Sumner Redstone announced that he will be stepping down from Viacom’s board of directors. The move will come after the entertainment’ company’s upcoming board meeting in February.
His retirement will come 30 years after he succeeded in a hostile takeover of Viacom. Sumner Redstone then made it into one of the world’s greatest entertainment conglomerates.
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No official reason has been given for Redstone’s decision, but he is 93 years old and has been in declining health recently. Some say that he no longer makes the decisions and that his daughter Shari Redstone makes all of Sumner Redstone’s business moves for him now.