Viacom Board Votes to Stop Paying Sumner Redstone

Reuters: Viacom’s board is said to have voted to stop paying 92-year-old controlling shareholder and chairman emeritus Sumner Redstone. Viacom had cut the total pay of its billionaire chairman, who also owns a majority stake in CBS, by 85 percent to $2 million last year. Redstone remains chairman emeritus. The board’s move follows the dismissal of a mental competence lawsuit against the media mogul that was filed by his former girlfriend.