Viacom Board Votes To Stop Paying Sumner Redstone

Viacom Inc.’s board voted 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, by 85 percent to $2 million last year.

Redstone remains chairman emeritus, according to the Wall Street Journal, which first reported the pay cut.

A representative for Viacom could not be reached for comment.