Moonves named CBS chairman

Ninety-two-year-old media mogul Sumner Redstone has resigned as chairman of CBS Corp and will be replaced by CEO Les Moonves.

Moonves will continue as president and CEO of CBS, positions he has helped since 2006, as he extends his stay with the firm until at least 2019.

The news follows Redstone’s recent resignation from his role as CBS executive chairman and his appointment to chairman emeritus.

Redstone’s daughter, Shari Redstone, will continue to serve as vice-chair of the CBS board, a position she has held since 2005.

“I want to thank Sumner for his guidance and strong support over all these years,” said Moonves. “It has meant the world to me. I am particularly grateful that Shari Redstone has agreed to continue in her role as vice-chair of the company.”

Redstone is involved in a similar situation at Viacom, the other half of his US media conglomerate, which includes MTV, Nickelodeon and Comedy Central cable networks.

The industry veteran is still chairman of that firm but the Viacom board is expected to name a successor, likely in the form of CEO Philippe P. Dauman.

However, the Viacom vote is not expected to be unanimous like at CBS, as Dauman does not have the support of Redstone’s daughter.