Word: viacom
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...CHAIRMAN AND CEO OF VIACOM, THE AMERICAN MEDIA GIANT, WAS IN China last week to announce new business ventures in that country for MTV and Nickelodeon. Back home, meanwhile, another Viacom network, CBS, was weathering the flak over its disputed report on President Bush's National Guard duty. Redstone spoke with TIME's Neil Gough in Guangzhou...
Reports of sniping between Karmazin and Redstone began surfacing almost immediately after the media titans joined forces with the merger of CBS and Viacom in 2000. Even Karmazin's new contract, signed just last year, didn't put an end to constant rumors of feuding. But in contrast to Redstone's creative leanings, Karmazin's focus was on running a lean operation, and by last month Karmazin had evidently tired of Redstone's upstaging him. Karmazin denies any material conflicts and says he resigned because "there was too much about Mel and Sumner, and I didn't think it would...
...blow it once would have been. One analyst rushed out a report titled "Mel Who?", and the stock barely budged. Just a few years ago, Karmazin was a Wall Street darling, highly prized as a tough, budget-minded operator who could make the free-spending creative forces at Viacom toe the line. But his star faded as Viacom consistently fell short of financial targets...
...Heir Cut Viacom's No. 2 is out, as Sumner Redstone reasserts his power...
...days are really numbered." HOWARD STERN, controversial radio talk-show host, on air, speaking of the resignation of Viacom president (and Stern backer) Mel Karmazin...