n0%f|U9l 7?j`l7"tiNf]?uhgM Z4i[&LY_x Tyler, 34 . Sumner Redstone built a media empire. Now, its future is uncertain. Meg James is a senior entertainment industry writer for the Los Angeles Times. In 2006, Ms. Redstone became nonexecutive vice chairwoman of both CBS and Viacom. Things were rough before the coronavirus hit. endobj She pushed for the union, believing the two companies would be stronger together during a turbulent time. Receipts are updated as theyre processed that time can vary. 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To revist this article, visit My Profile, then View saved stories. But while the respective companies boards of directors grapple with exchange ratios, fairness opinions, the amount and timing of expected synergies, and which executives will lead the re-merged company, the months of deal-related floundering mask a more profound Oedipal struggle that has been raging within the Redstone family for years: the lengths a peeved Shari Redstone is willing to go to prove that, despite the desires of her physically and mentally slipping but very much still living father, 94-year-old Sumner Redstone, she is a player in Hollywood, in New York City media circles, and is the legitimate heir to his corporate empire. President Trump yet again berated 60 Minutes for its coverage of the Covid-19 pandemic. He gave the maximum $2,000 to Mr. Kerry's presidential campaign and supported Vice President Gore's 2000 presidential bid as well. or 1 status among viewers and the news demo of adults 25-54 for the last two decades. Redstone, as board chair, joins an elite group of women. If she refused, he wrote, he would not allow her or her children to attend his funeral or in any way be involved in his burial arrangements. Popular term for a political committee that is neither a candidates authorized committee nor a party committee. /F4.1 12 0 R /F2.0 9 0 R /F3.0 10 0 R >> >> degree in 1980 from Boston University School of Law. She was the lone dissenting vote on the five-member National Amusements board of directors. The succession issue simmered in the background during periods of estrangement between father and daughter. During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages. Women in entertainmentfrom ViacomCBS Inc. chairwoman Shari Redstone to singer Beyonc and morecomprise 14 spots on our 2019 list of the world's 100 most powerful women. President Trump Goes on Another Rant About a 60 Minutes Report - Adweek By then, a new combatant had entered the fray: Brent Redstone, Shari Redstones brother, who sued their father in 2006, seeking to break up National Amusements while claiming that he had been cast aside in favor of his sister. Shari Redstone has no plans to launch a conservative news channel to compete with Fox News, reps for the billionaire media heiress said. The elderly mogul was reeling from one of the womens betrayal and prone to crying spells. The structure of the empire built by Mr. Redstone is complex but Ms. Redstone is at the top. A business professor at Columbia, Meyer Feldberg, said he doubted the Viacom board members would jeopardize the company to advance their own political views. Share sensitive information only on official, secure websites. We need more women in leadership positions.. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Cond Nast. If lower growth and sticky inflation hang around, ways to grow your portfolio or at least stretch it become even more important. Shari Redstone was in many ways an unwilling participant, dragged into the drama because her father's increasingly erratic and bizarre behavior threatened his family's fortune and legacy . The political affiliations of Viacom's board and senior management, how Sumner Murray Redstone (born Sumner Murray Rothstein; May 27, 1923) is an American media magnate.He is the majority owner and Chairman of the Board of the National Amusements theater chain. Paramount Global said Friday that, pending court approval, it will receive $167.5 million in settlement of a suit by shareholders of the former CBS Corp. against some of the . The future of Viacom and its film studio, Paramount, hinge on the battle between Shari Redstone and Philippe Dauman for control of Sumner Redstones trust, (Photo credit by Frazer Harrison/Getty Images) In a Los Angeles court today, a judge dismissed the lawsuit that challenged billionaire Sumner Redstone's mental capacity to make healthcare decisions. Sumner subsequently wrote one of his attorneys, Recent dealings with my daughter, Shari, have caused me to believe even more strongly that she does not have the requisite business judgment and abilities to serve as Chair of Viacom or CBS. Sumners two efforts to buy his daughters 20 percent stake in National Amusements, which she rejected, were, according to Herzers complaint, designed to permanently remove her from his business affairs and to prevent her from reversing his documented intentions that his media empire not fall into her hands after his death., Shari seemed to understand the extent of her fathers desire to keep her away from Viacom and CBS. [43], list of the 100 most influential people in the world, list of the World's 100 Most Powerful Women, International Union of Operating Engineers, National Center on Addiction and Substance Abuse, "Former Redstone Son-in-Law Quits Theater Chain", "Inside the Battle for Sumner Redstone's $40 Billion Media Empire", "Shari Redstone: 5 Fast Facts You Need to Know", "Shari Redstone: The 100 Most Influential People of 2020", "The World's 100 Most Powerful Women 2022", "List of Private Companies Worldwide, Letter - Businessweek", "Shari Redstone Says U.S. Has Too Many Cinemas, 'Thousands' Should Close - Bloomberg", "Foxboro, MA: National Amusements Debuts New Upscale Cinema Concept at Patriot Place - The BigScreen Cinema Guide", "4/30/2002, The Bridge: Cinema De Lux - Almanac, Vol. The Redstones operated more like a wolf pack, Ms. McGrath said. This spring, independent members of CBS and Viacoms boards began discussing a merger. But by the summer of 2015, those relations had frayed. sumner redstone political affiliation Even when she was named its president in 1999, Mr. Redstone was unequivocally the boss. His voting stock in the company an 80 percent share will transfer to a seven-member trust that includes Ms. Redstone and her son, Tyler Korff, along with Jill Krutick, a longtime family friend, and four lawyers with ties to the Redstones. [7] Through National Amusements, Redstone and her family are majority owners of CBS, Comedy Central, BET, Showtime Networks, Nickelodeon, MTV and the film studio Paramount Pictures. On March 21, another large CBS shareholder wrote in a widely circulated, anonymous letter that coming to the rescue of a weakly positioned, poorly executing, over-levered Viacom is not CBSs burden. The sentiment among CBS shareholders seems best summed up by Todd Juenger, the media analyst at AllianceBernstein, who wrote recently, that the defining question for investors is if CBS were an independent entity, not controlled by the Redstones, would it be pursuing a bid for Viacom? If you believe, like we do, Juenger wrote, the answer to that question is absolutely not, then how hard do you want to work to try and convince yourself this is good for CBS shareholders?. Moonves erroneously blamed Redstone's daughter Shari, the CBS vice chairman and an increasingly powerful corporate rival, for his mushrooming PR troubles, and met, texted and socialized again . Three Highest-Paid Executives in Entertainment are Dem Donors CBS and Viacom were a single entity, after all, until Sumner Redstone separated them 12 years ago after he realized they operated in very different businesses. Shari Ellin Redstone (born April 14, 1954) is an American media executive. She sits on the local advisory board and executive committee for BUILD, a nonprofit organization that uses entrepreneurship to propel low income youth through high school and into college. Sumner and Shari Redstone have had an especially troubled relationship, in part due to Sumners desires to keep her away from his personal and business affairs.. . Shari Headley. Its also unclear whether she will back off her request to have Bakish succeed Moonves when the time comes. [22] The CBS board announced that Les Moonves replaced Sumner Redstone as CBS Chairman. 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