Sumner Redstone, chairman emeritus of CBS Corp. and ViacomInc., reached a settlementwith former girlfriend Manuela Herzer over claims that he is mentally incompetent,The Hollywood Reporter reported April7, citing sources familiar with the matter.

While terms of the agreement have not been disclosed, sourcessaid the deal includes a payout to Herzer. Additionally, Viacom will continue tobe led by CEO Philippe Dauman, while Sumner Redstone's daughter Shari Redstone hasbeen named his new health care agent.

The deal requires the approval of a judge, according to the report.