Sumner Redstone’s Succession Plan

Sumner Redstone, 91 and the controlling shareholder of CBS Corp. and Viacom Inc., announced that his ownership in the two media companies will pass to a seven-member trust upon his death.  According to an e-mail sent from his publicist, Redstone said the directors of CBS and Viacom will decide who succeeds him as chairman.  Careful planning has been implemented so that Redstone’s heirs will not need to sell CBS or Viacom Stock nor pay estate taxes. 

See Christopher Palmeri and Lucas Shaw, Redstone Says Trustees to Oversee Estate After Death, Bloomberg Business, May 7, 2015.