Robert Kraft, owner of the New England Patriots football team, is stepping down as a member of the board of directors at Viacom.
In a filing with the Securities and Exchange Commission, Kraft told Viacom on August 5 that his obligations elsewhere had increased to the extent that he no longer felt capable of fulfilling his duties as a director.
Kraft’s Patriots won the Super Bowl in February. Since then the team has been embroiled in a dispute with the NFL over whether or not its star quarterback Tom Brady tampered with the way footballs were inflated during games. Brady has been suspended for four games by NFL Commissioner Roger Goodell and Kraft has disputed that decision.
Viacom has been battling falling ratings and declining ad sales. This week, it was among the media companies whose share fell sharply amid fear that declining pay TV subscribers threatens distribution revenue growth.
Kraft has been a Viacom director since 2006.
Other members of the Viacom board include former Bear Stearns boss Alan Greenberg, senior advisor to the chairman at the World Economic Forum Christiana Falcone Sorrell and Inside Edition anchor Deborah Norville.
The smarter way to stay on top of broadcasting and cable industry. Sign up below.
Thank you for signing up to Broadcasting & Cable. You will receive a verification email shortly.
There was a problem. Please refresh the page and try again.