Freston’s Viacom Exit: Forced Out By Redstone, Wall Street Stunned


Did MySpace — or, specifically, its sale to rival News Corp. — lead to Viacom CEO Tom Freston‘s ultimate demise?

Via the Wall Street Journal:

While Mr. Freston pursued acquisitions, he stumbled on one major effort: the purchase of MySpace, losing out to News Corp., which acquired MySpace for $580 million last summer. Since then MySpace has become a cultural phenomenon, while MTV’s status as a hip media outlet has begun to cool.

“This company is in great shape,” Sumner Redstone said during a conference call. “It could just be better managed.”

Full transcript of the call available here.

EARLIER: Freston Out At MTV