Mel Karmazin Resigns Viacom

Citing the standard need to "pursue other challenges," Mel Karmazin resigned Friday as President of Viacom. Chairman and CEO, Sumner Redstone said in a conference call that Karmazin had mentioned frustration over the company's sagging radio division and that the company might dump the division. Karmazin will be succeeded by MTV's Tom Freston and CBS' Leslie Moonves.

More likely, Karmazin's exit was the result of a bunch of bitchy old men too stubborn to get a long.

UPDATE: Viacom Chief Details Succession Plans

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