Sumner Redstone, the media mogul whose company National Amusements owns a controlling interest in Viacom, will not be on its board next year and will instead act as chairman emeritus, according to a regulatory filing on Friday.
The filing said voters need to cast ballots for one of 10 directors. Redstone’s name wasn’t among the nominees, but his daughter, Shari, is a nominee, as is current chief executive, Robert Bakish. Sumner Redstone will retain his role as chairman emeritus of Viacom and will “continue to participate in meetings of the board in a non-voting role.”
The choice to step down was 93-year-old Sumner Redstone’s, Fox Business News reported, citing a person familiar with the decision. Redstone, along with his daughter who owns a 20% stake in National Amusements, decided this week to cancel a proposed merger between Viacom and CBS.
Sumner Redstone stepped down from his role as chairman of both Viacom and CBS earlier this year. In May, he was sued by then-Viacom CEO Philippe Dauman, who claimed in court filings that Redstone was unable to run the company due to ongoing health issues and was being manipulated by his daughter. The Redstones eventually won the court battle and Dauman walked away from Viacom. Still, Viacom has lost more than half its value in the past two years.