Freston To Receive $84M Payout

  • October 19, 2006
Tom Freston, ousted as CEO of Viacom after he failed to acquire social networking site MySpace, will receive a severance package worth up to $84.4 million in severance, accrued salary and stock payments, the company reported in an SEC filing Wednesday. Since forcing Freston out last month, Viacom Chairman Sumner Redstone told PBS host Charlie Rose that Freston should have bought MySpace for $500 million last year; instead, News Corp. purchased the company for $580 million.
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