CBS CEO Leslie Moonves appears to be in line to become chairman of CBS in the event of 92-year-old Sumner Redstone’s death.

According to stories in the Wall Street Journal and Bloomberg Business, Moonves has a written agreement with Viacom and CBS Vice Chairman Shari Redstone, 61, to that effect.

That does not appear to be the case for Viacom CEO Philippe Dauman, who is likely to become part of a seven-person board of trustees overseeing the company, including Ms. Redstone and four lawyers. Both Dauman and Moonves have severance deals in place that will allow them to depart with millions of dollars should they not be named chairman once Sumner Redstone dies.

The unclear state of Redstone’s health has created questions among Viacom investors. One of Redstone’s ex-girlfriends, Manuela Herzer, who was set to receive a great deal of money from the billionaire, is now suing him, claiming he was mentally incompetent when she was kicked out of his house and saw Dauman put in charge of his health care. A California probate court judge rejected Herzer’s request to interview Redstone but gave her the right to question his doctors and possibly Dauman. The results of that process could more clearly reveal the status of Redstone’s health.

Much more so than CBS, Viacom has had a tough year, with its stock price sliding 50% on fears that subscriber-based cable businesses are losing viability in the face of cord-cutting and over-the-top services.

Brief Take: Much like Apple when Steve Jobs’ health was failing, Viacom needs to make its succession plans crystal clear to shareholders.

Read more: The Wall Street Journal, Bloomberg Business

[Image courtesy of Photo by Alberto E. Rodriguez/Getty Images via The Wrap.]

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