Through National Amusements, Redstone and her family are majority owners of CBS, Comedy Central, BET, Showtime Networks . Compare Standard and Premium Digital here. But at a certain point, she may be able to do whatever she wants. 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. 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. 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. That girlfriend, Sydney Holland, left in September 2015. Redstone holds the remaining 20 percent of National Amusements through a separate trust. Before that, she was the vice-chairperson of Viacom and CBS Corporation. He contributed $2,000 to Mr. Kerry and has given nearly $30,000 to Democratic groups and candidates in the past six years. 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. Mr. Redstone with Ms. Redstone, when she received an award from the Boys and Girls Club of Queens in 2000. Norah O'Donnell, among other stars, held court until 2 a.m. n0%f|U9l 7?j`l7"tiNf]?uhgM Z4i[&LY_x Around that time, Ms. Redstone and Mr. Redstone made peace. . Redstone built his family's drive-in theater chain into a multibillion-dollar empire . Redstone runs an incredibly outstanding organization, Mr. Feldberg said. Shari Redstone is an American media executive with a diverse history in the entertainment industry and related businesses. You can still enjoy your subscription until the end of your current billing period. 2023 The New York Sun Company, LLC. 1050 First Street, NE Sumner and Shari E. Redstone in 2012. personalising content and ads, providing social media features and to 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. She cast the sole vote against his plan to renegotiate $800 million in debt. Forty years ago, you wouldnt be seeing people taking that kind of bet on a woman.. . 2-,$#*+6 SHaFsK!~/kvL)JB+_0a$~Sx{PKYw&> Shari Redstone, who has emerged as the leader of ViacomCBS, in 2016. Despite their political differences, employees at National Amusements seem to be happy. 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. For a full comparison of Standard and Premium Digital, click here. Days before trial is set to begin, Dominion has been granted permission to conduct additional depositions. Shari Redstone won a round in her fight with . May 20, 2019. Media observers wonder whether Redstone will position ViacomCBS Inc. for a sale or if she will tighten her grip. A .gov website belongs to an official government organization in the United States. Look at totals and trends, and see how candidates and committees raise and spend money. But in the early 2000s, a time when National Amusements was in peril, Ms. Redstone objected to her fathers penchant for plowing money into the company; and she was not thrilled when he installed her on the Midway board in 2004. Shari Redstone continues today to send fraudulent communications purporting to be sent by Sumner, a man who cannot speak, write, read, or take care of himself, according to Herzers complaint. Redstone, the daughter of media mogul Sumner Redstone, is chairwoman of media empire ViacomCBS. (Sumner dumped Holland after stories I wrote in Vanity Fair revealed that, unbeknownst to him, she had been having a longtime affair with George Pilgrim, in Sedona, Arizona, and using Sumners private jet to fly back and forth from Los Angeles to see him, while at the same time living with Sumner.) A full body orgasm at the L.A. Phil? 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. I was never a great proponent of the split of the two companies, I think the path each company took could have been different under different leadership and this is why a combination should be explored now, she said at the November 2016 DealBook conference. They shared an iron will that helped Ms. Redstone to succeed her father. This week's $12bn deal to reunite the two companies has been Ms Redstone's crowning victory. She sits on the local advisory board and executive committee for BUILD, a nonprofit organization that uses entrepreneurship to propel low income youth through high school and into college. degree in 1978 and her LL.M. During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages. 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. (Moonves has denied the allegations.) In 2006, Ms. Redstone became nonexecutive vice chairwoman of both CBS and Viacom. The two often clashed over executive compensation and board member selection. As the merger of Viacom and CBS awaits regulatory approval, a Redstone spokesperson confirms that she quietly visited President Donald Trump in the White House recently but denies any plan to launch a conservative TV network (as does a spokesperson for Viacom). Judge Sanctions Fox News for Withholding Evidence in Dominion Defamation Suit. Shari E. Redstone joined the board of CBS in 2004. 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 . We follow the money. 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. Currently, she serves as the chairperson of ViacomCBS after she oversaw the merging of CBS and Viacom Inc in 2019. In a prelude to the difficulties to come, the father and daughter had a disagreement over the worth of the company behind Mortal Kombat, a video game that pits opponents against each other in anything-goes combat. The merger will reunite the companies Sumner Redstone broke apart in 2006 and create a company with more than $28 billion in revenue to better compete with the entertainment world's behemoths. Mr. Redstone ceded his role as executive chairman at Viacom and CBS in early 2016. Its awesome. Shari Redstone, chair of Paramount Global and president and CEO of National Amusements, will receive the Humanitarian Award at the Simon Wiesenthal Center . Instead, she will be integrally involved in steering the ship as it tries to compete with much larger media and technology companies. |iuRH4h?Z&Su}Yc_c^ |[x=fC#yP6)Y3O3$z.7YUD6F(rx+Kq2*XWJ.M|2>=Fur2` Earlier this decade, two women had ensconced themselves in Sumner Redstones life and he lavished them with gifts valued at $150 million. Theres substantial risk to a major business operation for which they have ultimate oversight and responsibility.. 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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. She also is a director of NAI. [43], list of the 100 most influential people in the world, list of the World's 100 Most Powerful Women, International Union of Operating Engineers, National Center on Addiction and Substance Abuse, "Former Redstone Son-in-Law Quits Theater Chain", "Inside the Battle for Sumner Redstone's $40 Billion Media Empire", "Shari Redstone: 5 Fast Facts You Need to Know", "Shari Redstone: The 100 Most Influential People of 2020", "The World's 100 Most Powerful Women 2022", "List of Private Companies Worldwide, Letter - Businessweek", "Shari Redstone Says U.S. Has Too Many Cinemas, 'Thousands' Should Close - Bloomberg", "Foxboro, MA: National Amusements Debuts New Upscale Cinema Concept at Patriot Place - The BigScreen Cinema Guide", "4/30/2002, The Bridge: Cinema De Lux - Almanac, Vol. 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. Most referred questions to a Viacom spokesman, Carl Folta. She pushed for the union, believing the two companies would be stronger together during a turbulent time. Shari, however, always wanted to keep them together. 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.. The main trust owns controlling shares in National Amusements, which in turn controls about 80 percent of. As a condition of the September 2018 settlement, she agreed to not try to orchestrate a merger with Viacom for at least two years. Does the fate of a potential $14 billion Wall Street merger all come down to Shari Redstones feud with her father? A peek at this week's ForbesWomen newsletter, which every Thursday brings headlines about the world's most powerful women straight to your inbox. Stay informed and spot emerging risks and opportunities with independent global reporting, expert Shari Redstone net worth: Shari Redstone is an American media executive who has a net worth of $500 million. 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. Talks were ongoing but collapsed when CBS management feared that she was trying to remove Moonves allies on the board. 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. 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. Rupert Murdoch May Be Forced to Testify in Dominion's Defamation Suit Against Fox. All three are involved with National Amusements. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Cond Nast. And now she is trying again, with even greater fervor. She also is a director of NAI. A receiving line of network executives and on-air stars lined up to greet her as trays of mini cheeseburgers and pinot noir circulated. Moonves, on the other hand, supports his handpicked successor Joseph Ianniello. A lock ( LockA locked padlock ) or https:// means you've safely connected to the .gov website. $50. Viacoms chairman and chief executive, Sumner Redstone, is a self-described liberal Democrat and a prolific donor to Democratic campaigns. 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. The investor community still seems to think that the right move could be to just . Hace slo unos aos, Shari Redstone estaba al margen del imperio meditico de su familia. Mr. Folta said the political contributions of board members were not unusual. Just a few years ago, Shari Redstone was on the outs of her familys far-flung media empire. Find elections. Special committees of each board have been appointed to try to negotiate a deal. Im very sure that the chairman and CEO would not allow the board of the company to be compromised by individual political agendas.. You may change or cancel your subscription or trial at any time online. and attorneys fees under ECPA, according to the filing. ! 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. Why did Dan Rather think he could get away with this or stonewall it? 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. New CNN Show Won't Be Political, Hosts . 48, No. By Todd Williamson/Invision/AP/REX/Shutterstock. He gave the maximum $2,000 to Mr. Kerry's presidential campaign and supported Vice President Gore's 2000 presidential bid as well. They were hoping that would please Wall Street, but instead the stock dropped sharply. Meanwhile, the media industry was rapidly consolidating. While my daughter talks of good governance, she apparently ignores the cardinal rule of good governance that the boards of the two public companies, Viacom and CBS, should select my successor. The ups and downs were complicated by his illness and his tabloid-fodder private life. Hes part of the brand, said the lawyer, Jeffrey Kaplan of Skillman, N.J. A boards duty in this situation is somewhat uncertain because the facts are so unique. The shotgun re-marriage of CBS and Viacom is proceeding apace. - Age Will Shari Redstone Find A Buyer For A Combined CBS-Viacom? You can only have so many alphas in one room, she said. Subscribe for full access to The Hollywood Reporter. As a journalism institution, CBS News boasts two of the most venerable titles in TV with 60 Minutes (regularly the most-watched news broadcast in all of TV, 12 million tuning in live to the most recent episode) and CBS Sunday Morning. 8rdWT'eL~.u"A=9]>313X3-$e}u,gmg664$EzL*LZ_j_]Xy[?Xs N/]|msk_WfA2)oz-di2|mj|5ej8eE7[Q|IM%xf)|6\ k`. 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. Though Shari Redstone is eager to sell a combined CBS-Viacom, finding a buyer may not be easy. And Sumner himself has been completely shielded from his longtime friends and the public, who have not seen or heard from him. Bakish and CBS acting chief, Joseph Ianniello, must fuse together two different cultures and navigate the shift to streaming services. 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. Shari Redstone, in blue, and other VicaomCBS executives applauded the opening bell at Nasdaq Dec. 5, 2019, in celebration of the company's merger. Todd Williamson/Invision, via Associated Press. 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. (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.) Shari Redstone is board chair. A rep for Kelly declined to comment. By. Sumner Redstone died Tuesday at age 97, National Amusements said in a statement Wednesday. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy. 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. 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. The other 10 . CBS, under the leadership of Les Moonves, has performed well and its stock has appreciated. The Redstones operated more like a wolf pack, Ms. McGrath said. 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 anchor Friday when Shepard Smith announced his departure amid conflict with some of the networks opinion hosts. Ms. Redstone holds the remaining 20 percent of National Amusements through a separate trust. Shari Redstone Political Contributions in 2012. At one point, the media reported that they were communicating by fax and were refusing to speak with each other in person. Shari Redstone Political Contributions in 2016. cookies Ad Choices. Redstone, the daughter of media mogul Sumner Redstone, is chairwoman of media empire ViacomCBS.
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