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Sumner Redstone: Viacom President
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Viacom trades about 6 million shares a day, so 18 million or so shares have traded at lower prices than Redstone sold his for. What on earth was Sumner Redstone thinking in the post Martha Stewart world? As wealthy and as large a shareholder as Redstone continues to be, why create another potential public relations problem?
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Redstone made the remarks in an interview following a speech he gave at a media conference in Manhattan. A main theme of his speech was the importance of respect for copyrights in an industry beset with piracy and illegal digital downloading. Earlier this year, Viacom filed a $1-billion lawsuit against YouTube and its corporate parent, Google Inc., stemming from unauthorized posting of such Viacom shows as “The Colbert Report†and “South Park†on YouTube.
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In the '70s and '80s, Redstone expanded his resume to include government posts when he became a member of the Presidential Advisory Committee of the Arts and Director of the Kennedy Presidential Library Foundation. Redstone would later serve as a judge on the committee that grants the yearly John F. Kennedy Profile in Courage Award.
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Viacom President