Image by Getty Images

Media mogul Sumner Redstone had resigned as CBS executive chairman, a move that comes amid heightened questions about the 92-year-old billionaire’s physical and mental health.

CBS shares were up 3.6 percent in after-market trading, while those of Viacom Inc, where Redstone is also chairman, rose 6.3 percent.

Viacom did not issue a statement on Redstone on Wednesday and could not immediately be reached for comment.

Forwarding the News

Thoughtful, balanced reporting from the Forward and around the web, bringing you updated news and analysis each day.

Terms(Required)

I agree to the Forward's Terms of Service and Privacy Policy

Email(Required)

CBS said Redstone would be replaced by Leslie Moonves, the president and chief executive officer of the company.

The Jewish powerbroker’s resignation as executive chairman was effective Feb. 2. But he will stay on as chairman emeritus at CBS.

Redstone’s health has been the subject of intense debate, partly due to his notable absence from the companies’ recent earnings calls. His former girlfriend, Manuela Herzer, had challenged his mental competency in a lawsuit in November.

Redstone controls about 80 percent of the voting shares in Viacom and CBS through a holding company.

CBS said that before electing Moonves, its board offered the position of non-executive chair to his daughter, Shari Redstone, but she had declined.

Viacom said last month it had cut Redstone’s total pay by 85 percent last year in light of his “reduced responsibilities,” without giving further details.

The Forward is free to read, but it isn’t free to produce

I hope you appreciated this article. Before you go, I’d like to ask you to please support the Forward.

Now more than ever, American Jews need independent news they can trust, with reporting driven by truth, not ideology. We serve you, not any ideological agenda.

At a time when other newsrooms are closing or cutting back, the Forward has removed its paywall and invested additional resources to report on the ground from Israel and around the U.S. on the impact of the war, rising antisemitism and polarized discourse.

Readers like you make it all possible. We’re in the middle of our Passover Fundraising Drive, and we have a very ambitious goal of $127,000 by April 22.

This is a great time to support independent Jewish journalism you rely on. Make a Passover gift today!

—  Rachel Fishman Feddersen, Publisher and CEO

Make a Passover Gift Today!

$90 $180

$360

Other amount