The change, effective immediately, was made “to protect long-term interests of stockholders,” National Amusements, a privately held movie theater company that owns 80 percent of Viacom's voting stock, said in a news release on Monday. Dauman is trying to sell a minority stake in Paramount, and has said he expects to announce a deal in June. Sumner Redstone, who sits on Viacom's board, has voiced concern about the idea, according to recent statements issued by a spokesman.
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Viacom bylaw change raises bar for Paramount sale