Viacom’s board members will reportedly meet on Thursday night to discuss a settlement deal with founder Sumner Redstone over the company’s executive leadershp, according to Reuters.
CEO Philippe Dauman is expected to step down from his decade-long reign at Viacom as part of a potential deal, according to the Los Angeles Times, and will exit with a golden parachute package worth as much as $85 million.
He is expected to be replaced by Chief Operating Officer Tom Dooley, who first joined Viacom in 1980 and has held his current position since 2010.
News of the meeting comes two days after the Times reported that the two sides were nearing a deal in the ongoing legal battle between the Redstone family and company leadership.