Karmazin's Exit Costs Viacom Shareholders $35 Million

26 July 2004

Getting fired is fun! If you're Mel Karmazin, that is.

The former president of Viacom quit the company last month [WAMN: 02-Jun-04], his forty-month tenure marked by an ongoing bout with 81-year-old chairman/ceo Sumner M Redstone that would not have disgraced the World Wrestling Federation.

It emerged Friday from Viacom's Q2 financial statement that Karmazin's pain at walking the platinum plank was eased in no small measure by a truckload of dollar bills -- $35 million (€28.7m; £19m) to be precise. Viacom Entertainment's departed chief Jonathan Dolgan did almost as well, creaming $21m.

Karmazin was the former boss of CBS Corporation before its merger with Viacom in 2000. Filling the chasm left by his departure are two of Viacom's two most senior television executives, Tom Freston and Leslie Moonves, now joint-chief operating officers.

Data sourced from: MediaGuardian.co.uk; additional content by WARC staff