• Variety , Friday, July 11, 2008 10:15 AM

Sumner Redstone, 85, asserts that his daughter will not automatically succeed him as chairman of Viacom. In a CNBC interview Thursday, he said that she will not oversee CBS and Viacom when he steps down.

"The boards should decide who succeeds me," he said. The elder Redstone also once again refused to retire any time soon.

Less clear are plans to buy out Shari Redstone's 20% interest in CBS and Viacom and her possible resignation from the boards of the companies. Talks are in the works, but both Viacom and Shari's representative say they are not a done deal. Shari's rep even told reporters that Sumner's comments about Shari's exit were "absolutely inaccurate."

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