Viacom Chief given £55m severance pay

The Chief Executive of global mass media company Viacom has announced his departure, after falling out with controlling shareholder Sumner Redstone.

According to NPR, CEO Philippe Dauman and Redstone have come to an agreement regarding terms of a settlement of $72million (£55million).

This deal follows a series of legal battles in which Dauman and Viacom were debating with Redstone the right to determine the fate of National Amusements, a company that owns the likes of MTV, Comedy Central, Nickelodeon and Paramount Pictures.

Dauman’s departure signals Redstone’s tightening of grip over the company’s management. Redstone is currently 93-years-old. His daughter, Shari, owns 20% of National Amusements and is currently the firm’s President.