(Reuters) - Viacom Inc’s VIAB.O board voted on Wednesday to stop paying 92-year-old controlling shareholder and Chairman Emeritus Sumner Redstone, according to a source familiar with the matter.
Viacom had cut the total pay of its billionaire chairman, who also owns a majority stake in CBS CBS.N, by 85 percent to $2 million last year.
Redstone remains chairman emeritus, according to the Wall Street Journal, which first reported the pay cut. (on.wsj.com/1TpcXzZ)
A representative for Viacom could not be reached for comment.
The board’s move follows the dismissal of a mental competence lawsuit against the media mogul that was filed by his former girlfriend, who challenged her removal from his healthcare directive.
The judge’s decision to toss the case was victory for Redstone but did not address his ability to handle business matters at CBS and Viacom.
Reporting by Natalie Grover in Bengaluru and Jessica Toonkel in New York; Editing by Anil D'Silva and Jonathan Oatis