• The Hollywood Reporter, Monday, July 26, 2010 10:48 PM

MTV has confirmed to THR that a reality show about an aspiring raunchy girl band favored by the boss, Viacom chairman Sumner Redstone, remains in development despite the embarrassing controversy of last week -- and objections by some at the network. Gary Auerbach's production company Go Go Luckey, credited with MTV's "Laguna Beach," is taping the bisexual young women in the Electric Barbarellas on their quest for fame and fortune, says The Hollywood Reporter.

Redstone has been at the center of a media firestorm over his taped phone message demanding that reporter Peter Lauria of the Daily Beast reveal the source of his story about the octogenarian billionaire's attempts to force reluctant MTV executives to create a show for the band. In the message, Redstone offered to reward the reporter for disclosing the source, adding that Viacom management wouldn't "kill" the responsible party.

Redstone's control of Viacom remains unchallenged, but his conduct is not going unnoticed on Wall Street. Mystery persists around the disclosure that 29-year-old band member Heather Naylor sold $157,000 worth of Viacom stock in March. Since Viacom has been tight with option grants and has rules for awarding them, the revelation that Naylor possessed the stock raises questions about corporate governance.

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