Redstone Says Trustees to Oversee Estate After Death

Sumner Redstone, the controlling shareholder of CBS Corp. and Viacom Inc., said his ownership in the two media companies will pass to a seven-member trust after he dies.

Redstone, 91, also said directors of CBS and Viacom will decide who succeeds him as chairman of those two companies, according to an e-mailed statement Thursday from his publicist, Sard Verbinnen & Co. The New York Post reported earlier that his daughter, Shari Redstone, will become chairman of both CBS and Viacom when her father dies.