TITLE

Viacom reaches new 3-year deal with Karmazin

PUB. DATE
March 2003
SOURCE
Hollywood Reporter -- International Edition;3/25/2003, Vol. 377 Issue 47, p79
SOURCE TYPE
Periodical
DOC. TYPE
Article
ABSTRACT
Viacom Inc. confirmed on March 2003 that it had reached a three-year employment contract with president and chief operating officer Mel Karmazin. The contract— which takes effect May 5, 2003 along with a simultaneous new employment pact for chairman and CEO Sumner Redstone— somewhat directs the balance of power in Redstone's favor. Similarly, while Redstone previously needed 14 out of 18 board votes to fire Karmazin, he will now only need a simple majority. Karmazin gets some downside protection, though— the new deal gives him the right to leave if Redstone resigns as CEO and the board doesn't elevate Karmazin to that position promptly.
ACCESSION #
9557478

 

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