Viacom Chairman Sumner Murray Redstone was the multi-billionaire who was the leading shareholder of media conglomerate Viacom and CBS Corp.He was born Sumner Murray Rothstein on May 27, 1923, in Boston, Massachusetts. His father, Michael Rothstein, created National Amusements, a chain of three drive-in theaters, in 1936, after starting out with one drive-in in Valley Stream, New York. Operación que fue completada en el año 2000. Attended and graduated first in his class from the public prep school Boston Latin School (1940). Had Redstone, who died Wednesday at the age of 97, lived a few years longer, he may have witnessed his daughter's attempt to sell the family empire — something he once swore would never happen. The company reported an 8 percent drop in publishing sales and a 27 percent decline in advertising revenue. Originally attended Georgetown University Law School, but transferred to Harvard Law School and received his Bachelor of Laws degree from that institution. Sumner Redstone, with his daughter, Shari Redstone, at a luncheon in Beverly Hills, Calif., in 2012.  Sin embargo, en el año 2004, Redstone tuvo que sustituir al equipo de Jonathan Dolgen y Sherry Lansing después de que su racha de buenos resultados en taquilla llegara a su fin. He first made National Amusements one of the premier drive-in circuits in the country before turning to indoor exhibition. GET BREAKING NEWS IN YOUR BROWSER. Sumner's death does little to change that. Hasta 1967 no fue nombrado director general de la empresa. Finalizó su carrera en la Escuela de Derecho de Harvard. Should you save for retirement or pay down debt? Although criticized initially for paying too much for the company, Redstone helped pay for the acquisition by selling off some of its assets, including Madison Square Garden and its cable TV properties, and Simon & Schuster's educational publishing units. She co-runs a small media venture capital firm called Advancit with her son-in-law, Jason Ostheimer. https://t.co/JfUPB6QK8C pic.twitter.com/t4Enk8aYzL. In late 2015, former companion Manuela Herzer sued Redstone after he kicked her out of his estate. "I think she is more buyer than seller," said Rich Greenfield, a media analyst and partner at Light Shed, a technology and media research firm. , El 5 de septiembre de 2006, Redstone cesó a Tom Freston como presidente y consejero delegado de Viacom. Estos cambios fueron una sorpresa para muchos, ya que Freston había sido considerado por muchos como el heredero natural de Redstone al frente de la compañía. Was originally a lawyer for the U.S. Department of Justice before he left to join his father's theater chain, which evolved into National Amusements, the present-day parent holding company of Viacom. * Viacom Inc, known for producing pornographic videos & violence-inducing gangsta rap on its MTV station, is owned by the Jewish billionaire, Sumner Redstone. He left Harvard University after only barely completing three years of study when he was recruited by Professor Edwin O. Reischauer (later a U.S. Official Sites. At one point, controlled over 70% of the voting stock of Viacom, which is a subsidiary of National Amusements, his private family-owned company.National Amusements, whose president is Sumner's daughter (and probable successor) Shari E. Redstone, also owns a controlling interest (70%) of video-game maker Midway Games. Según la revista Forbes, su patrimonio está valorado en 5. Redstone controlled 80 percent of voting shares in National Amusements. Redstone next went after Paramount Pictures, a four-year process that ended with a friendly offer from Viacom for $10 billion in 1993. And what might she buy? He was 97. Before running National Amusements, Redstone worked with the U.S. federal government in various roles after he graduated from Harvard. CBS and Viacom agreed to merge in 2019, undoing the split Redstone carried out 13 years earlier. "We want to be everywhere where the consumer is. Tom C. Clark (quien más tarde fuera nombrado juez asociado de la Corte Suprema de los Estados Unidos, donde permaneció desde 1949 hasta 1967). Ford just unveiled its 2021 tech-savvy pickup — here's what's new, Amazon looking to get into the self-driving car business buys startup for $1B, Economic outlook as more Americans file for unemployment, 5 items you can sell for additional income, 5 practical reasons to put purchases on credit, Disney World workers petition to delay reopening of theme park, 500 Delta staff have tested positive for COVID-19 and 10 have died, Like us on Facebook to see similar stories, Massachusetts trooper fired over racial slurs, Chipotle struggles with staffing as coronavirus cases rise, Jim Cramer and David Faber on Sumner Redstone's legacy. "She's gone through some difficult situations and really handled it beautifully. Redstone hizo pública su dimisión como CEO de Viacom en 2006. Despite sagging TV ratings at Viacom, his vast shareholdings in Viacom and CBS led Forbes magazine to estimate his net worth at $4.6 billion. Dylan Byers is a senior media reporter for NBC News based in Los Angeles. Todd Williamson / Invision for LA friendly House/AP Images file. Redstone vendió sus acciones de Midway Games (tenía más del 89%) en diciembre de 2008. Shari Redstone pushed Viacom and CBS to merge and has had her eye on getting even bigger, according to people familiar with her thinking. That may sound large, but in today's world, ViacomCBS is competing against behemoths. El expresidente y consejero delegado de Viacom, Mel Karmazin (que entonces era el presidente de la CBS) propuso una fusión a Redstone. The day it aired, MTV Networks CEO Judy McGrath resigned. Famous for declaring that “content is king,” Redstone’s movie theater company National Amusements bought a controlling interest in Viacom in 1987 and … Sumner Redstone, the cantankerous media mogul who built Viacom, died Tuesday. legal maneuvers and corporate filings in 2016, acquired Paramount in 1994 for $10 billion. The corporate legal battle is over now; and the mentally declining 93-year-old mogul and his "recently reconciled" daughter, Shari Redstone (said to now be manipulating her formerly estranged father) have prevailed over longtime confidants and directors at Viacom. See you at the movies! Possessions don't count. He scooped up the Blockbuster video rental chain for its then-healthy cash flow, not knowing then that videotape rentals would collapse. En 1999 se divorciaron. Sumner attended Harvard College after graduating at the top of his class from the elite Boston Latin School, completing his bachelor of arts degree in three years during World War II, when college years were accelerated so that graduates could serve in the military. La tarea de hacerse con Paramount no fue sencilla, pues estaban interesados otros compradores, como Barry Diller (exconsejero de Vivendi Universal y CEO de IAC/InterActiveCorp) y John Malone (presidente de TCI/Liberty Media). Get Morning Report and other email newsletters. "Redstone's autobiography, "A Passion To Win" (co-written by Peter Knobler), was published in 2001 by Viacom's Simon & Schuster subsidiary. The New York-based author Michael Wolff, in Autumn of the Moguls, summed up Redstone as “a vainglorious old-school egomaniac with a striking head of orange hair … “I intend to live forever!” he told Upstart Business Journal in 2009. He explained that CBS Corporation, Paramount Pictures, and many other businesses would not have existed without Viacom. - IMDb Mini Biography By: Herzer described him as a “living ghost.” A judge rejected the suit, but Herzer continued to pursue legal action against Shari Redstone, alleging criminal racketeering. She can continue to acquire smaller businesses, such as Discovery, Univision, LionsGate, MGM, AMC and other smaller media companies. Her mission to grow ViacomCBS can take several paths. ViacomCBS stock closed at $26.24 on Wednesday after falling more than 1 percent, which signaled a negative market reaction to the news of Redstone’s death. The company also makes money by licensing its content to other services, like "South Park" (to HBO Max) and "Yellowstone" (to NBC's Peacock). Shari owns the other 20% through a separate trust. Después de que la CBS y Viacom dividieran sus caminos a fines de 2005, Redstone permaneció presidente de ambas compañías. Comcast, owner of NBCUniversal; AT&T, owner of WarnerMedia; Disney and Netflix all have enterprise values well over $200 billion.
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