NEW YORK (CelebrityAccess) — Despite his record of suggesting that he would never retire, media mogul Sumner M. Redstone has announced that he has resigned as executive chairman of CBS and Viacom.
The 92-year-old Redstone was facing pressure, including a lawsuit, from the company's shareholders over concerns about his mental competence. The company announced on Wednesday that it had named CBS CEO Leslie Moonves as his successor.
Redstone's resignation comes amidst a complicated struggle for control of Viacom, the other half of his sprawling media empire. The company, which includes Nickelodeon, MTV and Comedy Central cable networks, as well as Paramount Pictures, has struggled with earnings in the face of changing patterns of television viewership and ad revenue.
On Thursday, Viacom announced that Chief Executive Officer Philippe Dauman would succeed Redstone as chairman over Sumner Redstone's daughter Sheri, who had also been vying for the post.
According to Reuters, Dauman received the full backing of the board, with only Sheri casting a dissenting vote. She turned down the non-executive chairman role.
Shari Redstone will "continue to advocate for what she believes to be in the best interests of Viacom shareholders,” she said in a statement. – Staff Writers