“What I saw very quickly was the energy that existed at Viacom,” Redstone told reporter Peter Kafka during an on-stage interview at the Code Conference in Rancho Palos Verdes. “What I didn’t understand was the significant upside that existed if we had good management in place and the culture came back,” Redstone said. A merger could have worked, with CBS Chairman and Chief Executive Les Moonves leading the new entity. The Redstone family, including ailing patriarch Sumner Redstone, controls nearly 80% of the voting shares of both CBS and Viacom. Last year, Shari Redstone consolidated power over Viacom by ushering in a new board.

Source: Los Angeles Times June 01, 2017 01:52 UTC