Their strong working relationship ensures that Redstone no longer will be the subject of boardroom resistance. The succession issue simmered in the background during periods of estrangement between father and daughter. Learn how to enable Javascript in your browser. analyse how our Sites are used. Sumner Redstone died Tuesday at age 97, National Amusements said in a statement Wednesday. In late 2016, Bakish was named Viacoms CEO and he began working to rebuild the company. Learn how to enable Javascript in your browser. Shari is now vice chairman of the boards of both CBS and Viacom and the president of National Amusements. She currently serves as the non-executive chairwoman of Paramount Global (formerly known as ViacomCBS) and president of National Amusements, and is a former vice-chairman of CBS Corporation and Viacom. $100. For good measure, he said she isnt qualified to fill his shoes. 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 $1,000 from him. Redstone holds the remaining 20 percent of National Amusements through a separate trust. *:XgQJBm1THt#b~$)cb87cBiQ1H45 Q[tg;:n6_)0' 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. May 20, 2019. 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. So when Dauman proposed selling Paramount to a Chinese company in early 2016, Shari Redstone dug in for a fight. 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. Talks spanned months and culminated Tuesday with the all-stock deal that the two companies believe will be completed by the end of the year. A political committee that makes only independent expenditures and does not make contributions to candidates, parties or other political committees unless they are also independent expenditure committees. He invested in programming and made acquisitions to broaden Viacoms reach. There's even a 24 cents-per . The next year, the succession tussle went public when Mr. Redstone told a reporter that he wanted the CBS and Viacom boards to choose his successor. Scarlett Johansson. It must be remembered that I gave my children their stock; and it is I, with little or no contribution on their part, who built these great media companies with the help of the boards of both companies. He continued in his interview with Forbes: If she insists on trying to succeed me, theres no question the boards will do what I ask them. How strong is Disneys 1st Amendment case against Ron DeSantis? It might depend on where the stock goes over the next year or two, Matthews said. Hace slo unos aos, Shari Redstone estaba al margen del imperio meditico de su familia. A business professor at Columbia, Meyer Feldberg, said he doubted the Viacom board members would jeopardize the company to advance their own political views. They also shared an iron will that helped Ms. Redstone to succeed her father as the leader of the family empire. Instead, he surrounded himself with younger girlfriends and business cronies. Media observers wonder whether Redstone will position ViacomCBS Inc. for a sale or if she will tighten her grip. 4 0 obj Only 7% of the largest U.S. companies in Standard & Poors top index have a woman as a board chair, according to Fenwick & West, a Mountain View, Calif., law firm. She successfully facilitated the 2019 $12 billion merger deal between CBS Corp. and Viacom Inc. She is the first woman to have such a large stake of a U.S. media business, controlling a $30 billion media empire. 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. 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. In the midst of closing a merger between CBS and Viacom, Shari Redstone is quietly exploring a plan to launch a conservative TV outlet meant to square off with the Fox News Channel, The Hollywood Reporter has learned. Beneath the surface, they had a lot in common. Mr. Cohen, the former Republican senator from Maine and secretary of defense under President Clinton, has made modest donations to a few GOP candidates. Shari Redstone, who has emerged as the leader of ViacomCBS, in 2016. Both were lawyers before they embarked on second careers in media, and their fine-print skills served them well as they worked out multibillion-dollar agreements on era-defining mergers and acquisitions. Given how far she has already come in reversing her fathers desire to keep her away from the oversight of CBS and Viacom, Shari may be willing to sacrifice that demand in order to get Moonvess support. Ms. Redstone did not wither. Through National Amusements, Redstone and her family are majority owners of CBS, Comedy Central, BET, Showtime Networks . And they announced that Shari Redstone would become chairwoman of the new entity, ViacomCBS Inc., joining a small number of women overseeing a major U.S. company. But Redstone pre is increasingly out of the picture. For a full comparison of Standard and Premium Digital, click here. Investors have enjoyed high market returns for decades, and if that trend might change going forward, smart planning becomes even more essential. 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+. Ms. Redstone has contributed to Senator Clinton and Mr. Kerry as well as the Democratic National Committee. You make it possible. (Moonves has denied the allegations.) Under the nearly $12-billion deal, CBS will absorb the smaller Viacom, which owns such brands as MTV, Nickelodeon, Comedy Central and Paramount Pictures. Sumner Redstone, originally Sumner Murray Rothstein, (born May 27, 1923, Boston, Massachusetts, U.S.died August 11, 2020, Los Angeles, California), American media executive whose company, National Amusements, Inc. (NAI), acquired leading film, television, and entertainment properties, notably Viacom and CBS. By Lisa Johnson Mandell. 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. 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. Judge Joseph Slights had ruled in February that shareholders could pursue their claims, saying doubts about the fairness of the merger process are reasonable. They were hoping that would please Wall Street, but instead the stock dropped sharply. [29], In May 2020, she was named as a defendant in a lawsuit filed by the Bucks County Retirement Fund and the International Union of Operating Engineers, over the perceived "destruction of value" caused by the CBS and Viacom merger. . A former CBS-Viacom exec says Redstone has sat in on multiple meetings about the potential venture, though this person doesnt think Redstones idea arises from ideology. 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. [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. Herzer is seeking $100 million in compensatory damages as well as treble and punitive damages under RICO Why did Dan Rather think he could get away with this or stonewall it? 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. [15] Documents have been made public which verify that, as part of a settlement from Sumner's first divorce, all of Sumner's stock is in irrevocable trusts that will be left to his grandchildren. Shari Redstone, the president of National Amusements, who controls both Viacom and CBS, has explored options for launching a conservative-leaning news network that would go head-to-head with Fox . 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. 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. CBS trails far enough behind to be a relative afterthought. CBS first offered Viacom shareholders an exchange ratio of .55 a CBS share for each Viacom sharean offer worth around $11 billion today. [5] She currently serves as the non-executive chairwoman of Paramount Global (formerly known as ViacomCBS) and president of National Amusements, and is a former vice-chairman of CBS Corporation[6] and Viacom. :I But Shari Redstone has managed to hang on to her 20% stake in the family business. A source says the idea for that network was in the works before the Pluto acquisition. According to federal records, she has given exclusively to Democrats in recent years, though not as prolifically as her father. The two sides remain far apart on price, terms and, in particular, governance issues. Redstone plays her personal politics close to the vest but shortly after Trumps election shetoldTHR, Hes always been very good to me and a tremendous supporter of me personally.. The Redstone family investment firm, National Amusements Inc., controls nearly 80% of CBS and Viacoms voting shares. 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. [19], In 2011, Redstone became co-founder and managing partner of Advancit Capital LLC,[20] an investment platform focusing on early stage in media, entertainment and technology. By then, a new combatant had entered the fray: Brent Redstone, Shari Redstones brother, who sued their father in 2006, seeking to break up National Amusements while claiming that he had been cast aside in favor of his sister. (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.) People underestimated her, but shes proven that shes obtained a lot of her fathers characteristics.. But at a minimum, given whats at stake for CBS, the board would want to be involved in this to ensure the independence and the professionalism of the investigation to be conducted, because if that doesnt happen then this asset of great value to the Viacom shareholder, meaning CBS, could be imperiled.. A period of estrangement between Shari Redstone and her combative father, Sumner Redstone, ended with a reconciliation before his death and the daughter taking over the family empire. The Redstones prevailed, and Dauman, who presided over Viacom as its value plummeted, resigned. Shari Ellin Redstone (born April 14, 1954) is an American media executive. Sumner and Shari Redstone have had an especially troubled relationship, in part due to Sumners desires to keep her away from his personal and business affairs.. The material on this site is protected by copyright law and may not be reproduced, distributed, transmitted, cached or otherwise used. Tucker Carlson and Sean Hannity are expected to testify. Shari Redstone has three children: Kimberlee, Brandon, and Tyler. [21], On February 3, 2016, her father resigned as CBS executive chairman after questions arose about his mental competency. Days before trial is set to begin, Dominion has been granted permission to conduct additional depositions. If lower growth and sticky inflation hang around, ways to grow your portfolio or at least stretch it become even more important. Sources familiar with the pending merger of CBS and Viacom have said that majority owner Shari Redstone is eyeing a possible channel dedicated to conservative news, a move that could mean a . In both dayparts, ABC and NBC have been locked in a relatively tight battle for No. 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. Secure .gov websites use HTTPS cookies 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. Wrote Herzer in her complaint, Sumner soon began making clear through public statements that he did not want Shari to exert influence over Viacom or CBS or to replace him as the head of Viacom or CBS. In February 2007, Sumner wrote the trustees of one of his trusts that Shari does not have the requisite business judgment and abilities to serve as chairman of the three companies: National Amusements, Viacom, or CBS. Special committees of each board have been appointed to try to negotiate a deal. Moonves erroneously blamed Redstone's daughter Shari, the CBS vice chairman and an increasingly powerful corporate rival, for his mushrooming PR troubles, and met, texted and socialized again . Dan Rather is obviously an important person. Things were rough before the coronavirus hit. A lock ( LockA locked padlock ) or https:// means you've safely connected to the .gov website. 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. Premium access for businesses and educational institutions. Fox News mints money for owner Fox Corp. and the Murdoch family, estimated at north of $1 billion in profit annually. 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. When you find what you need, export results and save custom links. How Work Marketplace Site Upwork Makes Life More Accessible For Freelance Worker Shari Stephens, Hedge Fund Stock Dump Crushes The Soaring Fortunes Of ViacomCBS Shari Redstone, To Boldly Go Where All Have Gone Before: ViacomCBS Bets On Star Trek To Launch Paramount+, End Of The Drama: Sumner Redstones Death Leaves Only One Intrigue For ViacomCBS, ViacomCBSs Downward Spiral Is Accelerating As Talk Of Unraveling Grows, From Newcomer Ava DuVernay To Veteran Oprah, Meet 2019s Most Powerful Women In Entertainment, MacKenzie Bezos Makes Forbes 400 Debut; Shari Redstones Forbes Exclusive: Your ForbesWomen Updates, Exclusive: For the First Time Shari Redstone Tells Her Side Of The Battle To Merge Viacom And CBS, The Labors Of Shari Redstone: Reclaiming A Family Legacy, Shari Redstones Dream Fulfilled; Why Your Business Vision Needs Support; Alexis Ohanian Pushes For Parental Leave: Your ForbesWomen Updates, CBS And Viacom Announce Plans To Merge, Finally Fulfilling Shari Redstone's Dream On 3rd Try, Shari Redstone And The Living Legacy Of Her Father's Media Empire.

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