This is going to be a Memorial Day weekend to remember at Viacom, as board members cling to their seats.

Chief Executive Philippe Dauman and the entire board of directors are bracing for the possibility that they will be removed.

Their fears may be well founded.

On May 20, Redstone’s lawyers booted Dauman and George Abrams, another board member and longtime ally, from his family’s trust, and also from the directorship of the Boston-based cinema chain National Amusements, the entity that controls both CBS and Viacom through Class A shares.

The news sent shock waves around the media industry and boosted Viacom’s stock price 15.2 percent since May 20, to $44.24, on hopes that new leadership will lead to growth.

The stock is off 34 percent over the last 12 months — one reason for the 93-year-old Redstone’s discontent.

“The Street is [assuming] that he [Dauman] will be gone,” said a Viacom investor, explaining the stock is on the rise because it is widely believed Dauman will exit.

Redstone — fond of bombastic outbursts and filthy language (when he’s able to talk, that is) — has been strangely talkative and diplomatic in recent press statements.

“Sumner Redstone will make every decision with the same deliberation and consideration with which he removed Philippe Dauman and George Abrams as trustees, based on the best interests of shareholders.”

“Sumner Redstone will make every decision with the same deliberation and consideration with which he removed Philippe Dauman and George Abrams as trustees, based on the best interests of shareholders,” a spokesman for Redstone’s law firm said on Friday.

Some read that as a last-ditch effort for board members to present their case to Redstone before he boots Dauman out of Viacom’s 1515 Broadway headquarters. Redstone is understood to be planning a meeting with lead independent director Fred Salerno soon.

It seems Redstone and his lawyers at Los Angeles’ Orrick, Herrington & Sutcliffe are laying the groundwork for a complicated chess match that will ultimately result in one of the most stunning corporate reversals in recent memory — the recombining of CBS and Viacom — sources close to the Redstone family predict.

But a few things have to fall into place before Wall Street can get its most desired outcome.

CBS boss Leslie Moonves has long stated he’s against such a move. Perhaps, with Dauman out of the picture, he may think differently. Moonves’ CBS was carved out of Viacom back in 2006 to unlock growth in cable.

What happens to Viacom in the interim period also offers a lot of uncertainty for current investors.

If — or, more likely, when — the widely expected ouster happens, Dauman and the board will go down fighting.

Dauman is working with law firm Paul, Weiss, while the board is being advised by Skadden, Arps. Dauman, who was said to be in the Hamptons this weekend, spent much of Friday in a war room brainstorming his plays.

All this drama comes after two years of near silence from Redstone and a recent video deposition that showed Redstone struggling with his own birth name. He didn’t answer other questions at all. (Redstone clearly articulated his desire to have daughter Shari Redstone be in charge of his health care, however.)

Some in the Dauman camp believe that Shari has played a part in the downfall of the company. She has been consulting her bankers at Evercore to aid her efforts to find a better boss at Viacom, sources say, and they believe that she has been quietly working to undermine Dauman.

“It is absurd for anyone to accuse Shari of manipulating her father or controlling what goes on in his household,” a spokesperson said.

Viacom Chief Operating Officer Tom Dooley may be made interim CEO, sources close to the family say.

At least one investor is tearing his hair out over the most recent developments.

Michael Cuggino, president of the Permanent Portfolio, told The Post last week: “This dysfunction is causing a paralysis. That’s not to say it’s all Philippe Dauman’s fault, but that doesn’t mean it’s OK. Is he trying to hold on too long to his position?”