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. According to a court filing from Sumners former girlfriend Manuela Herzer, Brent Redstone has not spoken to his father since Sumner bought out his stake in National Amusements in 2006 for $250 million. By. She refocused her attention on Advancit Capital, an investment firm she co-founded in 2011. If youd like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial. 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 . The investor community still seems to think that the right move could be to just . Witnesses offer conflicting accounts, Mars Voltas lead singer broke with Scientology and reunited with the band. She has gotten it to the point where the bid and the ask spread is down to around $3 billion. Official websites use .gov When you find what you need, export results and save custom links. Please switch to another browser like Chrome, Firefox, or Edge for a better experience. You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. The price to earnings ratio is 7. We use While Fox News dominates in ratings and distribution, the conservative landscape includes One America News Network (which received praise from Trump on Twitter on Thursday) along with Newsmax TV and Glenn Becks Blaze Media, both of which are on Dish Network. Mr. Redstone, who once told a reporter that his daughter was the love of my life, dangled the possibility of her winning control of his empire only to pull back when she seemed to be gaining power and influence. To revist this article, visit My Profile, then View saved stories. Alex Ben Block. Sumner Redstone's Granddaughter Says in Email: 'My Grandfather Is a Gun rights advocates ask Supreme Court to block Illinois assault - CNN If lower growth and sticky inflation hang around, ways to grow your portfolio or at least stretch it become even more important. Hace slo unos aos, Shari Redstone estaba al margen del imperio meditico de su familia. 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. 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.. A native of Wyoming, she is a graduate of the University of Colorado and Columbia University. Redstone, the daughter of media mogul Sumner Redstone, is chairwoman of media empire ViacomCBS. She successfully facilitated the 2019 $12 billion merger deal between CBS Corp. and Viacom Inc.. The feisty 61-year-old former attorney is stepping into the spotlight to exert her influence in the . By Todd Williamson/Invision/AP/REX/Shutterstock. Shari Redstone 117 . The exposure to risk for Viacom, even though CBS News is just one of many things that it owns, is very substantial, he said. The potential merger represents a thorny headache in both the Redstones personal and professional lives. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy. 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Lawsuit Accuses Shari Redstone of Forcing ViacomCBS Merger These committees may solicit and accept unlimited contributions from individuals, corporations, labor organizations and others. [21] She is also on the board of directors of The National Center on Addiction and Substance Abuse (CASA) at Columbia University[41] and the John F. Kennedy Library Foundation. In the article, they both gushed about the gifts and money they had been given. Through National Amusements, Redstone and her family are majority owners of CBS, Comedy Central, BET, Showtime Networks . The material on this site is protected by copyright law and may not be reproduced, distributed, transmitted, cached or otherwise used. Given how far she has already come in reversing her fathers desire to keep her away from the oversight of CBS and Viacom, Shari may be willing to sacrifice that demand in order to get Moonvess support. The merger agreement is a triumph for Redstone, who has overseen the familys controlling stakes in the two companies since her fathers declining health forced him to relinquish control. degree in 1978 and her LL.M. 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. If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for 65 per month. Meanwhile, the media industry was rapidly consolidating. 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. 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. A political committee authorized by a candidate to accept contributions or make expenditures on behalf of that candidate. Sumner Redstone has never been a particularly gracious husband, brother, or father to his two children. Im very sure that the chairman and CEO would not allow the board of the company to be compromised by individual political agendas.. . The Hollywood Reporter is a part of Penske Media Corporation. Since reentering her fathers life in late 2015, Redstone has vanquished more than a dozen men whom her father put in power. Shari Redstone is board chair. Premium Digital includes access to our premier business column, Lex, as well as 15 curated newsletters covering key business themes with original, in-depth reporting. 13 0 obj Moonves, on the other hand, supports his handpicked successor Joseph Ianniello. She's now ready to close . Mr. Redstones death has bolstered his daughters influence over National Amusements. In both dayparts, ABC and NBC have been locked in a relatively tight battle for No. xMHa$T&R+SeL b}wg-E"u.VDNC:DuE^";cT03y| URcE4`vztLUF\)s:k-iYj6|vP4*wd>,y4!7CN-lCTS3q";-E#+c> v=S79@`mvUl5`P=Gj)kP*}6 ~^/~.~a2 We follow the money. 2023 Forbes Media LLC. You're using Internet Explorer, some features might not work. In 2015, Vanity Fair published an article on Ms. Herzer and another of Mr. Redstones late-life paramours, Sidney Holland. Do Not Sell or Share My Personal Information, Musk said hed never settle an unjust legal case against him. [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. Dan Rather is obviously an important person. Despite CBS News clout for the weekday broadcasts see Gayle Kings headline-generating March interview with disgraced musician R. Kelly the ratings for mainstays CBS This Morning and CBS Evening News lag behind the competition. endobj [23], On January 17, 2018, The Wall Street Journal reported that Shari Redstone was pushing for CBS Corp. to merge with Viacom, with Redstone also gathering names for new board members at CBS. The next year, the succession tussle went public when Mr. Redstone told a reporter that he wanted the CBS and Viacom boards to choose his successor. Of the companys 13 board members, eight contribute primarily to Democratic candidates and party committees. But it was former Viacom Chief Executive Philippe Daumans plan to sell Paramount Pictures that bonded father and daughter. Moonves vs. Redstone: Inside the Poisonous War for Control of CBS and There's made-for-reality TV drama of Sumner Redstone romantic affairs to the behind-the-scenes politics of CBS and Viacom's boardrooms politics that as a consumer I realized affected all of us.. You look at Sumner Redstones political contributions, said Cliff Kincaid of the conservative press watchdog group Accuracy in Media. 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. Media Exec Shari Redstone Selling $2.25M Massachusetts Mansion If Redstones right-leaning channel does become a reality, it probably wouldnt launch before Viacom and CBS both of which are controlled by Redstone and her ailing father, Sumner close their merger and become ViacomCBS, a $30 billion conglomerate that will run CBS, Showtime, Comedy Central, Nickelodeon, MTV, VH1 and BET. The two men who act as co-chief operating officers of Viacom, Leslie Moonves and Thomas Freston, also favor Democrats. Shari E. Redstone joined the board of CBS in 2004. Talks were ongoing but collapsed when CBS management feared that she was trying to remove Moonves allies on the board. Over the years, Shari Redstone would tell her tough-as-nails father that. Redstones handpicked lieutenant, Bob Bakish, will oversee the new ViacomCBS as chief executive. 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. But by the summer of 2015, those relations had frayed. Shari Redstone won the battle for her media empire. Now comes the How strong is Disneys 1st Amendment case against Ron DeSantis? Simply log into Settings & Account and select "Cancel" on the right-hand side. Their main sticking point was one that plagues many family businesses: succession. They also shared an iron will that helped Ms. Redstone to succeed her father as the leader of the family empire. This Redstone plan for a new TV service also would have a streaming component. [23] In 2016, Redstone, who at the time was vice chairperson of CBS and Viacom and president of National Amusements (the controlling shareholder of CBS and Viacom), gave the following statement on succession: "my father's Trust states his intention that I succeed him as (non-executive) Chairman at CBS and Viacom, and also names me as a Trustee after his death." The entertainment industry is facing intense pressure from technology behemoths Walt Disney Co., Netflix Inc., Amazon.com Inc. and Google, which introduced popular alternatives to traditional television. So when Dauman proposed selling Paramount to a Chinese company in early 2016, Shari Redstone dug in for a fight. But shes finally out from under her fathers shadow, and I think shes driven to make a name for herself and prove what else she can do.. Stay informed and spot emerging risks and opportunities with independent global reporting, expert 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. Shari, daughter of ailing 94-year-old empire builder Sumner Redstone, insists that Viacom and CBS must merge, an idea that once would have held great appeal for Moonves assuming he would be in . sumner redstone political affiliation The Viacom-CBS dust has settled. But who is Shari Redstone? - Los She also is a director of NAI. ViacomCBS's Shari Redstone says media company will focus on organic A .gov website belongs to an official government organization in the United States. Mr. Redstone ceded his role as executive chairman at Viacom and CBS in early 2016. Instead, she will be integrally involved in steering the ship as it tries to compete with much larger media and technology companies. One response to "Sun Valley 2022 Guest List Includes Elon Musk, Shari Redstone, David Zaslav, Anderson Cooper (EXCLUSIVE)". Now Shari Redstone has been handed a large bag of rocks. Shari insisted on dissenting, Sumner told Forbes. Father and daughter also joined forces to fight the Viacom board, which challenged Mr. Redstones mental competency in court in 2016. Changes needed to be made to the Stephens lifestyle in order to make things manageable Because of [her husbands condition], and all of the different things we were dealing with, I really needed an opportunity [for change], Stephens said to me in an interview via videoconference in early December. Shari Redstone Net Worth | Celebrity Net Worth Paramount head Shari Redstone and CEO Bob Bakish put big energy into their announcements, touting big subscriber numbers for Paramount+, and a firehose of content into streaming. Shari Redstone will play a key role in what happens to Paramount, MTV Shari Redstone won a round in her fight with . 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.. Redstone's father, Michael (Mickey), was a liquor wholesaler, nightclub owner . CBS trails far enough behind to be a relative afterthought. The Redstones operated more like a wolf pack, Ms. McGrath said. She pushed for the union, believing the two companies would be stronger together during a turbulent time. Redstone has been president of National Amusements Inc. since 2000 and served as executive vice president of NAI from 1994 to 2000. Redstone runs an incredibly outstanding organization, Mr. Feldberg said. %PDF-1.3 Scarlett Johansson. Sumner Redstone built a media empire. Now, its future is uncertain. Why Shari Redstone Has Edge Over Philippe Dauman In Battle For Viacom, Judge Dismisses Competency Case Against Sumner Redstone, Herzer Files New Suit Against Shari Redstone, Do Not Sell or Share My Personal Information, Limit the Use of My Sensitive Personal Information. Former CBS Chief Joseph Ianniello Refutes Claims In - Deadline The Redstones prevailed, and Dauman, who presided over Viacom as its value plummeted, resigned. Less than a quarter of the S&P 100 companies have a woman as their chair or a lead director, and that puts Shari in a notable position, said Dawn Belt, a partner and coauthor of Fenwick & Wests Gender Diversity Study. Shari, however, always wanted to keep them together. A period of estrangement between Shari Redstone and her combative father, Sumner Redstone, ended with a reconciliation before his death and the daughter taking over the family empire. Sumner and Shari E. Redstone in 2012. Most referred questions to a Viacom spokesman, Carl Folta. A rep for Kelly declined to comment. [11] Redstone has expanded the company's international footprint and its exploration of new technologies. 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 . Shari Redstone tried to nudge CBS to merge with Viacom, but CBS then-leader, Leslie Moonves, was worried that Viacom, which was grappling with a falling stock price and an exodus of viewers, would become a drag on CBS. Also known as a campaign committee. 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. Viacom's Pluto TV has launched a new conservative channel, but Shari As a recently released, unredacted complaint in a lawsuit against Shari makes clear, Sumner Redstone never wanted his daughter to be involved in the family businesses, twice tried to buy out her stock in the family holding company, National Amusements Inc., for around $1 billion. The Court ruling . The two often clashed over executive compensation and board member selection. university . But investors are unconvinced . Their strong working relationship ensures that Redstone no longer will be the subject of boardroom resistance. 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. For a full comparison of Standard and Premium Digital, click here. and other data for a number of reasons, such as keeping FT Sites reliable and secure, He communicates partly through an iPad programmed with his voice with, reportedly, three responses: yes, no, and fuck you. The Redstone family investment firm, National Amusements Inc., controls nearly 80% of CBS' and Viacom's voting shares. [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. Shari Redstone Already Held Reins of Family Business Before Her - WSJ 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. Shari Redstone continues today to send fraudulent communications purporting to be sent by Sumner, a man who cannot speak, write, read, or take care of himself, according to Herzers complaint. 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 . Before that, she was the vice-chairperson of Viacom and CBS Corporation. Theyve never gone against my wishes. In June 2014, Shari acknowledged this ongoing antipathy. 32", "Redstone says he relies on his instinct", "Shari Redstone buys Russian theaters from her family firm", "Shari Redstone's Rising Star Media sold to Russian theater chain", "Shari Redstone Makes Huge Profit By Selling Russian Theaters For $190 Million", "Shari Redstone launches investment firm Advancit Capital", "Sumner Redstone Resigns as CBS Executive Chairman", "Viacom names Philippe Dauman as new board chairman, replacing Sumner Redstone", "Viacom Names Philippe Dauman Chairman Succeeding Sumner Redstone", "Succession battle engulfs Sumner Redstone's media empire", "Viacom's Board Names Dauman Chairman, Replacing Aging Redstone", "Shari Redstone Wants New CBS Directors, Renews Push for Merger With Viacom", "CBS, Viacom to reunite as media giants bulk up for streaming", "Lawsuit: Shari Redstone and National Amusements "Caused CBS to Massively Overpay for Viacom", "Former CBS shareholders can sue Shari Redstone over ViacomCBS merger", "Shari Redstone, Viacom Sue Insurers Over Merger Suit's Coverage", "The Jewish Post and Opinion, July 18, 1980, Page10", "Sumner Redstone Shows Yet Another Ex-Girlfriend to the Door", "Sumner Redstone trust shakeup: New members are allies of mogul's daughter", "Media Mogul's Scion Sees Emojis as Sign of Times | Los Angeles Business Journal", "An estranged son, a legal battle with a live-in lover, and a mogul who wanted to 'live forever': Meet the heirs to the ViacomCBS empire", "Korff continues family Rabbinic tradition", "Board of Directors - John F. Kennedy Presidential Library & Museum", Redstone Split Bears On Future Of Viacom, CBS, https://en.wikipedia.org/w/index.php?title=Shari_Redstone&oldid=1147955336, Kimberlee Korff Ostheimer, a lawyer who practiced at, Tyler Korff, a lawyer and rabbi who graduated from, This page was last edited on 3 April 2023, at 06:44. Mr. Freston is a regular presence at Democratic fund-raising events in New York. According to insiders, Redstone could rebrand one of the existing Viacom channels and presumably would insulate CBS News from the new offering. This article is from the archive of The New York Sun before the launch of its new website in 2022. degree in 1980 from Boston University School of Law. Shari Redstone, who has emerged as the leader of ViacomCBS, in 2016. 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.