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.
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