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Tag: National Amusements

  • Media mogul Sumner Redstone dies at 97

    Media mogul Sumner Redstone dies at 97

    KOLKATA: The man who ruled over media for decades and is believed to have coined the famous cliche ‘Content is King’, Sumner Redstone, died on 11 August at the age of 97. The cause of his death was not mentioned.

    The Harvard-educated media mogul is the pioneer of multiplex model in the 1960s and turned it into a multi-billion-dollar media empire. He started the trend of bringing movies into shopping malls as well as more than one screen at the same site. Following the success in theatres, he started investing in movie companies. 

    Later in the mid-1980s, when he realised the rapidly increasing value of cable television, he went after Viacom. He bought Viacom for $3.4 billion in 1987 and later he acquired Paramount for more than $10 billion. He did not stop there. His quest for content led him to add CBS to the portfolio in 1999 in a deal valued at $37 billion. As he once said, “I’ve always wanted to win” was not a vague motivational talk as his acquisition of Viacom has mostly borrowed money, a risk very few could take.

    The student of law, his knowledge often reflected throughout his life whenever there was a legal battle to expand or save his empire. Not only is his career in media colourful but he has also been a rockstar everywhere. He worked with an elite US Army unit that cracked Japanese codes during World War Two while he was a student at Harvard. After he earned his law course, he successfully pleaded a case before the US Supreme Court. 

    Redstone always boasted that he never wanted to retire. But in the later years of his life, his health condition made investors, shareholders question if he was fit for the responsibilities anymore. In 2016, he stepped down as executive chairman of CBS. His adventurous ride in media was depicted by himself in one of the most spectacular business autobiographies “A Passion to Win.”

    “Sumner Redstone was a brilliant visionary, operator and dealmaker, who single-handedly transformed a family-owned drive-in theatre company into a global media portfolio,” said ViacomCBS president and CEO Bob Bakish.

    “He was a force of nature and fierce competitor, who leaves behind a profound legacy in both business and philanthropy. ViacomCBS will remember Sumner for his unparalleled passion to win, his endless intellectual curiosity, and his complete dedication to the company. We extend our deepest sympathies to the Redstone family today,” he added.

    Redstone’s later years were full of public disputes with his family members as well as former girlfriends. To a better ending, his daughter Shari E Redstone, who once wanted to go on a different path, gradually took control over the giant business.

    "My father led an extraordinary life that not only shaped entertainment as we know it today but created an incredible family legacy. Through it all, we shared a great love for one another and he was a wonderful father, grandfather and great-grandfather. I am so proud to be his daughter and I will miss him always," she shared in a statement:
     

  • Sumner Redstone pushes for CBS-Viacom merger

    Sumner Redstone pushes for CBS-Viacom merger

    NEW DELHI: The maverick Sumner Redstone, not letting age dim any of his business acumen, is at it again. Earlier this week he sent a strong message to investors and potential takeover tycoons that he favours a merger of American media companies CBS Corp and Viacom Inc.

    Redstone-family controlled National Amusements, the company that owns 80 per cent of voting shares in CBS Corp and Viacom Inc, on Thursday proposed a merger of the two entities saying it would not support the acquisition of either media company by a third party or surrender its control of either firm.

    National Amusements in a letter to both companies’ boards conveyed that a merger would “offer substantial synergies that would allow the combined company to respond even more aggressively and effectively to the challenges of the changing entertainment and media landscape,” a Reuters report, based on information from Bengaluru and New York centres, said, adding both companies acknowledged receipt of the letter.

    Redstone had split CBS from Viacom 10 years ago as investors saw CBS as a slow-moving company catering to an older audience, while Viacom, whose networks include Nickelodeon and MTV, was considered more youthful. But CBS shares have outperformed those of Viacom over the last five years.

    According to the Reuters report, Shari Redstone, Sumner’s daughter and an owner of National Amusements, has favoured recombining CBS and Viacom under the leadership of CBS Chief Executive Officer Leslie Moonves.

    But for a deal to happen, the Redstones will have to assure Moonves he will have full autonomy over the combined entity, Reuters said basing their observations on unnamed sources.

    Industry speculation that the two companies might come together again increased in recent weeks after the Redstones prevailed over a power struggle that resulted in the departure of Viacom Chief Executive Officer Philippe Dauman.

    CBS’s management and independent directors “will take appropriate actions to evaluate what is in the best interest of the company and its shareholders,” a representative told Reuters. Viacom said it expected its board to form a special committee of independent directors to consider this offer.

    In its letter, National Amusements said the optimal deal would be an all-stock transaction giving holders of each company shares in the combined entity of the same class they currently own.

    Any transaction would require the approval of both boards. Sumner and Shari Redstone will not vote on the deal as directors of Viacom and CBS or participate in deliberations, according to the letter. David Andelman, a CBS director, also will not participate in the process, the Reuters report stated.

    It is within National Amusements’ rights to refuse considering any other acquisition of either company, two lawyers familiar with the matter said on Thursday.

    In India, Viacom Inc has a joint venture with Mukesh Ambani-controlled Network18 group christened Viacom18 that oversees TV channels like MTV, Nick and Hindi language entertainment channel Colors.

  • Sumner Redstone pushes for CBS-Viacom merger

    Sumner Redstone pushes for CBS-Viacom merger

    NEW DELHI: The maverick Sumner Redstone, not letting age dim any of his business acumen, is at it again. Earlier this week he sent a strong message to investors and potential takeover tycoons that he favours a merger of American media companies CBS Corp and Viacom Inc.

    Redstone-family controlled National Amusements, the company that owns 80 per cent of voting shares in CBS Corp and Viacom Inc, on Thursday proposed a merger of the two entities saying it would not support the acquisition of either media company by a third party or surrender its control of either firm.

    National Amusements in a letter to both companies’ boards conveyed that a merger would “offer substantial synergies that would allow the combined company to respond even more aggressively and effectively to the challenges of the changing entertainment and media landscape,” a Reuters report, based on information from Bengaluru and New York centres, said, adding both companies acknowledged receipt of the letter.

    Redstone had split CBS from Viacom 10 years ago as investors saw CBS as a slow-moving company catering to an older audience, while Viacom, whose networks include Nickelodeon and MTV, was considered more youthful. But CBS shares have outperformed those of Viacom over the last five years.

    According to the Reuters report, Shari Redstone, Sumner’s daughter and an owner of National Amusements, has favoured recombining CBS and Viacom under the leadership of CBS Chief Executive Officer Leslie Moonves.

    But for a deal to happen, the Redstones will have to assure Moonves he will have full autonomy over the combined entity, Reuters said basing their observations on unnamed sources.

    Industry speculation that the two companies might come together again increased in recent weeks after the Redstones prevailed over a power struggle that resulted in the departure of Viacom Chief Executive Officer Philippe Dauman.

    CBS’s management and independent directors “will take appropriate actions to evaluate what is in the best interest of the company and its shareholders,” a representative told Reuters. Viacom said it expected its board to form a special committee of independent directors to consider this offer.

    In its letter, National Amusements said the optimal deal would be an all-stock transaction giving holders of each company shares in the combined entity of the same class they currently own.

    Any transaction would require the approval of both boards. Sumner and Shari Redstone will not vote on the deal as directors of Viacom and CBS or participate in deliberations, according to the letter. David Andelman, a CBS director, also will not participate in the process, the Reuters report stated.

    It is within National Amusements’ rights to refuse considering any other acquisition of either company, two lawyers familiar with the matter said on Thursday.

    In India, Viacom Inc has a joint venture with Mukesh Ambani-controlled Network18 group christened Viacom18 that oversees TV channels like MTV, Nick and Hindi language entertainment channel Colors.

  • Dust settles at Viacom; Dauman steps down, Dooley is CEO

    Dust settles at Viacom; Dauman steps down, Dooley is CEO

    MUMBAI: It was a sparring match that waged for months. In the red corner was Viacom controlling shareholder Sumner Redstone’s once-estranged-but-now beloved 61 year old daughter Shari Redstone. And in the blue corner was Viacom’s chairman and once Redstone-favourite Philippe Dauman.

    But the match has ended in a victory for the Redstones, with Dauman agreeing to resign as chairman and CEO late Thursday night (US time).

    Replacing him is COO Tom Dooley, another long time Redstone associate, who has been redesignated as president and CEO until the end of the fiscal year on 30 September. And an additional five National Amusements (Redstone holds his 80 per cent of the controlling stock of Viacom and CBS through this company) nominated directors are slated to come on board Viacom.

    Viacom has a corporate roster consisting of Paramount Pictures, Nickelodeon, Comedy Central, MTV and VH1.

    Viacom has been locked in a public scrap ever since Redstone showed Dauman the doors along with board member George Abrams who also had a seat on his trust. But Dauman did not accept his decision and decided to knock on the doors of courts for relief and the legal battle has been waging since then..

    He, however, has some time (he will be at Viacom till September) to complete a transaction that he has been backing : selling 49 per cent stake in Paramount Pictures to the Chinese Wanda group. This is something that has not got a favourbale response from Redstone and his daughter.

    Dauman will also get a handsome severance package of $72 million.

    The five handpicked board members who are coming on to the board include: former Sony Entertainment president Nicole Seligman, Thomas May, chairman of Eversource Energy; ianker nvestment bKen Lerer,; Avis Budget group executive chairan Ronald Nelson, executive chairman of Avis Budget Group; and former Discovery president Judith McHale.

  • Dust settles at Viacom; Dauman steps down, Dooley is CEO

    Dust settles at Viacom; Dauman steps down, Dooley is CEO

    MUMBAI: It was a sparring match that waged for months. In the red corner was Viacom controlling shareholder Sumner Redstone’s once-estranged-but-now beloved 61 year old daughter Shari Redstone. And in the blue corner was Viacom’s chairman and once Redstone-favourite Philippe Dauman.

    But the match has ended in a victory for the Redstones, with Dauman agreeing to resign as chairman and CEO late Thursday night (US time).

    Replacing him is COO Tom Dooley, another long time Redstone associate, who has been redesignated as president and CEO until the end of the fiscal year on 30 September. And an additional five National Amusements (Redstone holds his 80 per cent of the controlling stock of Viacom and CBS through this company) nominated directors are slated to come on board Viacom.

    Viacom has a corporate roster consisting of Paramount Pictures, Nickelodeon, Comedy Central, MTV and VH1.

    Viacom has been locked in a public scrap ever since Redstone showed Dauman the doors along with board member George Abrams who also had a seat on his trust. But Dauman did not accept his decision and decided to knock on the doors of courts for relief and the legal battle has been waging since then..

    He, however, has some time (he will be at Viacom till September) to complete a transaction that he has been backing : selling 49 per cent stake in Paramount Pictures to the Chinese Wanda group. This is something that has not got a favourbale response from Redstone and his daughter.

    Dauman will also get a handsome severance package of $72 million.

    The five handpicked board members who are coming on to the board include: former Sony Entertainment president Nicole Seligman, Thomas May, chairman of Eversource Energy; ianker nvestment bKen Lerer,; Avis Budget group executive chairan Ronald Nelson, executive chairman of Avis Budget Group; and former Discovery president Judith McHale.