One member of the Viacom board who has attracted considerable attention in recent months is Mr. Redstones daughter and possible successor, Shari. Does the fate of a potential $14 billion Wall Street merger all come down to Shari Redstones feud with her father? -. [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. Redstone herself has agitated for an even bolder streaming strategy through Paramount Plus, the company's flagship streaming service, according to company insiders. AT&T Inc. acquired Time Warner Inc., owner of HBO, CNN, TBS and Warner Bros. Disney in March completed its $71.3-billion takeover of much of Rupert Murdochs 21st Century Fox. Tensions were so high that he offered her a $1-billion buyout, and she fumed to her son in 2015: Your grandfather says I will be chair over his dead body.. Redstone built his family's drive-in theater chain into a multibillion-dollar empire . Herzer claims Shari and Tyler orchestrated her removal from Sumners Los Angeles home in October 2015, barred her from seeing him, and have effectively taken control of his business empire. convention or caucus of a political party that has authority to nominate a candidate, for the office sought by the candidate." . commentary and analysis you can trust. Father and daughter also joined forces to fight the Viacom board, which challenged Mr. Redstones mental competency in court in 2016. Brandon, 36, is a real-estate developer. The investor community still seems to think that the right move could be to just . [22] The CBS board announced that Les Moonves replaced Sumner Redstone as CBS Chairman. Shari is now vice chairman of the boards of both CBS and Viacom and the president of National Amusements. 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. Meanwhile, non-Redstone CBS investors dont like the deal one bit. She finally won. Two other members of the board, Joseph Califano and William Cohen, held cabinet posts under Democratic presidents. You may occasionally receive promotional content from the Los Angeles Times. - Age Im not very happy right now, Judge Eric Davis told Fox News attorneys. 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 . The media heiress, who defeated a series of rivals to win control of ViacomCBS in. I am so proud to be his daughter and I will miss him always.. In 2006, Ms. Redstone became nonexecutive vice chairwoman of both CBS and Viacom. Though Shari Redstone is eager to sell a combined CBS-Viacom, finding a buyer may not be easy. :I Investigative reporter Ronan Farrow revealed allegations of several women who accused Moonves of sexual misconduct in the 1980s and 1990s. Redstone, as board chair, joins an elite group of women. Shari Redstone Net Worth | Celebrity Net Worth offers FT membership to read for free. Sumner Redstone's media empire dates back to the 1950s. - Business Insider In late 2016, Bakish was named Viacoms CEO and he began working to rebuild the company. Meg James is a senior entertainment industry writer for the Los Angeles Times. 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. For many years, she stayed away from National Amusements, a company that started as a string of drive-in theaters. Ad Choices. Shari Redstone, who divides her time between Boston, Connecticut and Los Angeles, spent weeks assisting her father at his home and successfully defending the case against Herzer. Redstone sees an opening as the audience for TV news grows older and more conservative and Trump and some of his fans express disenchantment with ratings giant Fox News, which lost its top news. Should Shari Redstone Flip CBS News? - Puck Shari Redstone Political Contributions in 2016. They were hoping that would please Wall Street, but instead the stock dropped sharply. Sumner Redstone, executive chairman of CBS and Viacom, pulled in $93.4 million this past fiscal year. Since the split, of course, the companies have followed very different trajectories. The structure of the empire built by Mr. Redstone is complex but Ms. Redstone is at the top. By Lisa Johnson Mandell. Why is Frank McCourt really pushing it? The two men who act as co-chief operating officers of Viacom, Leslie Moonves and Thomas Freston, also favor Democrats. Beneath the surface, they had a lot in common. that brings together some of the most influential people in Hollywood to honor individuals who have made significant contributions to the entertainment industry and to society as a whole. Ms. You make it possible. CBS crisis comes to a head as Moonves and Redstone fight for - CNNMoney They shared an iron will that helped Ms. Redstone to succeed her father. He just settled this one. 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. The battle between Sumner and Shari Redstone has become the most notorious of the Redstone family disputes, especially due to its very public nature, according to the unredacted lawsuit between Herzer and Shari and her son Tyler Korff that has been filed in federal court in California. But at a minimum, given whats at stake for CBS, the board would want to be involved in this to ensure the independence and the professionalism of the investigation to be conducted, because if that doesnt happen then this asset of great value to the Viacom shareholder, meaning CBS, could be imperiled.. Sumner Redstone's Granddaughter Says in Email: 'My Grandfather Is a 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. After years of battle, Shari Redstone runs an empire of her own with Shari Redstone is emerging from the long shadow of her larger-than-life father, Sumner Redstone. A member of the Company Town team for two decades, James specializes in covering television, corporate media and investigative projects. Kimberlee, 38, is a lawyer. 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. A .gov website belongs to an official government organization in the United States. Her father, Sumner Redstone, once dismissed her publicly as a lightweight who contributed little to the business. While the aging lion took his meals through a feeding tube in his Beverly Park mansion, Ms. Redstone battled Manuela Herzer, his former lover and live-in caretaker, for control of his daily care. 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. The Sleazy, Slimy Drama Behind the Redstone Succession Fight - Daily Beast or The deal is subject to regulatory approvals, but the new company is already taking shape. Redstone holds the remaining 20 percent of National Amusements through a separate trust. 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. organisation 1050 First Street, NE Shari Redstone - The Jewish Graduate Student Initiative (JGSI) At Viacom, we just dont get involved in the news division.. As many of my most loyal readers know, I've been predicting this for years. The future leadership falls to Sumner Redstones daughter, Shari, with whom he has had on again, off again squabbles through the years. Su padre alguna vez la consider una 'don nadie', ahora es la nueva Dana Bash will succeed him, Comcast CEO Brian Roberts calls Jeff Shell departure a tough moment. VIAC stock opens at about $40 today. According to insiders, Redstone could rebrand one of the existing Viacom channels and presumably would insulate CBS News from the new offering. Advertisements How old is Shari Redstone? Sumner Redstone | Biography & Facts | Britannica Popular term for a political committee that is neither a candidates authorized committee nor a party committee. Instead, he surrounded himself with younger girlfriends and business cronies. All Rights Reserved. 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. << /Length 14 0 R /N 3 /Alternate /DeviceRGB /Filter /FlateDecode >> They have not had any deliberations on this, board deliberations, and as a board are not handling the situation, which is being handled totally at the news level by CBS, he said. In 1999, another board member, investor Jan Leschly, gave $350 to a former New Jersey governor, Christine Todd Whitman, for a Senate bid. Things got messier when Mr. Redstone took Ms. Herzer and Ms. Holland to court, accusing them of elder abuse, and the two women countered by suing Ms. Redstone, claiming she had turned her father against them. Shari Redstone won a round in her fight with . 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. NAI, a closely held company, operates cinemas in the United States, the United Kingdom and Latin America and is also the controlling . Ms. Redstone, 66, keeps a much lower profile. Currently, she serves as the chairperson of ViacomCBS after she oversaw the merging of CBS and Viacom Inc in 2019. But it was former Viacom Chief Executive Philippe Daumans plan to sell Paramount Pictures that bonded father and daughter. How strong is Disneys 1st Amendment case against Ron DeSantis? imagine this as a "let me see your hands " moment for the . 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. Why is L.A.s iconic skyline far from the beach unlike Miami, Seattle and other cities? 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. 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. 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. We support credit card, debit card and PayPal payments. An Ohio health care executive who sits on the Viacom board, Robert Walter, has supported Republicans from his home state. Find elections. n0%f|U9l 7?j`l7"tiNf]?uhgM Z4i[&LY_x In 2015, Vanity Fair published an article on Ms. Herzer and another of Mr. Redstones late-life paramours, Sidney Holland. (Shari Redstone declined to comment, as did her attorney, Betsy Burnett, and her spokesperson, Sara Evans. Do Not Sell or Share My Personal Information, Musk said hed never settle an unjust legal case against him. But at a certain point, she may be able to do whatever she wants. Gun rights advocates ask Supreme Court to block Illinois assault - CNN As a condition of the September 2018 settlement, she agreed to not try to orchestrate a merger with Viacom for at least two years. As Fox and family insiders tell it, this could just be the beginning. Sources familiar with the pending merger of CBS and Viacom have said that majority owner Shari Redstone is eyeing a possible channel dedicated to conservative news, a move that could mean a . She's now ready to close . When the moment arrived Tuesday, she was already sitting on the throne. Then he gave up his board seats. We use Roy Wood Jr. Roasts POTUS, VP Harris "Scandal," Tucker Carlson & "A* 4 0 obj [10], Since 1999, she has been president of National Amusements, one of the top ten movie exhibitors in the United States. She was the lone dissenting vote on the five-member National Amusements board of directors. But Shari Redstone has managed to hang on to her 20% stake in the family business. Herzer and her legion of lawyers have now brought the same fanciful claims in probate court (twice), California state court, New York state court, and federal district court [in California], Klieger recently told the New York Post. The rulingabbreviated a trial that had made headlines with thepersonaldetails it exposed and questions it posed for Redstones media empire. Shari Redstone has spent much of this year trying to re-merge CBS and Viacom over the objections of CBS CEO Les Moonves, who has stepped down over accusations of sexual harassment. Theyve never gone against my wishes. In June 2014, Shari acknowledged this ongoing antipathy. One response to "Sun Valley 2022 Guest List Includes Elon Musk, Shari Redstone, David Zaslav, Anderson Cooper (EXCLUSIVE)". You look at Sumner Redstones political contributions, said Cliff Kincaid of the conservative press watchdog group Accuracy in Media. 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. But she was here, trying to fix these media platforms.. Witnesses offer conflicting accounts, Mars Voltas lead singer broke with Scientology and reunited with the band. Its awesome. Over the years, Shari Redstone would tell her tough-as-nails father that she possessed 80% of his brains, 90% of his passion and 100% of his obsessive personality. It wasnt until the elder Redstones health deteriorated that she was able squeeze back into her fathers orbit. She also is a director of NAI. Soon shell be left with nothing but Judge Judy and The Peoples Court. Well save further comment for when the case is dismissed. A representative for Korff did not immediately respond to a request for comment.). We only need 124 gifts to meet our goal of adding 1,500 financial contributions by the end of April, support that helps keep Vox free year-round. Sumner Redstone built his empire from a small regional chain of movie theaters. (Moonves has denied the allegations.) Former CBS Chief Joseph Ianniello Refutes Claims In - Deadline Ms. Redstone holds the remaining 20 percent of National Amusements through a separate trust. Washington, DC 20463, Federal Election Commission | United States of America. Five years later, Midway filed for bankruptcy, leaving the headstrong mogul and his headstrong daughter with one less thing to fight about. And Sumner himself has been completely shielded from his longtime friends and the public, who have not seen or heard from him. But by the summer of 2015, those relations had frayed. 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. 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. Donor Lookup OpenSecrets [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). A month later, Sumner Redstone had his other former companion, Manuela Herzer, escorted from his Beverly Park mansion. So far, Sharis latest effort to force the merger of CBS and Viacomboth of which Sumner still controls through his voting shareshas cost the Redstone family some $600 million, and CBSs other shareholders another $6.5 billion, as the price of the networks stock has sunk from around $70 a share to around $50 as investors anticipate a deal. As a journalism institution, CBS News boasts two of the most venerable titles in TV with 60 Minutes (regularly the most-watched news broadcast in all of TV, 12 million tuning in live to the most recent episode) and CBS Sunday Morning. Lawsuit Accuses Shari Redstone of Forcing ViacomCBS Merger 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. A native of Wyoming, she is a graduate of the University of Colorado and Columbia University. According to The Hollywood Reporter on Tuesday,. Redstone has been president of National Amusements Inc. since 2000 and served as executive vice president of NAI from 1994 to 2000. %PDF-1.3 All rights reserved. This article is from the archive of The New York Sun before the launch of its new website in 2022. Herzers lawsuit plunged National Amusements and Viacom into turmoil. Learn how to enable Javascript in your browser. In May 2019, Ms. Redstone made an appearance at a lavish fete at the Plaza hotel thrown by CBS to court business during its annual presentation to advertisers. August 16, 2019. If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for 65 per month. Redstone's father, Michael (Mickey), was a liquor wholesaler, nightclub owner . A CBS suit against Ms. Redstone over control of the company was dismissed in May 2018 as CBS Chief Leslie Moonves was ousted due to sexual misconduct. CBS CEO Les Moonves was one of the 11. The Hollywood Reporter is a part of Penske Media Corporation. Shari Redstone | Keynote Speaker | AAE Speakers Bureau Shari Redstone is board chair. She just was a step behind in a lot of ways and treated poorly, this person continued. A rep for Kelly declined to comment. . By Todd Williamson/Invision/AP/REX/Shutterstock. Shari Redstone net worth: Shari Redstone is an American media executive who has a net worth of $500 million. As private citizens, board members at Viacom and others make donations to political parties and candidates all the time, he said. 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. Subscribe for full access to The Hollywood Reporter. Shari Redstone takes on media industry after CBS victory He overhauled the management of the moribund Paramount and tossed out senior TV executives. 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. 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]. personalising content and ads, providing social media features and to This week's $12bn deal to reunite the two companies has been Ms Redstone's crowning victory. |iuRH4h?Z&Su}Yc_c^ |[x=fC#yP6)Y3O3$z.7YUD6F(rx+Kq2*XWJ.M|2>=Fur2` << /ProcSet [ /PDF /Text ] /ColorSpace << /Cs1 7 0 R >> /Font << /F1.0 8 0 R 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. ! and she noted that her father thinks the threat of not being allowed to go to his funeral will motivate me. In July 2015, after she met with her father in Los Angeles, she wrote Tyler that your grandfather says I will be chair over his dead body., Herzers lawsuit alleges that Shari had the nurses around her father spy on Herzer and turn Sumner against her, in an effort to eliminate her and Holland from his life. And then, on October 12, 2015, with Sharis help, Sumner evicted Herzer from his house, which the latter described as a critical step in [Sharis and Tylers] larger conspiracy to take control of Sumners media empire. In an e-mail days later to Tyler, Shari explained the true underlying purpose for this conspiracy, according to Herzer: to undue [sic] all of the legal documents, letters and affidavits that he done against me.. 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. Shari Redstone Explores Plan to Launch Fox News Competitor (Exclusive) CBS's board then offered Shari Redstone the position of non-executive chair, but she declined. Wrote Herzer in her complaint, Sumner soon began making clear through public statements that he did not want Shari to exert influence over Viacom or CBS or to replace him as the head of Viacom or CBS. In February 2007, Sumner wrote the trustees of one of his trusts that Shari does not have the requisite business judgment and abilities to serve as chairman of the three companies: National Amusements, Viacom, or CBS. 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 . Tragically, it is likely that no one will hear from Sumner ever again and that Shari will only give up this charade once [Sumner] passes away and she receives his 80 percent control of [National Amusements]or, on other words, only when she achieves, contrary to Sumners well-documented wishes, complete ownership and control over CBS and Viacom, the goal she has had in mind all along., 2023 Cond Nast. Any changes made can be done at any time and will become effective at the end of the trial period, allowing you to retain full access for 4 weeks, even if you downgrade or cancel. 13 0 obj Through National Amusements, Redstone and her family are majority owners of CBS, Comedy Central, BET, Showtime Networks . Advertisement Sumner Redstone handed a media empire to his daughter, Shari, who now controls its fate. The other 10 . They also shared an iron will that helped Ms. Redstone to succeed her father as the leader of the family empire. 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 . 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 . Forty years ago, you wouldnt be seeing people taking that kind of bet on a woman.. Mr. Redstone also made donations to a Viacom political action committee that splits its donations fairly evenly between the parties. For a full comparison of Standard and Premium Digital, click here. April 21, 2023 4:53pm. Shari Redstone, in blue, and other VicaomCBS executives applauded the opening bell at Nasdaq Dec. 5, 2019, in celebration of the company's merger. and attorneys fees under ECPA, according to the filing. This Redstone plan for a new TV service also would have a streaming component. The Redstone family investment firm, National Amusements Inc., controls nearly 80% of CBS' and Viacom's voting shares. 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. She declined the role of non-executive chairman of both CBS and Viacom. Shari Redstone is an American media executive with a diverse history in the entertainment industry and related businesses. Look at totals and trends, and see how candidates and committees raise and spend money. But her path to power, like most things involving the Redstone family, was contentious. None of the members of Viacoms board consented to be interviewed for this story. But investors are unconvinced . Shari Redstone - Wikipedia there is nothing more to be said. He invested in programming and made acquisitions to broaden Viacoms reach. He has made how he feels about me perfectly clear., In September 2014, according to Herzers complaint, Sumner was briefly hospitalized, resulting in a major dispute with Shari about his treatment. At the height of the conflict when the patriarch was well into his 80s and still a Hollywood force Mr. Redstone tried to buy out his daughter and publicly stated that she was not qualified to lead National Amusements, the parent company of Viacom and CBS, which he had inherited from his father and built into a giant.

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