This is part of a long-running power struggle...
Sumner Redstone and his daughter Shari Redstone have asserted their control over Viacom by reportedly arranging the departure of CEO Philippe Dauman - who is expected to leave with a $72m payout.
Mr Dauman has been involved in a long-running battle to take control of the $40bn media empire which includes MTV, Comedy Central, Nickelodeon and Paramount Pictures among its properties.
The deal is yet to be formally announced but informed sources have released details of the agreement to a number of media outlets in the US.
Mr Redstone's holding company National Amusements controls 80% of Viacom's voting shares.
This will result in a reshuffle of the board of Paramount pictures, where the Dauman-led proposal to sell part of the film company to China's Wanda is expected to be rejected.
Mr Dauman said that the 93-year-old had backed the Wanda deal - Redstone's representatives said that was not the case, and the CEO later stated that he had misunderstood a communication with the controlling share holder.
The soon to be ousted executive challenged Mr Redstone's mental capacities to lead the company, this settlement will mean that Redstone will not have to make disclosures about his physical and mental states in court.
Some Viacom board members have alleged that his decisions are being manipulated by his daughter, Shari Redstone - she called these allegations "absurd."