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Philippe P. Dauman

Viacom CEO is out as the company settles Redstone lawsuits

The messy legal battle over Sumner Redstone's media empire appears to have come to an end.

According to an internal memo provided by Viacom on Friday, CEO Philippe Dauman will step down, making Thomas E. Dooley, currently chief operating officer, acting chief executive. The move is part of a settlement the Viacom board approved with National Amusements, a private company owned by the 93-year-old Redstone that holds controlling stakes in both Viacom and CBS.

Analysts said the deal eliminates uncertainty over Viacom's management, although some argued the company still faces headwinds. Viacom Inc. owns the Paramount Pictures movie studio and pay TV channels such as MTV,...

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