[21] She is also on the board of directors of The National Center on Addiction and Substance Abuse (CASA) at Columbia University[41] and the John F. Kennedy Library Foundation. [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). On the surface, the two seemed unalike. 4 0 obj While Fox News dominates in ratings and distribution, the conservative landscape includes One America News Network (which received praise from Trump on Twitter on Thursday) along with Newsmax TV and Glenn Becks Blaze Media, both of which are on Dish Network. 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. Investigative reporter Ronan Farrow revealed allegations of several women who accused Moonves of sexual misconduct in the 1980s and 1990s. Ms. Redstone holds the remaining 20 percent of National Amusements through a separate trust. 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. May 20, 2019. 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. Find elections. We will establish a world-class, multi-platform media organization that is well-positioned for growth in a rapidly transforming industry.. The Wide Shot brings you news, analysis and insights on everything from streaming wars to production and what it all means for the future. Herzer is seeking $100 million in compensatory damages as well as treble and punitive damages under RICO *:XgQJBm1THt#b~$)cb87cBiQ1H45 Q[tg;:n6_)0' Meanwhile, non-Redstone CBS investors dont like the deal one bit. By Lisa Johnson Mandell. The two men who act as co-chief operating officers of Viacom, Leslie Moonves and Thomas Freston, also favor Democrats. As The Wall Street Journal recently reported, Shari Redstone would like to ensure that Bakish will succeed Moonves, who is 68. . Im very sure that the chairman and CEO would not allow the board of the company to be compromised by individual political agendas.. This Redstone plan for a new TV service also would have a streaming component. Also known as a campaign committee. We use 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. [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. 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. He communicates partly through an iPad programmed with his voice with, reportedly, three responses: yes, no, and fuck you. April 21, 2023 4:53pm. Scarlett Johansson. He gave the maximum $2,000 to Mr. Kerry's presidential campaign and supported Vice President Gore's 2000 presidential bid as well. In 1999, another board member, investor Jan Leschly, gave $350 to a former New Jersey governor, Christine Todd Whitman, for a Senate bid. Special committees of each board have been appointed to try to negotiate a deal. During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages. Ms. 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. She noted that Hugh Hefner had a long working relationship with his daughter, Christie Hefner, who was chief executive of Playboy Enterprises for 20 years; and that Abigail Johnson took over Fidelity Investments in 2014, after her father, Edward Johnson III, ran the business for nearly four decades. Anyone can read what you share. President Trump yet again berated 60 Minutes for its coverage of the Covid-19 pandemic. $35. 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. You may occasionally receive promotional content from the Los Angeles Times. And Sumner himself has been completely shielded from his longtime friends and the public, who have not seen or heard from him. Though Shari Redstone is eager to sell a combined CBS-Viacom, finding a buyer may not be easy. She later received her J.D. Other. So far, Sharis 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 CBSs other shareholders another $6.5 billion, as the price of the networks stock has sunk from around $70 a share to around $50 as investors anticipate a deal. Standard Digital includes access to a wealth of global news, analysis and expert opinion. 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. A lock ( LockA locked padlock ) or https:// means you've safely connected to the .gov website. Ms. Redstone did not wither. 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. Bakish and CBS acting chief, Joseph Ianniello, must fuse together two different cultures and navigate the shift to streaming services. In both dayparts, ABC and NBC have been locked in a relatively tight battle for No. 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. 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. Talks were ongoing but collapsed when CBS management feared that she was trying to remove Moonves allies on the board. 6 0 obj 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. The future leadership falls to Sumner Redstones daughter, Shari, with whom he has had on again, off again squabbles through the years. Despite CBS News clout for the weekday broadcasts see Gayle Kings headline-generating March interview with disgraced musician R. Kelly the ratings for mainstays CBS This Morning and CBS Evening News lag behind the competition. Shari Redstone, who has emerged as the leader of ViacomCBS, in 2016. Shari Redstone is an American media executive with a diverse history in the entertainment industry and related businesses. convention or caucus of a political party that has authority to nominate a candidate, for the office sought by the candidate." . He overhauled the management of the moribund Paramount and tossed out senior TV executives. (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.) You may change or cancel your subscription or trial at any time online. A member of the Company Town team for two decades, James specializes in covering television, corporate media and investigative projects. endobj The political affiliations of Viacoms board and senior management, however, could undercut the credibility of any action the board may take. The main trust owns controlling shares in National Amusements, which in turn controls about 80 percent of. Mr. Cohen, the former Republican senator from Maine and secretary of defense under President Clinton, has made modest donations to a few GOP candidates. offers FT membership to read for free. Witnesses offer conflicting accounts, Mars Voltas lead singer broke with Scientology and reunited with the band. 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. Key Points. stream or Check if your Redstone, as board chair, joins an elite group of women. 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 . For cost savings, you can change your plan at any time online in the Settings & Account section. 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! At Viacom, we just dont get involved in the news division.. In 2015, Vanity Fair published an article on Ms. Herzer and another of Mr. Redstones late-life paramours, Sidney Holland. 2023 Forbes Media LLC. stream It wasnt until the elder Redstones health deteriorated that she was able squeeze back into her fathers orbit. 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. cookies CBS and Viacom were a single entity, after all, until Sumner Redstone separated them 12 years ago after he realized they operated in very different businesses. Under the nearly $12-billion deal, CBS will absorb the smaller Viacom, which owns such brands as MTV, Nickelodeon, Comedy Central and Paramount Pictures. Tensions were so high that he offered her a $1-billion buyout, and she fumed to her son in 2015: Your grandfather says I will be chair over his dead body.. Todd Williamson/Invision, via Associated Press. In his most consequential battle, he took on his daughter, Shari E. Redstone. In July, Mr. Freston and Mr. Moonves replaced Mel Karmazin, another prolific Democratic donor, who left the company after reportedly clashing with Mr. Redstone. NAI, a closely held company, operates cinemas in the United States, the United Kingdom and Latin America and is also the controlling . Redstone is the daughter of Phyllis Gloria Raphael and Sumner Redstone, and the sister of Brent Redstone. She refocused her attention on Advancit Capital, an investment firm she co-founded in 2011. By Todd Williamson/Invision/AP/REX/Shutterstock. 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. Fox News mints money for owner Fox Corp. and the Murdoch family, estimated at north of $1 billion in profit annually. 2-,$#*+6 SHaFsK!~/kvL)JB+_0a$~Sx{PKYw&> Vin Diesel goes off script. The ups and downs were complicated by his illness and his tabloid-fodder private life. Shari Redstone is board chair. You can only have so many alphas in one room, she said. (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.) On March 21, another large CBS shareholder wrote in a widely circulated, anonymous letter that coming to the rescue of a weakly positioned, poorly executing, over-levered Viacom is not CBSs burden. The sentiment among CBS shareholders seems best summed up by Todd Juenger, the media analyst at AllianceBernstein, who wrote recently, that the defining question for investors is if CBS were an independent entity, not controlled by the Redstones, would it be pursuing a bid for Viacom? If you believe, like we do, Juenger wrote, the answer to that question is absolutely not, then how hard do you want to work to try and convince yourself this is good for CBS shareholders?. If youd like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial. 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. % How strong is Disneys 1st Amendment case against Ron DeSantis? analyse how our Sites are used. New CNN Show Won't Be Political, Hosts . 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. Learn how to enable Javascript in your browser. As a condition of the September 2018 settlement, she agreed to not try to orchestrate a merger with Viacom for at least two years. 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. Dec 1 (Reuters) - ViacomCBS Inc (VIAC.O) Chair Shari Redstone, who in the past has hinted at more deals to bulk up the media empire, said on Wednesday the company will focus on organic growth. Theyve never gone against my wishes. In June 2014, Shari acknowledged this ongoing antipathy. [23] In 2016, Redstone, who at the time was vice chairperson of CBS and Viacom and president of National Amusements (the controlling shareholder of CBS and Viacom), gave the following statement on succession: "my father's Trust states his intention that I succeed him as (non-executive) Chairman at CBS and Viacom, and also names me as a Trustee after his death." She successfully facilitated the 2019 $12 billion merger deal between CBS Corp. and Viacom Inc.. 1050 First Street, NE Their strong working relationship ensures that Redstone no longer will be the subject of boardroom resistance. After Viacom purchased Paramount Pictures in 1994, Sumner Redstone hailed the moment as his arrival in the media big leagues. Shari Redstone faced down industry doubts and her father's public statements that he did not see her as capable of taking over the empire. She halted a plan to sell the storied Melrose Avenue movie studio, Paramount Pictures, and now she has corrected what she long considered a mistake her fathers separation of CBS and Viacom in 2006. xMHa$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 Javascript recommended: FEC.gov uses Javascript to provide the best possible user experience. Over the years, Shari Redstone would tell her tough-as-nails father that. She also is a director of NAI. [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. August 16, 2019. The two reconciled in recent years as his health declined. Premium access for businesses and educational institutions. March 16, 2022. 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. Redstone herself has agitated for an even bolder streaming strategy through Paramount Plus, the company's flagship streaming service, according to company insiders. 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 . Advertisement Sumner Redstone handed a media empire to his daughter, Shari, who now controls its fate. In 2020, Redstone was named on Time's list of the 100 most influential people in the world,[8] and in 2022, to Forbes' list of the World's 100 Most Powerful Women.[9]. 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. In July 2007, Sumner faxed a letter to Forbes rejecting his daughters efforts to succeed him on the Viacom and CBS boards. Sign up for THR news straight to your inbox every day. This week's $12bn deal to reunite the two companies has been Ms Redstone's crowning victory. Sumner Redstone died Tuesday at age 97, National Amusements said in a statement Wednesday. According to insiders, Redstone could rebrand one of the existing Viacom channels and presumably would insulate CBS News from the new offering. We follow the money. For a full comparison of Standard and Premium Digital, click here. 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. In the article, they both gushed about the gifts and money they had been given. As Fox and family insiders tell it, this could just be the beginning. Even if you wanted to sabotage the company, it would be hard to do more damage than [previous management] did.. [21], On February 3, 2016, her father resigned as CBS executive chairman after questions arose about his mental competency. personalising content and ads, providing social media features and to university Donate Today. Days before trial is set to begin, Dominion has been granted permission to conduct additional depositions. A month later, Sumner Redstone had his other former companion, Manuela Herzer, escorted from his Beverly Park mansion. Over a 25-year period, he poured more than $500 million into Midway. Viacom asked for an exchange ratio of .68, which would value Viacom at around $14 billion. Tragically, it is likely that no one will hear from Sumner ever again and that Shari will only give up this charade once [Sumner] passes away and she receives his 80 percent control of [National Amusements]or, on other words, only when she achieves, contrary to Sumners well-documented wishes, complete ownership and control over CBS and Viacom, the goal she has had in mind all along., 2023 Cond Nast. [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. The high-profile trial, expected to start Monday, was postponed a day, a development that the Judge called not unusual but has nevertheless prompted buzz about a last-minute settlement. Shari insisted on dissenting, Sumner told Forbes. Shari Redstone - $93,300 in Political Contributions for 2012, Campaign Finance, Money, American politics, American political campaign contributions, presidential campaign contributions . Behind the scenes, Redstone was instrumental in refreshing the CBS board by bouncing veterans who were friends of her fathers. 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. There's made-for-reality TV drama of Sumner Redstone romantic affairs to the behind-the-scenes politics of CBS and Viacom's boardrooms politics that as a consumer I realized affected all of us.. Receipts are reported periodically, according to the filer's reporting schedule. Shari, however, always wanted to keep them together. The Redstone family investment firm, National Amusements Inc., controls nearly 80% of CBS and Viacoms voting shares. Sumner Redstone has never been a particularly gracious husband, brother, or father to his two children. imagine this as a "let me see your hands " moment for the . But Redstone pre is increasingly out of the picture. Please switch to another browser like Chrome, Firefox, or Edge for a better experience. 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. Theres substantial risk to a major business operation for which they have ultimate oversight and responsibility.. 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. He contributed $2,000 to Mr. Kerry and has given nearly $30,000 to Democratic groups and candidates in the past six years. Im not very happy right now, Judge Eric Davis told Fox News attorneys. [18] Redstone and her partners then sold Rising Star Media to Russian theater operator Cinema Park in 2011. And now she is trying again, with even greater fervor. . Mr. Redstone ceded his role as executive chairman at Viacom and CBS in early 2016. Mr. Salerno, who split his giving relatively evenly between the parties, donated to Mr. Gore in 1999 and contributed the maximum $2,000 to Mr. Bushs campaign this time. The material on this site is protected by copyright law and may not be reproduced, distributed, transmitted, cached or otherwise used. 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 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. Tyler, 34 . Daughter and father at a charity dinner in 2005. In 2008, Mr. Redstone announced that his daughter would leave the boards of Viacom and CBS. 2023 The New York Sun Company, LLC. She was the lone dissenting vote on the five-member National Amusements board of directors. 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. In late 2016, Bakish was named Viacoms CEO and he began working to rebuild the company. They were hoping that would please Wall Street, but instead the stock dropped sharply. The Hollywood Reporter is a part of Penske Media Corporation. Shari is now vice chairman of the boards of both CBS and Viacom and the president of National Amusements. 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. ! 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.
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