Word: viacom
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Dates: during 2000-2009
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Every socialite and CEO in Manhattan knows not to invite Sumner Redstone and Mel Karmazin to the same party. So when the twin egos of media giant Viacom unexpectedly shared the stage during a dinner for investors last Thursday, they generated quite a buzz. Some who have bet heavily on the success of Viacom--whose properties include CBS, MTV and Paramount studios--took heart that the feuding titans made a public show of getting along. "Their message was simple," Bear Stearns stock analyst Raymond Katz wrote in a report on Friday. "Their partnership, built on a mutuality of self-interest...
...officials close to the two men whispered a different story. According to the New York Times, Redstone, 78, the CEO and chairman, told the company's board at a special meeting on Wednesday that he would not renew the contract of Karmazin, 57, Viacom's president and chief operating officer. Redstone, who owns 68% of Viacom's voting stock, generally gets what he wants. But Karmazin's contract runs through 2003, and he has been widely regarded as Redstone's successor...
...last Wednesday's board meeting, Viacom directors instructed the two to resolve their differences. Viacom issued a statement on Karmazin's contract, saying that "Mr. Redstone and Mr. Karmazin do not plan to address the issue any sooner than...
...regarded as loyal to Karmazin. He also has won fans on Wall Street by boosting earnings at CBS and earlier at Infinity Broadcasting. "If Mel leaves, the shares will take a hit," says stock analyst Peter Mirsky of SG Cowen. So Redstone, with $10 billion tied up in Viacom stock, might not want to shake this tree too hard...
...Viacom also syndicates the flagging Stern, who is no fan of O&A. And vice versa. "He's been working off the same formula for a long time: Here's a girl, get naked, hoo hoo hoo," says Opie. "It's the same midgets, the same pinheads. For today's society, you have to keep things interesting." Interesting isn't always tasteful, as when Jay Mohr, the actor, comedian and frequent guest, sang the song Full Blown AIDS, making fun of AIDS patients...