, Columnist
Redstone Takes a (Mini) Step Down
The billionaire is no longer chairman of CBS but is still in control of two media giants.
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Hopefully Sumner Redstone doesn't take it personally that shares of both his companies, CBS and Viacom, surged in late trading Wednesday after the announcement that he'd resigned as chairman of CBS.
Investors are reading into a situation that's more symbolic than an impetus for any big, immediate changes. Redstone turns 93 in May, hasn't been involved in the day-to-day operations of either one of his media behemoths for some time now, and given his age, has recently had his competency come into question. And yet until now, he's held the reins at both.