Mel karmazin, who this week resigned abruptly as president and chief operating officer of Viacom, the world's second-biggest media firm, is revered on Wall Street for his financial discipline in an industry prone to excess and foolish deals. But in the end he was no match for Sumner Redstone, the 81-year-old who controls the firm with 71% of its voting stock. Mr Karmazin (pictured), 60, failed to kiss the ring of Mr Redstone often enough, and behaved too much like a replacement. At Viacom, as at News Corporation and Disney, long-established moguls do not want to cede power to younger executives. For now, as Mr Karmazin's sudden departure shows, the old men are still on top.
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