Sumner Redstone To Step Down As Head Of CBS, Honored As Chairman Emeritus

Stocks in the Media group have gotten some solid post-market action Wednesday afternoon following a big management shake up related to legendary media magnate Sumner Redstone. CBS Corporation

the resignation of the media mogul from the role of Executive Chairman; he has been named Chairman Emeritus -- a label meant to designate a kind of long-standing honoring. The company announced current CEO and President Leslie Moonves will replace Redstone in the Chair role. As the Redstone family has long been a majority holder in both CBS and close peer Viacom, Inc.

, shortly after the CBS press release was issued, Viacom published a press release announcing the "Board of Directors is scheduled to meet tomorrow." As both investors and media heads began digesting the news, CNBC's

"Viacom board to meet tomorrow to elect Redstone's replacement as Chairman-sources.Regardless, he's still the controlling shareholder." Taking a look around the Media sector, shares of CBS have traded up about 4 percent in after-hours trade and Viacom shares last traded at $51.25, up nearly 8 percent. Other players like Twenty-First Century Fox Inc

and Comcast Corporation

saw bidder and seller interest, however were largely unchanged.