Sumner Redstone's media empire dates back to the 1950s. - Business Insider [30] In January 2021, a Delaware judge said former CBS shareholders could sue Shari Redstone for pressuring the company to enter the merger,[31] and in 2022, Redstone and Viacom sued a group of insurers for refusing to cover legal bills incurred by the court battle. She also pursued a degree in social work after volunteering at a trauma center for abused children. Its awesome. In a September 2014 e-mail to Tyler, Shari wrote about why she rejected the $1 billion offer: Why would I ever give [Sumner] his dying wish of peace when he never gave me any peace during my whole life. She wrote her daughter, in October 2014, after she had called her grandfather, I cant believe you keep calling him when he could not make it any clearer that all of us could drop dead and it would be the happiest day of his life. That same day, to all of her children, Shari wrote, It could be [sic] not be more clear that the only people in the entire world who your grandfather doesnt care about, and [in] fact is willing to hurt, damage, and destroy are the four of us., In a January 2015 letter, Sumner asked his daughter to sign releases agreeing that she would not sue either Herzer or Sydney Hollandanother live-in girlfriendafter his death. Redstone has been president of National Amusements Inc. since 2000 and served as executive vice president of NAI from 1994 to 2000. He gave the maximum $2,000 to Mr. Kerrys presidential campaign and supported Vice President Gores 2000 presidential bid as well. She has gotten it to the point where the bid and the ask spread is down to around $3 billion. You can still enjoy your subscription until the end of your current billing period. Shari Redstone - $93,300 in Political Contributions for 2012, Campaign Finance, Money, American politics, American political campaign contributions, presidential campaign contributions . offers FT membership to read for free. Shari Redstone's $30 Billion Triumph at CBS and Viacom - Intelligencer Do not fill this out if you are a person. He refers to himself a "liberal Democrat . Shari Redstone | Keynote Speaker | AAE Speakers Bureau 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. Only 7% of the largest U.S. companies in Standard & Poors top index have a woman as a board chair, according to Fenwick & West, a Mountain View, Calif., law firm. She refocused her attention on Advancit Capital, an investment firm she co-founded in 2011. 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 . I am so proud to be his daughter and I will miss him always.. Mr. Redstone with Ms. Redstone, when she received an award from the Boys and Girls Club of Queens in 2000. The Hollywood Reporter is a part of Penske Media Corporation. Around Wall Street these days, there is consensus that Shari Redstone has been keen to sell or to merge what she is now calling Paramount Global, and what many think of as the ill-fated re-combination of CBS and Viacom. By Lisa Johnson Mandell. Redstone runs an incredibly outstanding organization, Mr. Feldberg said. Keep abreast of significant corporate, financial and political developments around the world. Lawyers and bankers have been hired. Shari Redstone - $5,400 in Political Contributions for 2016, Campaign Finance, Money, American politics, American political campaign contributions, presidential campaign contributions . Does the fate of a potential $14 billion Wall Street merger all come down to Shari Redstones feud with her father? Shari Redstone, the president of National Amusements, who controls both Viacom and CBS, has explored options for launching a conservative-leaning news network that would go head-to-head with Fox . Shari Redstone is a media executive with wide-ranging experience in the entertainment industry and related ventures. Those were largely symbolic moves, since his stake in the companies gave him firm command. As The Wall Street Journal recently reported, Shari Redstone would like to ensure that Bakish will succeed Moonves, who is 68. The media heiress, who defeated a series of rivals to win control of ViacomCBS in. 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. It Was Business, It Was Personal: The Redstones' Father-Daughter Feud Shari Redstone is emerging from the long shadow of her larger-than-life father, Sumner Redstone. 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. Premium access for businesses and educational institutions. Mr. Cohen, the former Republican senator from Maine and secretary of defense under President Clinton, has made modest donations to a few GOP candidates. 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. Redstone, the daughter of media mogul Sumner Redstone, is chairwoman of media empire ViacomCBS. Shari Redstone at the Sun Valley Conference in Idaho, 2017. Standard Digital includes access to a wealth of global news, analysis and expert opinion. Mr. Folta said the political contributions of board members were not unusual. A source says the idea for that network was in the works before the Pluto acquisition. Shari Redstone 117 . In July, Mr. Freston and Mr. Moonves replaced Mel Karmazin, another prolific Democratic donor, who left the company after reportedly clashing with Mr. Redstone. Rupert Murdoch May Be Forced to Testify in Dominion's Defamation Suit Against Fox. 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, sources tell The Hollywood Reporter. 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. Shari Redstone - Forbes 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 . 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 . $100. Why did Dan Rather think he could get away with this or stonewall it? Scarlett Johansson. Will Newly-Merged ViacomCBS Boldly Go After Other Media Assets? 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. Most referred questions to a Viacom spokesman, Carl Folta. The only Republican candidates the Viacom chief has supported directly are Senator Hatch of Utah, whom he gave $2,000, and Senator McCain of Arizona, who got $1,000 from him. He called his daughter a credible candidate, while also floating the notion of buying her out. VIAC Stock Is Only Worth Buying on the Chance the Real Owner Sells THR has learned that Pluto, which Viacom acquired in March for $340 million, is about to launch an as-yet-unannounced streaming conservative news and opinion channel. She successfully facilitated the 2019 $12 billion merger deal between CBS Corp. and Viacom Inc. She is the first woman to have such a large stake of a U.S. media business, controlling a $30 billion media empire. In this particular case, because of the personalities involved and the issue, its like the elephant in the tent, he said. After fighting off two of the most powerful men in Hollywood Mr Moonves and her own father . Shari Redstone - $93,300 in Political Contributions for 2012 But shes finally out from under her fathers shadow, and I think shes driven to make a name for herself and prove what else she can do.. . Meanwhile, the media industry was rapidly consolidating. Highlights, Drama, And The Best Parties From The 2023 White House Find elections. Redstone is the daughter of Phyllis Gloria Raphael and Sumner Redstone, and the sister of Brent Redstone. xMHa$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 To revist this article, visit My Profile, then View saved stories. (A judge eventually ruled in favor of Redstone.). For good measure, he said she isnt qualified to fill his shoes. Her father, Sumner Redstone, once dismissed her publicly as a lightweight who contributed little to the business. A business professor at Columbia, Meyer Feldberg, said he doubted the Viacom board members would jeopardize the company to advance their own political views. ViacomCBS chairman, Shari Redstone, is now betting she can super-size the flagging brand by leveraging the decades-old Star Trek, along with other fan-favorite franchises, as the cornerstone of a service recrafted and renamed Paramount+. 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. 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 has no plans to launch a conservative news channel to compete with Fox News, reps for the billionaire media heiress said. Mr. Redstones death has bolstered his daughters influence over National Amusements. How Work Marketplace Site Upwork Makes Life More Accessible For Freelance Worker Shari Stephens, Hedge Fund Stock Dump Crushes The Soaring Fortunes Of ViacomCBS Shari Redstone, To Boldly Go Where All Have Gone Before: ViacomCBS Bets On Star Trek To Launch Paramount+, End Of The Drama: Sumner Redstones Death Leaves Only One Intrigue For ViacomCBS, ViacomCBSs Downward Spiral Is Accelerating As Talk Of Unraveling Grows, From Newcomer Ava DuVernay To Veteran Oprah, Meet 2019s Most Powerful Women In Entertainment, MacKenzie Bezos Makes Forbes 400 Debut; Shari Redstones Forbes Exclusive: Your ForbesWomen Updates, Exclusive: For the First Time Shari Redstone Tells Her Side Of The Battle To Merge Viacom And CBS, The Labors Of Shari Redstone: Reclaiming A Family Legacy, Shari Redstones Dream Fulfilled; Why Your Business Vision Needs Support; Alexis Ohanian Pushes For Parental Leave: Your ForbesWomen Updates, CBS And Viacom Announce Plans To Merge, Finally Fulfilling Shari Redstone's Dream On 3rd Try, Shari Redstone And The Living Legacy Of Her Father's Media Empire. Herzers lawsuit plunged National Amusements and Viacom into turmoil. 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. It Was Business, It Was Personal: The Redstones Father-Daughter Feud, https://www.nytimes.com/2020/08/12/business/media/shari-redstone-sumner-redstone-viacomcbs.html. ! 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 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. Shari Redstone is board chair. May 20, 2019. During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages. Sumner Redstone, executive chairman of CBS and Viacom, pulled in $93.4 million this past fiscal year. 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. What you missed at CinemaCon 2023. A lock ( LockA locked padlock ) or https:// means you've safely connected to the .gov website. xXMoFWLoE,-z`UVj If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for 65 per month. President Trump yet again berated 60 Minutes for its coverage of the Covid-19 pandemic. He gave the maximum $2,000 to Mr. Kerry's presidential campaign and supported Vice President Gore's 2000 presidential bid as well. The ups and downs were complicated by his illness and his tabloid-fodder private life. Mr. Redstone ceded his role as executive chairman at Viacom and CBS in early 2016. Shari, however, always wanted to keep them together. The potential merger represents a thorny headache in both the Redstones personal and professional lives. For the past couple of decades, when media exec Shari Redstone came home, she'd relax in a sprawling mansion in Westwood, MA. The deal is subject to regulatory approvals, but the new company is already taking shape. Bakish and CBS acting chief, Joseph Ianniello, must fuse together two different cultures and navigate the shift to streaming services. 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. This week's $12bn deal to reunite the two companies has been Ms Redstone's crowning victory. Explore current and historic federal campaign finance data on the new fec.gov. 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! We use 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. Washington, DC 20463, Federal Election Commission | United States of America. commentary and analysis you can trust. All rights reserved. His daughter, Shari Redstone, has effectively controlled Viacom and CBS for several years as Sumner Redstone has dealt with healthRead More By. Ms. Redstone did not wither. Shari Redstone - $5,400 in Political Contributions for 2016 Todd Williamson/Invision, via Associated Press. Father-daughter duos are rare in the upper echelons of corporate America, and combative ones even more so, said Rita McGrath, a professor at Columbia Business School and the head of its Women in Leadership program. Why is Frank McCourt really pushing it? Viacoms chairman and chief executive, Sumner Redstone, is a self-described liberal Democrat and a prolific donor to Democratic campaigns. [18] Redstone and her partners then sold Rising Star Media to Russian theater operator Cinema Park in 2011. With the $1.6 billion Dominion lawsuit threatening to hobble Fox News, the ink on his divorce to Jerry Hall still wet, and his broken engagement to Ann Lesley Smith even fresher, its been a chaotic 12 months for the 92-year-old conservative media baron. 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. Investigative reporter Ronan Farrow revealed allegations of several women who accused Moonves of sexual misconduct in the 1980s and 1990s. (Moonves has denied the allegations.) Paramount Gets $167 Million Settlement In CBS Shareholder Lawsuit cookies Redstone, the daughter of media mogul Sumner Redstone, is chairwoman of media empire ViacomCBS. Redstone holds the remaining 20 percent of National Amusements through a separate trust. Viacom asked for an exchange ratio of .68, which would value Viacom at around $14 billion. [11] Redstone has expanded the company's international footprint and its exploration of new technologies. 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. - Age The two men who act as co-chief operating officers of Viacom, Leslie Moonves and Thomas Freston, also favor Democrats. Official websites use .gov Its also unclear whether she will back off her request to have Bakish succeed Moonves when the time comes. Simply log into Settings & Account and select "Cancel" on the right-hand side. In the 2000 presidential campaign, Mr. Moonves, who oversees CBS, gave $1,000 each to Mr. Gore and Senator Lieberman of Connecticut. He communicates partly through an iPad programmed with his voice with, reportedly, three responses: yes, no, and fuck you. 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. Herzer is seeking $100 million in compensatory damages as well as treble and punitive damages under RICO He invested in programming and made acquisitions to broaden Viacoms reach. A native of Wyoming, she is a graduate of the University of Colorado and Columbia University. As a subscriber, you have 10 gift articles to give each month. Within a few months, she and Sumner Redstone removed Dauman and his ally from the familys investment firm, which provoked a high-stakes lawsuit. 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 .
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