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The granddaughter of Viacom controlling shareholder Sumner Redstone has agreed to let a Massachusetts court dismiss claims brought by former company leaders, a step that will help end a battle over the fate of the media empire.
Lawyers for Keryn Redstone said at a Massachusetts court hearing on Friday they have also agreed to mediate remaining parts of her family dispute and that she will have an in-person meeting with her 93-year-old grandfather.
These actions support a broader settlement between Viacom and ex-CEO Philippe Dauman.
On Saturday, Viacom announced a settlement with controlling shareholder Sumner Redstone, by which its Viacom CEO Dauman had been replaced by his longtime right-hand man, Chief Operating Officer Thomas Dooley. Dooley will be interim CEO until Sept. 30, the end of Viacom's fiscal year.
Under the settlement, Dauman will stay on as non-executive chairman through Sept. 13 and be allowed to present to the Viacom board his plan to sell a 49-percent stake in Paramount Pictures.
The settlement marked the end of a legal battle between Dauman and Viacom board member George Abrams over their removal by Sumner Redstone from the Sumner M. Redstone National Amusements Inc Trust in May.
This story is developing. Please check back for further updates.