According to Friday's SEC filing, Shari Redstone will remain vice-chairman of Viacom, and the company's board will be trimmed from 15 positions to 10.
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. He bought Viacom through a hostile takeover in 1987, and later added Paramount Pictures and CBS.
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 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. The two organizations split again in 2005 and until this week, Redstone and his daughter had tried to re-blend them as an approach to invigorate development at Viacom. (NAI) possesses 80% of the voting supply of Viacom and CBS.
The 93-year-old Sumner Redstone is relinquishing his role as chairman of Viacom, the massive entertainment conglomerate - in the latest succession drama that has tested relationships among some of the most powerful people in show business.
Redstone had also been embroiled in a legal fight with his ex-girlfriend and former caregiver Manuela Herzer over his health and mental capacity. In June, Redstone ousted Viacom Chairman/CEO Philippe Dauman and four other board members - in the aftermath of a legal battle spearheaded by Dauman challenging the aging Redstone's ability to lead the company.
At CBS, which doesn't typically file its proxy statement until April, Mr. Redstone still has a vote on the board.
Redstone resigned as executive chairman of CBS Corp.in February, and Leslie Moonves was elected to succeed him.
Viacom is working to turn itself around as it has suffered from declining ratings and advertising revenue.