Despite recent reports to the contrary, Sumner Redstone, who is chairman of both Viacom Inc. and CBS Corp., has a succession plan in place, according to Viacom Chief Executive Philippe Dauman, the Los Angeles Times reports. Dauman said that Redstone, 92, has established a trust to be overseen by seven trustees, including two of his family members and Dauman, once Redstone dies or is found to be mentally incompetent.

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