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.
The board’s move follows the dismissal of a mental competence lawsuit against the media mogul that was filed by his former girlfriend, who challenged her removal from his healthcare directive.
The judge’s decision to toss the case was a victory for Redstone but did not address his ability to handle business matters at CBS and Viacom.