How #MeToo and boardroom politics collided with the Redstone media empire :I All three are involved with National Amusements. Rather must have felt comfortable, not only because this is his bias but because he knew the parent company was comfortable with this kind of frontal attack on Bush, said Mr. Kincaid, whose group has tangled with CBS for years about its news and entertainment programming. !CF`Bb3uwp#9 e_JVk|3$dN fd7)u=tncQT_v"`UguwE)U^/HICGjK>0pawBW=suLH.j}J,5l#e96 ^0a(B:@/L*0519P2a~,uV(g:`GaHv1 ^'_B^J ^FQ'?p./{3HJj$pLV.OH!Cp(P;SS@' t],;4z`V ?DNtx_%~,S)-p^pPG:WM1m8ZY:mbf@A.cW$b.04+QkJoi#iY)+6Ak"p94[f?OAbg(K{ -fMpbSf0;IS]&! Vin Diesel goes off script. [42] Redstone recently joined the board and executive committee of "Our Time", a mass-membership organization that stands for the economic interests and political inclusion of young Americans aged 1830. Before that, she was the vice-chairperson of Viacom and CBS Corporation. He just settled this one. Sumner Redstone died Tuesday at age 97, National Amusements said in a statement Wednesday. The Redstones prevailed, and Dauman, who presided over Viacom as its value plummeted, resigned. Paramount Gets $167 Million Settlement In CBS Shareholder Lawsuit Shari tried once before to effect a merger between Viacom and CBS, in 2016, but that effort went nowhere. This week's $12bn deal to reunite the two companies has been Ms Redstone's crowning victory. Ms. Redstone, 66, keeps a much lower profile. He overhauled the management of the moribund Paramount and tossed out senior TV executives. Mr. Redstone also made donations to a Viacom political action committee that splits its donations fairly evenly between the parties. The main trust owns controlling shares in National Amusements, which in turn controls about 80 percent of the voting rights in ViacomCBS, the company that resulted from a 2019 merger led by Ms. Redstone. The Court ruling . $50. We use Sumner Redstone | Biography & Facts | Britannica Shari Redstone Explores Plan to Launch Fox News Competitor (Exclusive) 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. xXMoFWLoE,-z`UVj 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. Just a few years ago, Shari Redstone was on the outs of her familys far-flung media empire. But Shari Redstone has managed to hang on to her 20% stake in the family business. . 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. 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. Sumner Redstone built his empire from a small regional chain of movie theaters. Viacom, first under Philippe Dauman and now Bob Bakish, has floundered, especially as children and young adults have reduced their viewership of Nickelodeon, MTV, and Comedy Central, three of its most well-known cable channels, or cut the cord entirely. The Viacom-CBS dust has settled. But who is Shari Redstone? - Los 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. Ms. McGrath pointed to Ms. Redstones skill in assembling allies under pressure, adding, She was actually incredibly effective at pulling together a coalition of very smart people who were willing to challenge Sumner, who were basically betting their careers that shed be able to come out on top. Roy Wood Jr. Roasts POTUS, VP Harris "Scandal," Tucker Carlson & "A* 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. Shari Redstone - $5,400 in Political Contributions for 2016, Campaign Finance, Money, American politics, American political campaign contributions, presidential campaign contributions . Sumner Redstone, who built National Amusements into a media empire, died Tuesday at 97. (Shari Redstone declined to comment, as did her attorney, Betsy Burnett, and her spokesperson, Sara Evans. The Hollywood Reporter: Shari Redstone to be Honored with Simon 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.. 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. Two other members of the board, Joseph Califano and William Cohen, held cabinet posts under Democratic presidents. A receiving line of network executives and on-air stars lined up to greet her as trays of mini cheeseburgers and pinot noir circulated. We need more women in leadership positions.. Why is L.A.s iconic skyline far from the beach unlike Miami, Seattle and other cities? 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. 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. It Was Business, It Was Personal: The Redstones' Father-Daughter Feud 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 . 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. << /Length 14 0 R /N 3 /Alternate /DeviceRGB /Filter /FlateDecode >> 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. As a condition of the September 2018 settlement, she agreed to not try to orchestrate a merger with Viacom for at least two years. The case was eventually settled. An Ohio health care executive who sits on the Viacom board, Robert Walter, has supported Republicans from his home state. All Rights Reserved. sumner redstone political affiliation 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. 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. Todd Williamson/Invision, via Associated Press. Will Shari Redstone Find A Buyer For A Combined CBS-Viacom? The material on this site is protected by copyright law and may not be reproduced, distributed, transmitted, cached or otherwise used. And Sumner himself has been completely shielded from his longtime friends and the public, who have not seen or heard from him. But on Tuesday the boards of CBS and Viacom agreed to reunite the two Redstone-controlled companies that were torn apart 13 years ago. A former CBS-Viacom exec says Redstone has sat in on multiple meetings about the potential venture, though this person doesnt think Redstones idea arises from ideology. In 2006, Ms. Redstone became nonexecutive vice chairwoman of both CBS and Viacom. The elderly mogul was reeling from one of the womens betrayal and prone to crying spells. In a December 2015 letter purported to have been sent by Sumner, according to Herzers filing, Sumner wrote that it was now his intention that Shari succeed him as non-executive chairman of both CBS and Viacom after my death. A month later, another Sumner missive to Shari surfaced. One insider says Redstone thinks Fox News, whose top shows are hosted by Sean Hannity, Tucker Carlson and Laura Ingraham, has gone crazy in the Trump era as it also grapples with the sexual harassment-tainted legacy of network founder Roger Ailes. What seems to be driving Shari Redstone is familial score-settling, a quest for victory over her father, who never wanted her to have a role in either Viacom or CBS. Sumner Redstone, executive chairman of CBS and Viacom, pulled in $93.4 million this past fiscal year. 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. In 2014, as it was later revealed, Sumner tried to buy. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy. But her path to power, like most things involving the Redstone family, was contentious. Viacoms chairman and chief executive, Sumner Redstone, is a self-described liberal Democrat and a prolific donor to Democratic campaigns. An official website of the United States government. Shari Redstone takes on media industry after CBS victory Im not very happy right now, Judge Eric Davis told Fox News attorneys. But some on CBS board were wary. Their strong working relationship ensures that Redstone no longer will be the subject of boardroom resistance. A political committee that makes only independent expenditures and does not make contributions to candidates, parties or other political committees unless they are also independent expenditure committees. Inside Shari Redstone's Twisted Plot to Breed Viacom and CBS [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). Mr. Redstones death has bolstered his daughters influence over National Amusements. Shari Redstone Bio, Age, Family, Husband, Children, Salary, Net Worth 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 obtained her 20 percent interest in National Amusements through a 2002 divorce agreement with Sumners first wife and her mother, Phyllis. ViacomCBS's Shari Redstone says media company will focus on organic Ms. Redstone did not wither. Herzer sued, claiming Redstone had lost his mental capacity. VIAC Stock Is Only Worth Buying on the Chance the Real Owner Sells In 1999, another board member, investor Jan Leschly, gave $350 to a former New Jersey governor, Christine Todd Whitman, for a Senate bid. This includes serving as Chair of the Board of Directors of Paramount Global as well as Chair, CEO, and President of National Amusements, a world leader in the motion picture exhibition industry. The Muscle Behind Shari Redstone's War | Vanity Fair The Redstone family investment firm, National Amusements Inc., controls nearly 80% of CBS' and Viacom's voting shares. Eleven of the 14 board members supported a proposal to issue a dividend that would dilute Shari Redstone's controlling stake in the broadcaster. 13 0 obj |iuRH4h?Z&Su}Yc_c^ |[x=fC#yP6)Y3O3$z.7YUD6F(rx+Kq2*XWJ.M|2>=Fur2` To revist this article, visit My Profile, then View saved stories. Special committees of each board have been appointed to try to negotiate a deal. Witnesses offer conflicting accounts, Mars Voltas lead singer broke with Scientology and reunited with the band. Shari Redstone - $5,400 in Political Contributions for 2016 Sumner Redstone has never been a particularly gracious husband, brother, or father to his two children. As The Wall Street Journal recently reported, Shari Redstone would like to ensure that Bakish will succeed Moonves, who is 68. endobj A peek at this week's ForbesWomen newsletter, which every Thursday brings headlines about the world's most powerful women straight to your inbox. Three Highest-Paid Executives in Entertainment are Dem Donors 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. They were hoping that would please Wall Street, but instead the stock dropped sharply. CBS CEO Les Moonves was one of the 11. Shari, however, always wanted to keep them together. Days before trial is set to begin, Dominion has been granted permission to conduct additional depositions. Shari Redstone Net Worth 2023: Age, Height, Weight, Husband, Kids, Bio Their main sticking point was one that plagues many family businesses: succession. He gave the maximum $2,000 to Mr. Kerrys presidential campaign and supported Vice President Gores 2000 presidential bid as well. 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 political committee authorized by a candidate to accept contributions or make expenditures on behalf of that candidate. Shari set about doing just that. She finally won. Investigative reporter Ronan Farrow revealed allegations of several women who accused Moonves of sexual misconduct in the 1980s and 1990s. When an unflattering 2015 Vanity Fair profile highlighted her father's declining health and influence of two of . Subscribe for full access to The Hollywood Reporter. Keep abreast of significant corporate, financial and political developments around the world. Kimberlee, 38, is a lawyer. If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for 65 per month. What you missed at CinemaCon 2023. Investors have enjoyed high market returns for decades, and if that trend might change going forward, smart planning becomes even more essential. Shari Redstone net worth: Shari Redstone is an American media executive who has a net worth of $500 million. CBS-Viacom Made Shari Redstone the Most Powerful Woman in Town organisation [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. In July 2007, Sumner faxed a letter to Forbes rejecting his daughters efforts to succeed him on the Viacom and CBS boards. It wasnt until the elder Redstones health deteriorated that she was able squeeze back into her fathers orbit. Highlights, Drama, And The Best Parties From The 2023 White House In the article, they both gushed about the gifts and money they had been given. In the past six years, Mr. Redstone has given $50,000 to Democratic campaigns and party committees, according to filings with the Federal Election Commission. . 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. Premium access for businesses and educational institutions. Tuesdays agreement, he said, vindicates the strategy that shes had.. In this particular case, because of the personalities involved and the issue, its like the elephant in the tent, he said. [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. Around that time, Ms. Redstone and Mr. Redstone made peace. 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. Shari has been pretty adamant about this combination, said Daniel A. Lyons, a professor at Boston College Law School. Ad Choices. For good measure, he said she isnt qualified to fill his shoes. [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. Over a 25-year period, he poured more than $500 million into Midway. The two often clashed over executive compensation and board member selection. 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. Shari insisted on dissenting, Sumner told Forbes. CBS, under the leadership of Les Moonves, has performed well and its stock has appreciated. Instead, he surrounded himself with younger girlfriends and business cronies. The changing economics have created a sense of urgency among major Hollywood studios to fortify themselves by bulking up. 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.. She just was a step behind in a lot of ways and treated poorly, this person continued. . there is nothing more to be said. According to Herzers lawsuit, and the documents she has obtained as a result of filing it, the feuding between Shari and Sumner began in 2007 after Shari voted to block a $105 million charitable gift that Sumner wanted to make to hospitals in Massachusetts and California. Shari Redstone, who has emerged as the leader of ViacomCBS, in 2016. Redstone is the daughter of Phyllis Gloria Raphael and Sumner Redstone, and the sister of Brent Redstone. Redstone has been president of National Amusements Inc. since 2000 and served as executive vice president of NAI from 1994 to 2000. According to insiders, Redstone could rebrand one of the existing Viacom channels and presumably would insulate CBS News from the new offering. 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