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One of the world's oldest multi-billionaires, media mogul Sumner Redstone, has died aged 97, CNBC reported.

Redstone died on Tuesday, according to a report from his National Amusements company. The cause of the death is not reported.

Sumner Redstone is best known for transforming the family-run movie theater chain into a vast empire that includes CBS and Viacom. Redstone owned a controlling stake in Viacom and CBS (about 80%).

In November 2019, his fortune was estimated at $ 3.9 billion. Amid the COVID-19 pandemic, in May 2020, Redstone's fortune was estimated at $ 3 billion.

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