Controlling shareholder Sumner Redstone is to step down from Viacom Inc’s board of directors after the company’s annual meeting in February, according to a company filing on Friday.
The ailing, 93-year old Redstone, who has not attended an annual investors’ meeting since 2014, is to continue to participate in meetings in a “non-voting” role, according to the filing.
It was Redstone’s decision to step down, according to a source familiar with the situation, who did not want to be named because discussions were private.
Redstone’s decision marks the end of an era for the media mogul, who once considered Viacom his crown jewel.
He bought Viacom through a hostile takeover in 1987, and later added Paramount Pictures and CBS Corp. He split Viacom from CBS in 2006.
However, Redstone’s health and mental capacity have been a point of inquiry as of late. The media mogul has trouble speaking and needs around-the-clock care, according to court documents filed in a suit by his former girlfriend questioning his mental capacity.
Redstone and his daughter Shari Redstone control Viacom, which owns cable networks including Comedy Central and Nickelodeon, and CBS, home to HBO and shows such as The Big Bang Theory, through their privately held movie theater company National Amusements Inc.
The announcement that Redstone is stepping down from the board came just days after he and Shari Redstone withdrew a proposal for CBS and Viacom to explore a merger.
Redstone resigned as executive chair of the board in February last year to become chairman emeritus. He was replaced by then-chief executive officer Philippe Dauman, who departed in August after losing a fight for control of the company to the Redstones.
Viacom is working to turn itself around as it has suffered from declining ratings and advertising revenue.
Viacom shares rose 2.5 percent to US$35.77 on Friday morning in New York Stock Exchange trading.
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