American media mogul Sumner Redstone has hinted his daughter Shari could succeed him, but even if she doesn’t, the 89-year-old still wants to keep his business interests in the family.
Redstone, who has controlling interests in Viacom and CBS Corp through holding company National Amusements, told the Wall Street Journal that no decision had been made on who would succeed him. But he dismissed suggestions that current Viacom chief executive Philippe Dauman was a shoo-in.
"It hasn't been decided yet who will be my successor. And Philippe knows it. He knows that Shari might be my successor and it's not a competitive race between them. We have to see what happens," he said.
The decision, he added, would be based on the person’s talent and their relationship with the Redstone family.
“My family will ultimately inherit the business," he said.
According to the Wall Street Journal, under Redstone’s estate planning, the family will be unable to sell CBS or Viacom, which is the owner of Paramount Pictures and MTV, among other businesses, unless the media companies perform badly.
National Amusements was founded by Redstone’s father Michael in the 1930s. Redstone holds about 80% of the family business, while Shari owns the remaining 20%.