Sumner Redstone is stepping down from the Viacom board after their upcoming February meeting. This will mark the first time since 1987 (when he bought Viacom) that he will not have a say in the company.
Of course, he's essentially been medically unable to have a say for a while now, so this is more or less an acknowledgement of the obvious.
Sumner is 93 years old now.
Variety has the further details.