The two chief executives negotiated the mega-deal themselves, and it essentially had just two terms.
Viacom Inc.’s $37.3 billion purchase of CBS Corp. depended on this: Sumner M. Redstone, of Viacom, would be chief executive officer of the resulting company, with majority control over the board of directors and its voting stock. But Mel Karmazin, of CBS, would control the company’s operations and affairs as chief operating officer.
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