struggle triggered multiple lawsuits, which this settlement is meant to resolve.

Assuming the board votes to approve it, the deal could be announced Thursday night or Friday morning.

Reuters and The New York Times reported details about the board meeting and the settlement earlier on Thursday.

The Times said Dauman will receive a severance package of roughly $ 72 million.

Representatives for the various factions did not immediately respond to requests for comment.

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