Sumner Redstone Steps Down As CBS Chairman

Billionaire media mogul Sumner Redstone has resigned as executive chairman of CBS, the company said.

Les Moonves has been appointed to the board in his place at the US television network.

Redstone, 92, remains chairman of the other company he controls, Viacom (NasdaqGS: VIAB - news) .

But there are reports the ailing media baron could be replaced in that role, too, on Thursday.

"I am honoured to accept the chairmanship of this great company," said Mr Moonves, according to the Hollywood Reporter.

"I want to thank Sumner for his guidance and strong support over all these years. It (Other OTC: ITGL - news) has meant the world to me."

Mr Moonves, 66, will remain chief executive and president of CBS.

Mr Redstone's media empire and reputed $5.5bn fortune have been the focus of a bitter legal battle.

His ex-girlfriend and former agent has filed a lawsuit claiming he is mentally impaired and requires round-the-clock nursing care.

Manuel Herzer, 51, alleges he needs help eating, cannot speak intelligibly and suffers sobbing fits, reports the Los Angeles Times.

Mr Redstone took over Viacom - which owns Paramount Pictures, Nickelodeon, MTV and Comedy Central, among other assets - in 1987.

He acquired its former parent company, CBS, in 2000.