Father and daughter also joined forces to fight the Viacom board, which challenged Mr. Redstones mental competency in court in 2016. On the surface, the two seemed unalike. But it was former Viacom Chief Executive Philippe Daumans plan to sell Paramount Pictures that bonded father and daughter. Redstone, as board chair, joins an elite group of women. xXMoFWLoE,-z`UVj In an email to that donor, Redstone was described as "a 501(c)4 political organization formed specifically to influence the election in NY-03," and the donor was told that should he decide to . 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. An Ohio health care executive who sits on the Viacom board, Robert Walter, has supported Republicans from his home state. When you find what you need, export results and save custom links. Earlier this decade, two women had ensconced themselves in Sumner Redstones life and he lavished them with gifts valued at $150 million. He gave the maximum $2,000 to Mr. Kerry's presidential campaign and supported Vice President Gore's 2000 presidential bid as well. . 2023 The New York Sun Company, LLC. A peek at this week's ForbesWomen newsletter, which every Thursday brings headlines about the world's most powerful women straight to your inbox. 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. Shari Redstone at the Sun Valley Conference in Idaho, 2017. Shari Headley. A lock ( LockA locked padlock ) or https:// means you've safely connected to the .gov website. 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 $670 million from her personal net worth. Shari Redstone, in blue, and other VicaomCBS executives applauded the opening bell at Nasdaq Dec. 5, 2019, in celebration of the company's merger. You can only have so many alphas in one room, she said. Redstone, a lawyer by training, repeatedly declined to talk about many of the battles granular details, including her dealings with Les Moonves, with whom CBS is currently involved in arbitration. Redstone has been president of National Amusements Inc. since 2000 and served as executive vice president of NAI from 1994 to 2000. The structure of the empire built by Mr. Redstone is complex but Ms. Redstone is at the top. One member of the Viacom board who has attracted considerable attention in recent months is Mr. Redstones daughter and possible successor, Shari. Other. In late 2016, Bakish was named Viacoms CEO and he began working to rebuild the company. Key Points. . Mr. Cohen, the former Republican senator from Maine and secretary of defense under President Clinton, has made modest donations to a few GOP candidates. {xO$S]%&7g>r=g8` The Court ruling . Will Shari Redstone Find A Buyer For A Combined CBS-Viacom? Do Not Sell or Share My Personal Information, Musk said hed never settle an unjust legal case against him. CBS, under the leadership of Les Moonves, has performed well and its stock has appreciated. New CNN Show Won't Be Political, Hosts . Brandon, 36, is a real-estate developer. Shari Redstone won a round in her fight with . That's a market cap of $25.4 billion, less than this year's expected sales of $26 billion. After Viacom purchased Paramount Pictures in 1994, Sumner Redstone hailed the moment as his arrival in the media big leagues. 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.. % 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. $50. 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. Then he gave up his board seats. [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. 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! 13 0 obj Though Shari Redstone is eager to sell a combined CBS-Viacom, finding a buyer may not be easy. 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. In his most consequential battle, he took on his daughter, Shari E. Redstone. In an additional 14% of those S&P 100 firms, a woman was lead director another key board post. 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. [28], On August 13, 2019, the Associated Press reported that Shari Redstone had become the chair of the board for the reuniting of CBS and Viacom as ViacomCBS, today known as Paramount Global. $100. In July, Mr. Freston and Mr. Moonves replaced Mel Karmazin, another prolific Democratic donor, who left the company after reportedly clashing with Mr. Redstone. 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Her father, Sumner Redstone, once dismissed her publicly as a lightweight who contributed little to the business. They shared an iron will that helped Ms. Redstone to succeed her father. He invested in programming and made acquisitions to broaden Viacoms reach. He contributed $2,000 to Mr. Kerry and has given nearly $30,000 to Democratic groups and candidates in the past six years. There was almost willful destruction of MTV, VH1 and all of those iconic brands, said Jeffrey Sonnenfeld, a professor at Yale School of Management. He called his daughter a credible candidate, while also floating the notion of buying her out. [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. Currently, she serves as the chairperson of ViacomCBS after she oversaw the merging of CBS and Viacom Inc in 2019. organisation convention or caucus of a political party that has authority to nominate a candidate, for the office sought by the candidate." . By Todd Williamson/Invision/AP/REX/Shutterstock. The two men who act as co-chief operating officers of Viacom, Leslie Moonves and Thomas Freston, also favor Democrats. Now, the challenge will be integrating two companies that have been separate for more than a decade. In a statement on Wednesday, Ms. Redstone said, Through it all, we shared a great love for one another and he was a wonderful father, grandfather and great-grandfather. 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. In early 2018, Redstone again tried to get CBS to entertain the Viacom merger. 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 . 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. CBS first offered Viacom shareholders an exchange ratio of .55 a CBS share for each Viacom sharean offer worth around $11 billion today. Before that, she was the vice-chairperson of Viacom and CBS Corporation. Fox's best efforts to keep the 92-year-old media moguland his son Lachlan off the stand appear to be faltering, with the judge saying he wouldn't stand in the way of Dominion subpoenaing the Murdochs. By then, though, tensions were mounting. Shari Redstone, chair of Paramount Global and president and CEO of National Amusements, will receive the Humanitarian Award at the Simon Wiesenthal Center . Mr. Redstone also made donations to a Viacom political action committee that splits its donations fairly evenly between the parties. She has gotten it to the point where the bid and the ask spread is down to around $3 billion. Soon shell be left with nothing but Judge Judy and The Peoples Court. Well save further comment for when the case is dismissed. A representative for Korff did not immediately respond to a request for comment.). The investor community still seems to think that the right move could be to just . Media observers wonder whether Redstone will position ViacomCBS Inc. for a sale or if she will tighten her grip. In May 2019, Ms. Redstone made an appearance at a lavish fete at the Plaza hotel thrown by CBS to court business during its annual presentation to advertisers. The Redstones prevailed, and Dauman, who presided over Viacom as its value plummeted, resigned. Over the years, Shari Redstone would tell her tough-as-nails father that. She declined the role of non-executive chairman of both CBS and Viacom. Shari Redstone is an American media executive with a diverse history in the entertainment industry and related businesses. The board needs to be involved, so to speak, prophylactically, a business ethics specialist at the Conference Board, Ronald Berenbeim, said. 8rdWT'eL~.u"A=9]>313X3-$e}u,gmg664$EzL*LZ_j_]Xy[?Xs N/]|msk_WfA2)oz-di2|mj|5ej8eE7[Q|IM%xf)|6\ k`. imagine this as a "let me see your hands " moment for the . 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. Im very sure that the chairman and CEO would not allow the board of the company to be compromised by individual political agendas.. Shari Redstones appointment to lead the remerged Viacom and CBS was unexpected by almost anyone who has followed the battles within this family media business. Premium access for businesses and educational institutions. Dan Rather is obviously an important person. [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). Redstone runs an incredibly outstanding organization, Mr. Feldberg said. Shari Redstone, Sumner's daughter who was estranged from her father for much of his life but reconciled with him in his final years, effectively took over his empire in 2016 after a long,. Theyve never gone against my wishes. In June 2014, Shari acknowledged this ongoing antipathy. All Rights Reserved. Receipts are reported periodically, according to the filer's reporting schedule. In 2008, Mr. Redstone announced that his daughter would leave the boards of Viacom and CBS. In a September 2014 e-mail to Tyler, Shari wrote about why she rejected the $1 billion offer: Why would I ever give [Sumner] his dying wish of peace when he never gave me any peace during my whole life. She wrote her daughter, in October 2014, after she had called her grandfather, I cant believe you keep calling him when he could not make it any clearer that all of us could drop dead and it would be the happiest day of his life. That same day, to all of her children, Shari wrote, It could be [sic] not be more clear that the only people in the entire world who your grandfather doesnt care about, and [in] fact is willing to hurt, damage, and destroy are the four of us., In a January 2015 letter, Sumner asked his daughter to sign releases agreeing that she would not sue either Herzer or Sydney Hollandanother live-in girlfriendafter his death. In 2006, Ms. Redstone became nonexecutive vice chairwoman of both CBS and Viacom. << /Length 5 0 R /Filter /FlateDecode >> [21], On February 3, 2016, her father resigned as CBS executive chairman after questions arose about his mental competency. Around that time, Ms. Redstone and Mr. Redstone made peace. All rights reserved. *:XgQJBm1THt#b~$)cb87cBiQ1H45 Q[tg;:n6_)0' A $300-million (minimum) gondola to Dodger Stadium? Sumner Redstone, who built National Amusements into a media empire, died Tuesday at 97. In the 2000 presidential campaign, Mr. Moonves, who oversees CBS, gave $1,000 each to Mr. Gore and Senator Lieberman of Connecticut. 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. These committees may solicit and accept unlimited contributions from individuals, corporations, labor organizations and others. Even if you wanted to sabotage the company, it would be hard to do more damage than [previous management] did.. (One argument for the merger is that it would make CBS more global and would allow it to leverage Paramount, the movie studio, though these benefits would likely be outweighed by the drag of Viacom's cable channels.) But investors are unconvinced . Daughter and father at a charity dinner in 2005. 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. William D. Cohan. cookies 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. The other 10 . 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. In both dayparts, ABC and NBC have been locked in a relatively tight battle for No. Herzers lawsuit plunged National Amusements and Viacom into turmoil. 2-,$#*+6 SHaFsK!~/kvL)JB+_0a$~Sx{PKYw&> You may occasionally receive promotional content from the Los Angeles Times. Bakish and CBS acting chief, Joseph Ianniello, must fuse together two different cultures and navigate the shift to streaming services. You can still enjoy your subscription until the end of your current billing period. This time, he heavily criticized Norah O'Donnell and her interview with government whistleblower Dr. Rick . She finally won. Subscribe for full access to The Hollywood Reporter. The Redstone family investment firm, National Amusements Inc., controls nearly 80% of CBS and Viacoms voting shares. Compare Standard and Premium Digital here. We follow the money. Ms. Redstone, 66, keeps a much lower profile. He gave the maximum $2,000 to Mr. Kerrys presidential campaign and supported Vice President Gores 2000 presidential bid as well. So far, Shari's 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 CBS's other. 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. Redstone has approached current and former Fox News personalities about such a plan, sources say, and she has spoken with former NBC News host Megyn Kelly. To revist this article, visit My Profile, then View saved stories. 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. As private citizens, board members at Viacom and others make donations to political parties and candidates all the time, he said. making contributions to political campaigns that could influence voting on issues other than those that directly affected that specific corporation. Instead, he surrounded himself with younger girlfriends and business cronies. 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. Despite their political differences, employees at National Amusements seem to be happy. For the past couple of decades, when media exec Shari Redstone came home, she'd relax in a sprawling mansion in Westwood, MA. 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 had not been incorrect in perceiving, way back in 1983, that video games would be a significant part of the entertainment industrys future. Mr. Redstone with Ms. Redstone, when she received an award from the Boys and Girls Club of Queens in 2000. endobj Her grandfather was Michael Redstone, who was the original founder of National Amusements, the parent company that now owns the majority of the Redstone media empire. Meanwhile, non-Redstone CBS investors dont like the deal one bit. [22] The CBS board announced that Les Moonves replaced Sumner Redstone as CBS Chairman. 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. . Since the split, of course, the companies have followed very different trajectories. He overhauled the management of the moribund Paramount and tossed out senior TV executives. 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. The deal is subject to regulatory approvals, but the new company is already taking shape. Stay informed and spot emerging risks and opportunities with independent global reporting, expert Explore current and historic federal campaign finance data on the new fec.gov.
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