The two-year period in which the transaction was reported. The future leadership falls to Sumner Redstones daughter, Shari, with whom he has had on again, off again squabbles through the years. A former Verizon executive who is on Viacoms board, Frederic Salerno of Rye, could offer some solace to supporters of President Bush looking for a friendly face at Viacom. Sun Valley 2022 Guest List Revealed - Variety And they announced that Shari Redstone would become chairwoman of the new entity, ViacomCBS Inc., joining a small number of women overseeing a major U.S. company. By Lisa Johnson Mandell. It might depend on where the stock goes over the next year or two, Matthews said. She was the lone dissenting vote on the five-member National Amusements board of directors. CBS-Viacom Made Shari Redstone the Most Powerful Woman in Town 2023 The New York Sun Company, LLC. stream What you missed at CinemaCon 2023. All rights reserved. Other nonlinear TV competitors include Breitbart News, The Daily Caller (co-founded by Tucker Carlson) and Salem Media Group, a publicly traded company that is considered the industry leader in talk radio, and Ben Shapiros Daily Wire. [24], On February 4, 2016, against Shari Redstone's desires,[25][26][27] Viacom's board of directors named Philippe Dauman, already the CEO and president, the chairman, replacing Sumner Redstone. She finally won. [12][13][14], In 2007, Redstone and her father feuded publicly over issues of corporate governance and the future of the cinema chain. A full body orgasm at the L.A. Phil? university This Redstone plan for a new TV service also would have a streaming component. Around that time, Ms. Redstone and Mr. Redstone made peace. Standard Digital includes access to a wealth of global news, analysis and expert opinion. Viacoms critics say Mr. Redstone, 80, who has been at the helm of Viacom for nearly two decades, set a liberal course that led to the document debacle. Change the plan you will roll onto at any time during your trial by visiting the Settings & Account section. She also is a director of NAI. In the last three years, she has proved herself as a worthy successor to her 96-year-old father, known for his stubborn streak and ability to outlast opponents. SpaceX used wildlife preserve as dumping ground for space waste, lawsuit alleges, Philippe Daumans plan to sell Paramount Pictures, Writers strike: Whats at stake and how it could disrupt Hollywood, Writers Guild and studios continue talks, but deal remains elusive as possible strike looms, Oppenheimer wows. He just settled this one. In 2020, Redstone was named on Time's list of the 100 most influential people in the world,[8] and in 2022, to Forbes' list of the World's 100 Most Powerful Women.[9]. She previously wrote for the Miami Herald and the Palm Beach Post. 1 status among viewers and the news demo of adults 25-54 for the last two decades. In 2015, Vanity Fair published an article on Ms. Herzer and another of Mr. Redstones late-life paramours, Sidney Holland. Im not very happy right now, Judge Eric Davis told Fox News attorneys. cookies Its clear hes a major donor to the Democratic Party.. Shari Redstone Explores Plan to Launch Fox News Competitor (Exclusive) An Ohio health care executive who sits on the Viacom board, Robert Walter, has supported Republicans from his home state. For cost savings, you can change your plan at any time online in the Settings & Account section. So when Dauman proposed selling Paramount to a Chinese company in early 2016, Shari Redstone dug in for a fight. Even when she was named its president in 1999, Mr. Redstone was unequivocally the boss. [16], In 2010, Redstone and her partners purchased the theaters that they had built, and formed Rising Star Media,[17] of which she was chairman, and turned it into the country's top-grossing cinema chain. He refers to himself a "liberal Democrat . Shari Redstone is a well-known American media executive who comes from a Redstone family that has a huge stake in the media industry in America. 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. You may change or cancel your subscription or trial at any time online. A native of Wyoming, she is a graduate of the University of Colorado and Columbia University. In a statement on Wednesday, Ms. Redstone said, Through it all, we shared a great love for one another and he was a wonderful father, grandfather and great-grandfather. Sumner Redstone | Biography & Facts | Britannica [28], On August 13, 2019, the Associated Press reported that Shari Redstone had become the chair of the board for the reuniting of CBS and Viacom as ViacomCBS, today known as Paramount Global. And now she is trying again, with even greater fervor. In the midst of closing a merger between CBS and Viacom, Shari Redstone is quietly exploring a plan to launch a conservative TV outlet meant to square off with the Fox News Channel, The Hollywood Reporter has learned. She halted a plan to sell the storied Melrose Avenue movie studio, Paramount Pictures, and now she has corrected what she long considered a mistake her fathers separation of CBS and Viacom in 2006. 13 0 obj Tuesdays agreement, he said, vindicates the strategy that shes had.. She also is a director of NAI. [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. Lawyers and bankers have been hired. Before she joined the family business, Ms. Redstone went to law school at Boston University, got married, raised three children, baked cookies and worked as a criminal defense lawyer at a small Boston firm. Shari Redstone has no plans to launch a conservative news channel to compete with Fox News, reps for the billionaire media heiress said. Met Gala 2023 Red Carpet: See All the Fashion, Outfits & Looks, Get Him Out of Here: Donald Trump Tossed NBC Reporters Phones During Tirade Aboard Campaign Plane, How to Watch the 2023 Met Gala Live Stream. Bakish and CBS acting chief, Joseph Ianniello, must fuse together two different cultures and navigate the shift to streaming services. . During a low point in 2015, Ms. Redstone wrote in an email to her son that your grandfather says I will be chair over his dead body.. The material on this site is protected by copyright law and may not be reproduced, distributed, transmitted, cached or otherwise used. 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. The merger will reunite the companies Sumner Redstone broke apart in 2006 and create a company with more than $28 billion in revenue to better compete with the entertainment world's behemoths. Most of the business world agrees with Sumner Redstone that the companies make more sense apart than togetherand that Viacom will be a drag on CBS. NAI, a closely held company, operates cinemas in the United States, the United Kingdom and Latin America and is also the controlling . If my father wants me to drop dead he doesnt need to do anything else, she wrote in an e-mail to her three children, among others. Days before trial is set to begin, Dominion has been granted permission to conduct additional depositions. 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 . Sumner Redstone, originally Sumner Murray Rothstein, (born May 27, 1923, Boston, Massachusetts, U.S.died August 11, 2020, Los Angeles, California), American media executive whose company, National Amusements, Inc. (NAI), acquired leading film, television, and entertainment properties, notably Viacom and CBS. Shari Redstone fought to ensure she would succeed her father, Sumner Redstone, atop the family's media empire. Leadership | Paramount Three Highest-Paid Executives in Entertainment are Dem Donors Sumner owned 80 percent of National Amusements, the family's holding company that controls around 80 percent of the voting stock in both of the aforementioned media behemoths, and Shari owned the. 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. Redstones handpicked lieutenant, Bob Bakish, will oversee the new ViacomCBS as chief executive. You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. The case, brought to [], Master, Boston University; Bachelor of Arts/Science, Tufts University. Dec 1 (Reuters) - ViacomCBS Inc (VIAC.O) Chair Shari Redstone, who in the past has hinted at more deals to bulk up the media empire, said on Wednesday the company will focus on organic growth. $100. endobj The high-profile trial, expected to start Monday, was postponed a day, a development that the Judge called not unusual but has nevertheless prompted buzz about a last-minute settlement. Donate Today. %PDF-1.3 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. [20] She was also a co-chairman of MovieTickets.com (before being sold to Fandango Media in 2017),[21] Inc. and is a member of the Board of Directors and Executive Committee for the National Association of Theatre Owners (NATO). New CNN Show Won't Be Political, Hosts . The potential merger represents a thorny headache in both the Redstones personal and professional lives. This article is from the archive of The New York Sun before the launch of its new website in 2022. I am so proud to be his daughter and I will miss him always.. The changing economics have created a sense of urgency among major Hollywood studios to fortify themselves by bulking up. To revist this article, visit My Profile, then View saved stories. Currently, she serves as the chairperson of ViacomCBS after she oversaw the merging of CBS and Viacom Inc in 2019. The political affiliations of Viacoms board and senior management, however, could undercut the credibility of any action the board may take. This time, he heavily criticized Norah O'Donnell and her interview with government whistleblower Dr. Rick . Shari Redstone is board chair. Before that, she was the vice-chairperson of Viacom and CBS Corporation. Things were rough before the coronavirus hit. offers FT membership to read for free. We use August 16, 2019. His battles with the church arent over, How Palm Springs ran out Black and Latino families to build a fantasy for rich, white people, 17 SoCal hiking trails that are blooming with wildflowers (but probably not for long! She also pursued a degree in social work after volunteering at a trauma center for abused children. But on Tuesday the boards of CBS and Viacom agreed to reunite the two Redstone-controlled companies that were torn apart 13 years ago. The price to earnings ratio is 7. Shari Redstone is emerging from the long shadow of her larger-than-life father, Sumner Redstone. She cast the sole vote against his plan to renegotiate $800 million in debt. Im very sure that the chairman and CEO would not allow the board of the company to be compromised by individual political agendas.. Premium access for businesses and educational institutions. In late 2016, Bakish was named Viacoms CEO and he began working to rebuild the company. Mr. Redstone, who died on Tuesday at 97, was an old-school, expletive-spraying mogul from a time when bosses asserted their power by screaming in the workplace. 1050 First Street, NE Since reentering her fathers life in late 2015, Redstone has vanquished more than a dozen men whom her father put in power. As a subscriber, you have 10 gift articles to give each month. According to insiders, Redstone could rebrand one of the existing Viacom channels and presumably would insulate CBS News from the new offering. . Shari Redstone Political Contributions in 2012. But at a certain point, she may be able to do whatever she wants. Mr. Freston is a regular presence at Democratic fund-raising events in New York. One large CBS investor, Franklin Templeton, sold its longtime stake in the network, rather than stick around to see whether Shari can force a deal to be done. organisation *:XgQJBm1THt#b~$)cb87cBiQ1H45 Q[tg;:n6_)0' Though Shari Redstone is eager to sell a combined CBS-Viacom, finding a buyer may not be easy. For Shari Redstone, the 65-year-old daughter of ailing 96-year-old mogul Sumner Redstone, who had chafed for a dozen years living under the . You can still enjoy your subscription until the end of your current billing period. [5] She currently serves as the non-executive chairwoman of Paramount Global (formerly known as ViacomCBS) and president of National Amusements, and is a former vice-chairman of CBS Corporation[6] and Viacom. Then he gave up his board seats. With the messy Succession-like storyline laid to rest with her father, Shari Redstone still has to prove she can keep the familys $3 billion fortune intact. The media heiress, who defeated a series of rivals to win control of ViacomCBS in 2019, found herself caught up in a stunning stock reversal that almost overnight has shaved about $670 million from her personal net worth. Why did Dan Rather think he could get away with this or stonewall it? The Hollywood Reporter: Shari Redstone to be Honored with Simon [1], As of January 2018, Redstone is a member of the board of directors at Combined Jewish Philanthropies and the board of trustees at Dana Farber Cancer Institute. Shari Redstone, who has emerged as the leader of ViacomCBS, in 2016. -. Shari Redstone's $30 Billion Triumph at CBS and Viacom - Intelligencer Theyve never gone against my wishes. In June 2014, Shari acknowledged this ongoing antipathy. I am really excited to see these two great companies come together so that they can realize the incredible power of their combined assets, Redstone said in a statement Tuesday. Will Shari Redstone Find A Buyer For A Combined CBS-Viacom? The company also boasts this summers top cable series, Yellowstone., Shari Redstone could have taken her wealth and gone on her merry way, investing in Facebook or elsewhere, without worrying about the destruction of these iconic enterprises, Sonnenfeld said. A political committee authorized by a candidate to accept contributions or make expenditures on behalf of that candidate. The Muscle Behind Shari Redstone's War | Vanity Fair (Sumner dumped Holland after stories I wrote in Vanity Fair revealed that, unbeknownst to him, she had been having a longtime affair with George Pilgrim, in Sedona, Arizona, and using Sumners private jet to fly back and forth from Los Angeles to see him, while at the same time living with Sumner.) CBS's board then offered Shari Redstone the position of non-executive chair, but she declined. {xO$S]%&7g>r=g8` A .gov website belongs to an official government organization in the United States. But even those may be a challengeaccording to someone who saw him recently, hes non compos mentis. (Sumners litigation attorney Rob Klieger, who just came from a visit with his client, told me he unequivocally dismisses as untrue this characterization.) Shari, meanwhile, has been pushing relentlessly to have the two companies reunited, despite the lack of a well-articulated industrial logic. Should Shari Redstone Flip CBS News? - Puck We support credit card, debit card and PayPal payments. President Trump Goes on Another Rant About a 60 Minutes Report - Adweek How #MeToo and boardroom politics collided with the Redstone media empire Behind the scenes, Redstone was instrumental in refreshing the CBS board by bouncing veterans who were friends of her fathers. In July, Mr. Freston and Mr. Moonves replaced Mel Karmazin, another prolific Democratic donor, who left the company after reportedly clashing with Mr. Redstone. Mr. Redstone had not been incorrect in perceiving, way back in 1983, that video games would be a significant part of the entertainment industrys future. Ms. Redstone holds the remaining 20 percent of National Amusements through a separate trust. 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. It wasnt until the elder Redstones health deteriorated that she was able squeeze back into her fathers orbit. Shari set about doing just that. [29], In May 2020, she was named as a defendant in a lawsuit filed by the Bucks County Retirement Fund and the International Union of Operating Engineers, over the perceived "destruction of value" caused by the CBS and Viacom merger. The reunion of CBS and Viacom to be known as ViacomCBS "is a victory for Ms. Redstone, the leader of a family business that has led the two media giants for two decades," Lee wrote . Other Democratic-leaning donors on the Viacom board include: two Boston attorneys, George Abrams and David Andelman; a Manhattan investor, Philippe Dauman; the chairman of Bear Stearns, Alan Greenberg; a law professor at Yeshiva University, William Schwartz, and the president of the Bill & Melinda Gates Foundation, Patricia Stonesifer. While my daughter talks of good governance, she apparently ignores the cardinal rule of good governance that the boards of the two public companies, Viacom and CBS, should select my successor. Shari Redstone takes on media industry after CBS victory . In a prelude to the difficulties to come, the father and daughter had a disagreement over the worth of the company behind Mortal Kombat, a video game that pits opponents against each other in anything-goes combat. This includes serving as Chair of the Board of Directors of Paramount Global as well as Chair, CEO, and President of National Amusements, a world leader in the motion picture exhibition industry. Shari Redstone net worth: Shari Redstone is an American media executive who has a net worth of $500 million. Shari Redstone - Forbes Redstone, as board chair, joins an elite group of women. Popular term for a political committee that is neither a candidates authorized committee nor a party committee. Shari Redstone Net Worth | Celebrity Net Worth Sumner Redstone died Tuesday at age 97, National Amusements said in a statement Wednesday. In an additional 14% of those S&P 100 firms, a woman was lead director another key board post. When you find what you need, export results and save custom links. Moonves, on the other hand, supports his handpicked successor Joseph Ianniello. Vin Diesel goes off script. Sumner Redstone, executive chairman of CBS and Viacom, pulled in $93.4 million this past fiscal year. making contributions to political campaigns that could influence voting on issues other than those that directly affected that specific corporation. Secure .gov websites use HTTPS degree in 1978 and her LL.M. Brandon, 36, is a real-estate developer. << /ProcSet [ /PDF /Text ] /ColorSpace << /Cs1 7 0 R >> /Font << /F1.0 8 0 R After fighting off two of the most powerful men in Hollywood Mr Moonves and her own father . For good measure, he said she isnt qualified to fill his shoes. Official websites use .gov Please switch to another browser like Chrome, Firefox, or Edge for a better experience. ), Layoffs hit Amazon Studios and Prime Video, with about 100 jobs cut, New Netflix data shows diversity gains, but does not factor recent job cuts, John King exits CNNs Inside Politics for new role. Shari insisted on dissenting, Sumner told Forbes. ViacomCBS's Shari Redstone says media company will focus on organic VIAC stock opens at about $40 today. In 2008, Mr. Redstone announced that his daughter would leave the boards of Viacom and CBS. . VIAC Stock Is Only Worth Buying on the Chance the Real Owner Sells Receipts are updated as theyre processed that time can vary. How strong is Disneys 1st Amendment case against Ron DeSantis? She refocused her attention on Advancit Capital, an investment firm she co-founded in 2011. In more than 50 years as a force in the media industry, Sumner M. Redstone clashed with his only son, his nephew, his wife, his romantic partners, his business rivals and the actor Tom Cruise. Does the fate of a potential $14 billion Wall Street merger all come down to Shari Redstones feud with her father? Their strong working relationship ensures that Redstone no longer will be the subject of boardroom resistance. Redstone, a lawyer by training, repeatedly declined to talk about many of the battles granular details, including her dealings with Les Moonves, with whom CBS is currently involved in arbitration. Shari Redstone | Keynote Speaker | AAE Speakers Bureau She pushed for the union, believing the two companies would be stronger together during a turbulent time. 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. Viacom has faced headwinds in the transforming media environment as Redstone worked to wrest control from former chairman Philippe Dauman and then to push through a merger with CBS. She was the lead reporter for The Times coverage of the deadly Rust shooting on a New Mexico film set in 2021, work recognized by the Pulitzer Prize board as a finalist in breaking news. She currently serves as the non-executive chairwoman of Paramount Global (formerly known as ViacomCBS) and president of National Amusements, and is a former vice-chairman of CBS Corporation and Viacom. 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?. Mr. Redstones death has bolstered his daughters influence over National Amusements. sumner redstone political affiliation Daring to challenge the bigwigs in front of him and their business model, including Shari Redstone and several of his Paramount Global bosses, the veteran stand-up comic gave the media some advice . They were hoping that would please Wall Street, but instead the stock dropped sharply. [19], In 2011, Redstone became co-founder and managing partner of Advancit Capital LLC,[20] an investment platform focusing on early stage in media, entertainment and technology. CBS independent board members filed suit to strip the Redstones of their voting control. |iuRH4h?Z&Su}Yc_c^ |[x=fC#yP6)Y3O3$z.7YUD6F(rx+Kq2*XWJ.M|2>=Fur2` Despite their political differences, employees at National Amusements seem to be happy. A source says the idea for that network was in the works before the Pluto acquisition. Shari Redstone 117 . Father and daughter also joined forces to fight the Viacom board, which challenged Mr. Redstones mental competency in court in 2016. Browse Individual contributions | FEC Meanwhile, non-Redstone CBS investors dont like the deal one bit. Shari Redstone faced down industry doubts and her father's public statements that he did not see her as capable of taking over the empire. Hace slo unos aos, Shari Redstone estaba al margen del imperio meditico de su familia. I was never a great proponent of the split of the two companies, I think the path each company took could have been different under different leadership and this is why a combination should be explored now, she said at the November 2016 DealBook conference. The Redstones prevailed, and Dauman, who presided over Viacom as its value plummeted, resigned. << /Length 5 0 R /Filter /FlateDecode >> In February 2017, Shari Redstone, the 62-year-old billionaire heiress and controlling shareholder of CBS and Viacom, with a honking Boston accent and a fondness for the bouffant blowout, was at. Media observers wonder whether Redstone will position ViacomCBS Inc. for a sale or if she will tighten her grip. The Sun has neither altered nor updated such articles but will seek to correct any errors, mis-categorizations or other problems introduced during transfer. Within a few months, she and Sumner Redstone removed Dauman and his ally from the familys investment firm, which provoked a high-stakes lawsuit.
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