According to a report by my colleague Tim Arango at Fortune, Viacom (VIAB) and CBS (CBS) board member Shari Redstone, daughter of Viacom and CBS chairman Sumner Redstone, is said to be leaving Viacom’s board after a major falling-out with her father.

Shares of Viacom surged as much as 6.2 percent at one point Thursday on this speculation before pulling back a bit while CBS, which split from Viacom in 2006 and has been the much better performing stock since the break-up, gained a more modest 1 percent. The question is why? Is this family intrigue really something that should have an impact on Viacom’s stock or is it just tantalizing gossip for the Street?

One analyst who asked to not be named said it was not a surprise that Sumner and Shari were feuding since Sumner Redstone has been notoriously tough to work for. This is not the first time Sumner has had problems with family members either. Sumner’s son Brent sued him — that ended with Sumner buying out Brent’s stake in the family business — and Sumner is currently being sued by his nephew Michael.

But the analyst was surprised by Wall Street’s reaction to the Redstone saga since the analyst does not believe this signals that there will be any major changes ahead in how Viacom, which owns the Paramount movie studio and cable networks MTV, Comedy Central, BET and Nickelodeon, will be run.

Another analyst, David Joyce of Miller Tabak & Co., said it seems like Wall Street is jumping to the conclusion that Sumner may now look to sell Viacom and/or CBS since Shari Redstone would no longer appear to be a logical candidate to run either company after the 84-year-old media maven either retires or, uh, not to be morbid, dies.

“The immediate knee-jerk reaction is that maybe Sumner wouldn’t hold onto Viacom or CBS or that he could recombine Viacom and CBS if Shari won’t be around to run them as is her legacy. But I wouldn’t bet on that happening,” Joyce said.

David Miller, an analyst with Sanders Morris Harris, said Wall Street may be happy to see Shari leaving because investors did not have confidence that she, a lawyer by training, was the best person to run either Viacom or CBS in the future.

“The wrap on Shari Redstone is that while she’s a really nice gal, she’s a litigator. She doesn’t have a lot of operating experience in media. She has been considered somewhat of a liability by the Street. And Sumner is a stock-price focused chairman,” he said.

But Miller quickly added that this is not a reason to buy the stock. In fact, he thinks that investors should sell into the strength since nothing about Viacom’s short-term prospects have changed.

“The stock is not up on fundamentals. This doesn’t change the story at Viacom. It is somewhat esoteric and gossip-oriented,” Miller said.