Sumner Redstone resigns as CBS executive chairman

Sumner Redstone resigns as CBS executive chairman, CBS Corp (CBS.N) said on Wednesday that media mogul Sumner Redstone had accommodated as controlling chairman, a move that comes amidst acute questions about the 92-year-old billionaire's concrete and brainy health.Shares of CBS were up 4.6 percent afterwards the bell, while those of Viacom Inc (VIAB.O), area Redstone is aswell chairman, rose 7.9 percent.

Viacom's lath was accepted to accommodated on Thursday and to alter Redstone as chairman, CNBC reported.

Viacom could not anon be accomplished for comment.

CBS said Redstone would be replaced by Leslie Moonves, its admiral and arch controlling back 2006.

Redstone's abandonment as controlling administrator was able Feb. 2, CBS said. He will abide as administrator emeritus.

Redstone's bloom has been the accountable of acute debate, partly due to his notable absence from the companies' contempo balance calls. His above girlfriend, Manuela Herzer, challenged his brainy adequacy in a accusation in November.

Redstone controls about 80 percent of the voting shares in Viacom and CBS through a captivation company.

CBS said that, afore electing Moonves, its lath offered the position of non-executive armchair to Redstone's daughter, Shari Redstone, but that she had declined.

Viacom said endure ages that it cut Redstone's absolute pay by 85 percent endure year in ablaze of his "reduced responsibilities," after giving added details.

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