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Tag: Sumner Redstone

  • Media mogul Sumner Redstone passes away at 97

    Media mogul Sumner Redstone passes away at 97

    Mumbai: Sumner Redstone, the influential US media mogul who owned CBS and Viacom, passed away at the age of 97, as confirmed by his family on Tuesday. Redstone had been a central figure in the entertainment industry for decades, serving as chairman of the board of directors for both CBS and Viacom until stepping down in 2016 due to declining health. His resignation followed internal family disputes over the companies’ control, with his family maintaining a majority stake.

    In late 2019, CBS and Viacom were merged into one entity, managing some of the most well-known television networks and film studios in the world, including CBS, MTV, Comedy Central, Nickelodeon, Showtime, and Paramount Pictures. This consolidation placed the company in the same league as other major U.S. media corporations such as Disney, Time Warner, and 21st Century Fox.

    Born Sumner Murray Rothstein in Boston in 1923, Redstone changed his surname in 1940 to Redstone. He graduated from Harvard University and served in U.S. military intelligence during World War II. In 1954, he joined his father’s business, which he later transformed into National Amusements, one of the largest cinema operators in the United States.

    Redstone survived a near-fatal fire in 1979 and went on to play a pivotal role in shaping the media landscape throughout the 1980s and 1990s. He fought fiercely to gain control of Paramount Pictures and later took over Viacom, which owned MTV and CBS. Viacom and CBS merged in 2000 but split again in 2006.

    Redstone’s remarkable career left an indelible mark on the entertainment industry and his legacy continues through the companies he built and reshaped.Sumner Redstone

  • 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.

  • After CBS, Sumner Redstone steps down as Viacom chairman; Philippe Dauman to succeed

    After CBS, Sumner Redstone steps down as Viacom chairman; Philippe Dauman to succeed

    MUMBAI: After stepping down from the post of executive chairman of CBS, Sumner M. Redstone has now also given up the chairmanship of Viacom Inc. Redstone has been named to the newly created position of chairman emeritus. The Viacom Board elected Viacom CEO and president Philippe Dauman as executive chairman, succeeding Redstone in that role.

    “Sumner Redstone’s contributions to Viacom and the media industry are legendary,” said William Schwartz, Of Counsel to the law firm of Cadwalader, Wickersham & Taft and chairman of the Governance and Nominating Committee of Viacom’s Board of Directors. “He has successfully led Viacom with a dedication to building a global business for the benefit of all shareholders. On behalf of the Viacom Board, his colleagues and all our shareholders, we want to thank Sumner for his vision and leadership. There is no one who loves this company more and we will continue to be inspired by his wisdom in the years to come.”

    “Philippe has been instrumental with Sumner in every aspect of Viacom’s success for nearly 30 years and most recently as CEO has taken on the tough task of navigating our future in a time of unprecedented innovation and disruption. He has laid out a strategic long-term vision for the company that we fully endorse. We have complete confidence that his dedication to Viacom, his global experience and his determination to further our culture of creativity and innovation will continue to serve the interests of all shareholders and build long-term value,” he said.

    “In choosing a successor to Sumner,” Schwartz added, “the Board considered the need for seasoned leadership in this time of unprecedented change, Philippe’s business experience and unparalleled knowledge of Viacom, and his long-term vision for the Company. We believe his becoming Executive Chairman is in the best interests of the company and all shareholders.”

    Schwartz added that the board has also extended an offer to Viacom’s non-executive vice chair Shari Redstone to become mon-executive chairman. Shari Redstone declined the offer and will continue in her role as non-executive vice chair.

    Dauman said, “I am honored to succeed my friend and long-time colleague Sumner in the role of executive chairman. His steadfast belief in our company and the power of entertainment will always be an inspiration for me and I look forward to carrying forward his leadership role as a champion for all shareholders. I am gratified by the continued confidence and support of the Board of Directors and all of my colleagues at Viacom whose creativity and unrelenting hard work is evident in our recent successes across the company.”

    Dauman was named president and CEO of Viacom Inc. in September 2006 and has served on the Company’s Board of Directors since 1987. Previously, he was co-chairman and CEO of DND Capital Partners, L.L.C., a private equity firm specialising in media and telecommunications investments, from May 2000 until September 2006. Prior to co-founding DND Capital Partners, Dauman served in several positions at Viacom.

  • After CBS, Sumner Redstone steps down as Viacom chairman; Philippe Dauman to succeed

    After CBS, Sumner Redstone steps down as Viacom chairman; Philippe Dauman to succeed

    MUMBAI: After stepping down from the post of executive chairman of CBS, Sumner M. Redstone has now also given up the chairmanship of Viacom Inc. Redstone has been named to the newly created position of chairman emeritus. The Viacom Board elected Viacom CEO and president Philippe Dauman as executive chairman, succeeding Redstone in that role.

    “Sumner Redstone’s contributions to Viacom and the media industry are legendary,” said William Schwartz, Of Counsel to the law firm of Cadwalader, Wickersham & Taft and chairman of the Governance and Nominating Committee of Viacom’s Board of Directors. “He has successfully led Viacom with a dedication to building a global business for the benefit of all shareholders. On behalf of the Viacom Board, his colleagues and all our shareholders, we want to thank Sumner for his vision and leadership. There is no one who loves this company more and we will continue to be inspired by his wisdom in the years to come.”

    “Philippe has been instrumental with Sumner in every aspect of Viacom’s success for nearly 30 years and most recently as CEO has taken on the tough task of navigating our future in a time of unprecedented innovation and disruption. He has laid out a strategic long-term vision for the company that we fully endorse. We have complete confidence that his dedication to Viacom, his global experience and his determination to further our culture of creativity and innovation will continue to serve the interests of all shareholders and build long-term value,” he said.

    “In choosing a successor to Sumner,” Schwartz added, “the Board considered the need for seasoned leadership in this time of unprecedented change, Philippe’s business experience and unparalleled knowledge of Viacom, and his long-term vision for the Company. We believe his becoming Executive Chairman is in the best interests of the company and all shareholders.”

    Schwartz added that the board has also extended an offer to Viacom’s non-executive vice chair Shari Redstone to become mon-executive chairman. Shari Redstone declined the offer and will continue in her role as non-executive vice chair.

    Dauman said, “I am honored to succeed my friend and long-time colleague Sumner in the role of executive chairman. His steadfast belief in our company and the power of entertainment will always be an inspiration for me and I look forward to carrying forward his leadership role as a champion for all shareholders. I am gratified by the continued confidence and support of the Board of Directors and all of my colleagues at Viacom whose creativity and unrelenting hard work is evident in our recent successes across the company.”

    Dauman was named president and CEO of Viacom Inc. in September 2006 and has served on the Company’s Board of Directors since 1987. Previously, he was co-chairman and CEO of DND Capital Partners, L.L.C., a private equity firm specialising in media and telecommunications investments, from May 2000 until September 2006. Prior to co-founding DND Capital Partners, Dauman served in several positions at Viacom.

  • Sumner Redstone steps down as CBS exec chairman; Moonves named chairman

    Sumner Redstone steps down as CBS exec chairman; Moonves named chairman

    MUMBAI: CBS Corporation has elected Leslie Moonves as the next chair of the CBS Board of Directors. Moonves was nominated by CBS Board vice chair Shari E. Redstone and his appointment was confirmed by a unanimous vote of the CBS directors. He also will continue to serve as president and CEO of CBS, positions he has held since 2006. 

    Moonves’ election by the Board follows the recent resignation of the 92-year old Sumner M. Redstone from his position of executive chairman, which was effective 2 February, 2016, and his appointment to the role of CBS Corporation chairman emeritus. Shari Redstone, Sumner Redstone’s daughter, will continue to serve as vice chair of the CBS Board, a position she has held since 2005.

    “I am honoured to accept the chairmanship of this great company,” said Moonves. “I want to thank Sumner for his guidance and strong support over all these years. It has meant the world to me. I am particularly grateful that Shari Redstone has agreed to continue in her role as Vice Chair of the Company. Her business acumen and knowledge of the media space remain very important to me as we move forward, and I greatly appreciate her support and invaluable counsel. I would also like to thank our excellent board of directors, who have contributed so significantly to our success. The people of CBS have achieved much together and I believe the best is yet to come.”

    Moonves joined CBS in 1995 after a career at Warner Bros. Television and Lorimar Television. He has held positions as president of CBS Entertainment (1995-1998), president and CEO of CBS Television (1998-2003) and chairman of CBS Television (2003-2004). In 2004, Moonves also became co-president and co-COO of Viacom and remained so until CBS’s separation from Viacom in 2006 when he became president and CEO of CBS Corporation.

    Before electing Moonves, the CBS Board offered the position of non-executive chair to Shari Redstone, but she declined in light of her other professional and personal responsibilities, and in recognition of her confidence in Moonves. Shari Redstone serves as co-founder and managing partner of Advancit Capital, a venture capital firm that invests in early stage companies focusing on media, entertainment and technology. She also serves as vice chair of Viacom, and as president of National Amusements, Inc., which is the controlling shareholder of Viacom and CBS, and owner of the international chain of Showcase and Cinema de Lux theaters.

    “I have been fortunate to work with Les and he has clearly established himself as a creative and effective leader who understands both the challenges and the opportunities that are shaping today’s media landscape,” she said. “I am sure he will make a great chair and I look forward to working with him for many years to come.”

  • Sumner Redstone steps down as CBS exec chairman; Moonves named chairman

    Sumner Redstone steps down as CBS exec chairman; Moonves named chairman

    MUMBAI: CBS Corporation has elected Leslie Moonves as the next chair of the CBS Board of Directors. Moonves was nominated by CBS Board vice chair Shari E. Redstone and his appointment was confirmed by a unanimous vote of the CBS directors. He also will continue to serve as president and CEO of CBS, positions he has held since 2006. 

    Moonves’ election by the Board follows the recent resignation of the 92-year old Sumner M. Redstone from his position of executive chairman, which was effective 2 February, 2016, and his appointment to the role of CBS Corporation chairman emeritus. Shari Redstone, Sumner Redstone’s daughter, will continue to serve as vice chair of the CBS Board, a position she has held since 2005.

    “I am honoured to accept the chairmanship of this great company,” said Moonves. “I want to thank Sumner for his guidance and strong support over all these years. It has meant the world to me. I am particularly grateful that Shari Redstone has agreed to continue in her role as Vice Chair of the Company. Her business acumen and knowledge of the media space remain very important to me as we move forward, and I greatly appreciate her support and invaluable counsel. I would also like to thank our excellent board of directors, who have contributed so significantly to our success. The people of CBS have achieved much together and I believe the best is yet to come.”

    Moonves joined CBS in 1995 after a career at Warner Bros. Television and Lorimar Television. He has held positions as president of CBS Entertainment (1995-1998), president and CEO of CBS Television (1998-2003) and chairman of CBS Television (2003-2004). In 2004, Moonves also became co-president and co-COO of Viacom and remained so until CBS’s separation from Viacom in 2006 when he became president and CEO of CBS Corporation.

    Before electing Moonves, the CBS Board offered the position of non-executive chair to Shari Redstone, but she declined in light of her other professional and personal responsibilities, and in recognition of her confidence in Moonves. Shari Redstone serves as co-founder and managing partner of Advancit Capital, a venture capital firm that invests in early stage companies focusing on media, entertainment and technology. She also serves as vice chair of Viacom, and as president of National Amusements, Inc., which is the controlling shareholder of Viacom and CBS, and owner of the international chain of Showcase and Cinema de Lux theaters.

    “I have been fortunate to work with Les and he has clearly established himself as a creative and effective leader who understands both the challenges and the opportunities that are shaping today’s media landscape,” she said. “I am sure he will make a great chair and I look forward to working with him for many years to come.”