February 11, 2013 / 11:01 PM / 5 years ago

Redstone sells majority of his Viacom Class B non-voting shares

(Reuters) - Sumner Redstone, the chairman of Viacom, sold the majority of his Class B shares in the company, according to a regulatory filing on Monday.

Redstone sold 128,777 common Class B shares for about $7.5 million on February 7. He still controls Viacom through National Amusements and its 79 percent stake of Viacom Class A shares.

Viacom’s Class B shares do not have voting rights.

Viacom owns the cable channels such as MTV and Nickelodeon along with the movie studio Paramount Pictures.

In January, Redstone, who is 89, donated $10 million to the University of Southern California’s School of Cinematic Arts.

In the past year, Viacom has been struggling with declining cable ratings and is trying to gain a steadier foothold with its programming.

Viacom shares closed 3 cents higher at $59.31 on Monday.

Reporting By Jennifer Saba in New York; Editing by Leslie Adler

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