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Viacom Changes Redstone’s Deal

Viacom Changes Redstone’s Deal

The Viacom board has changed the employment agreement for Executive Chairman Sumner Redstone, reducing his cash salary and bonuses and linking most of his compensation to shareholder returns.
In taking the step, Redstone and the board say they are extending an equity-driven approach adopted by Viacom in recent agreements with other top officials. A board official called this “a new direction” for Viacom executive compensation.