2023 Forbes Media LLC. 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 . 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. Sign up for THR news straight to your inbox every day. Shari is now vice chairman of the boards of both CBS and Viacom and the president of National Amusements. . No Writers Guild Deal Today, AMPTP Claims. Beneath the surface, they had a lot in common. The investor community still seems to think that the right move could be to just . Shari Redstone is an American media executive with a diverse history in the entertainment industry and related businesses. Shari insisted on dissenting, Sumner told Forbes. The case was eventually settled. We follow the money. A month later, Sumner Redstone had his other former companion, Manuela Herzer, escorted from his Beverly Park mansion. 13 0 obj So when Dauman proposed selling Paramount to a Chinese company in early 2016, Shari Redstone dug in for a fight. Most referred questions to a Viacom spokesman, Carl Folta. Learn how to enable Javascript in your browser. Subscribe for full access to The Hollywood Reporter. The Wide Shot brings you news, analysis and insights on everything from streaming wars to production and what it all means for the future. All rights reserved. She was the lead reporter for The Times coverage of the deadly Rust shooting on a New Mexico film set in 2021, work recognized by the Pulitzer Prize board as a finalist in breaking news. The Redstone family investment firm, National Amusements Inc., controls nearly 80% of CBS and Viacoms voting shares. The media heiress, who defeated a series of rivals to win control of ViacomCBS in. In February 2017, Shari Redstone, the 62-year-old billionaire heiress and controlling shareholder of CBS and Viacom, with a honking Boston accent and a fondness for the bouffant blowout, was at. Norah O'Donnell, among other stars, held court until 2 a.m. Despite their political differences, employees at National Amusements seem to be happy. Washington, DC 20463, Federal Election Commission | United States of America. Shari obtained her 20 percent interest in National Amusements through a 2002 divorce agreement with Sumners first wife and her mother, Phyllis. Shari, daughter of ailing 94-year-old empire builder Sumner Redstone, insists that Viacom and CBS must merge, an idea that once would have held great appeal for Moonves assuming he would be in . Sumner Redstone, who built National Amusements into a media empire, died Tuesday at 97. 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. *:XgQJBm1THt#b~$)cb87cBiQ1H45 Q[tg;:n6_)0' None of the members of Viacoms board consented to be interviewed for this story. During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages. Earlier this decade, two women had ensconced themselves in Sumner Redstones life and he lavished them with gifts valued at $150 million. They also shared an iron will that helped Ms. Redstone to succeed her father as the leader of the family empire. In an email to that donor, Redstone was described as "a 501(c)4 political organization formed specifically to influence the election in NY-03," and the donor was told that should he decide to . Please try searching for a donor or recipient name. The two reconciled in recent years as his health declined. The reunion of CBS and Viacom to be known as ViacomCBS "is a victory for Ms. Redstone, the leader of a family business that has led the two media giants for two decades," Lee wrote . Shari Redstone Political Contributions in 2016. offers FT membership to read for free. Daughter and father at a charity dinner in 2005. %PDF-1.3 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. Within a few months, she and Sumner Redstone removed Dauman and his ally from the familys investment firm, which provoked a high-stakes lawsuit. Vin Diesel goes off script. . If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for 65 per month. In 2006, Ms. Redstone became nonexecutive vice chairwoman of both CBS and Viacom. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Cond Nast. 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. Redstone runs an incredibly outstanding organization, Mr. Feldberg said. The deal is subject to regulatory approvals, but the new company is already taking shape. [16], In 2010, Redstone and her partners purchased the theaters that they had built, and formed Rising Star Media,[17] of which she was chairman, and turned it into the country's top-grossing cinema chain. In both dayparts, ABC and NBC have been locked in a relatively tight battle for No. Im not very happy right now, Judge Eric Davis told Fox News attorneys. [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). . $100. 8rdWT'eL~.u"A=9]>313X3-$e}u,gmg664$EzL*LZ_j_]Xy[?Xs N/]|msk_WfA2)oz-di2|mj|5ej8eE7[Q|IM%xf)|6\ k`. With the messy Succession-like storyline laid to rest with her father, Shari Redstone still has to prove she can keep the familys $3 billion fortune intact. Shari Redstone, who divides her time between Boston, Connecticut and Los Angeles, spent weeks assisting her father at his home and successfully defending the case against Herzer. The argument for the deal seems to be beside the point. Soon shell be left with nothing but Judge Judy and The Peoples Court. Well save further comment for when the case is dismissed. A representative for Korff did not immediately respond to a request for comment.). Shari Redstone 117 . Redstone built his family's drive-in theater chain into a multibillion-dollar empire . But some on CBS board were wary. Kimberlee, 38, is a lawyer. Do Not Sell or Share My Personal Information, Musk said hed never settle an unjust legal case against him. Redstone, the daughter of media mogul Sumner Redstone, is chairwoman of media empire ViacomCBS. Find elections. VIAC stock opens at about $40 today. Shari Redstone, in blue, and other VicaomCBS executives applauded the opening bell at Nasdaq Dec. 5, 2019, in celebration of the company's merger. But Shari Redstone has managed to hang on to her 20% stake in the family business. 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. endobj She also pursued a degree in social work after volunteering at a trauma center for abused children. [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. Mr. Freston is a regular presence at Democratic fund-raising events in New York. The exposure to risk for Viacom, even though CBS News is just one of many things that it owns, is very substantial, he said. Redstone has been president of National Amusements Inc. since 2000 and served as executive vice president of NAI from 1994 to 2000. As Fox and family insiders tell it, this could just be the beginning. The two men who act as co-chief operating officers of Viacom, Leslie Moonves and Thomas Freston, also favor Democrats. 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. n0%f|U9l 7?j`l7"tiNf]?uhgM Z4i[&LY_x In 1999, another board member, investor Jan Leschly, gave $350 to a former New Jersey governor, Christine Todd Whitman, for a Senate bid. In July 2007, Sumner faxed a letter to Forbes rejecting his daughters efforts to succeed him on the Viacom and CBS boards. Met Gala 2023 Red Carpet: See All the Fashion, Outfits & Looks, Get Him Out of Here: Donald Trump Tossed NBC Reporters Phones During Tirade Aboard Campaign Plane, How to Watch the 2023 Met Gala Live Stream. Receipts are updated as theyre processed that time can vary. Through National Amusements, Redstone and her family are majority owners of CBS, Comedy Central, BET, Showtime Networks . Shari Redstone tried to nudge CBS to merge with Viacom, but CBS then-leader, Leslie Moonves, was worried that Viacom, which was grappling with a falling stock price and an exodus of viewers, would become a drag on CBS. He invested in programming and made acquisitions to broaden Viacoms reach. Witnesses offer conflicting accounts, Mars Voltas lead singer broke with Scientology and reunited with the band. A business professor at Columbia, Meyer Feldberg, said he doubted the Viacom board members would jeopardize the company to advance their own political views. Explore current and historic federal campaign finance data on the new fec.gov. But even those may be a challengeaccording to someone who saw him recently, hes non compos mentis. (Sumners litigation attorney Rob Klieger, who just came from a visit with his client, told me he unequivocally dismisses as untrue this characterization.) Shari, meanwhile, has been pushing relentlessly to have the two companies reunited, despite the lack of a well-articulated industrial logic. The future leadership falls to Sumner Redstones daughter, Shari, with whom he has had on again, off again squabbles through the years. |iuRH4h?Z&Su}Yc_c^ |[x=fC#yP6)Y3O3$z.7YUD6F(rx+Kq2*XWJ.M|2>=Fur2` After Viacom purchased Paramount Pictures in 1994, Sumner Redstone hailed the moment as his arrival in the media big leagues. They shared an iron will that helped Ms. Redstone to succeed her father. A former Verizon executive who is on Viacoms board, Frederic Salerno of Rye, could offer some solace to supporters of President Bush looking for a friendly face at Viacom. She declined the role of non-executive chairman of both CBS and Viacom. Redstones handpicked lieutenant, Bob Bakish, will oversee the new ViacomCBS as chief executive. 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. That's a market cap of $25.4 billion, less than this year's expected sales of $26 billion. Shari E. Redstone joined the board of CBS in 2004. 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. 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.. 1050 First Street, NE The board needs to be involved, so to speak, prophylactically, a business ethics specialist at the Conference Board, Ronald Berenbeim, said. We will establish a world-class, multi-platform media organization that is well-positioned for growth in a rapidly transforming industry.. [42] Redstone recently joined the board and executive committee of "Our Time", a mass-membership organization that stands for the economic interests and political inclusion of young Americans aged 1830. Viacoms critics say Mr. Redstone, 80, who has been at the helm of Viacom for nearly two decades, set a liberal course that led to the document debacle. Shari Redstone Political Contributions in 2012. In 2008, Mr. Redstone announced that his daughter would leave the boards of Viacom and CBS. Days before trial is set to begin, Dominion has been granted permission to conduct additional depositions. She stated that she wanted the chairs of each company to be "not a Trustee of my father's trust or otherwise intertwined in Redstone family matters," and she nominated Les as the CBS chair. 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]. His voting stock in the company an 80 percent share will transfer to a seven-member trust that includes Ms. Redstone and her son, Tyler Korff, along with Jill Krutick, a longtime family friend, and four lawyers with ties to the Redstones. He communicates partly through an iPad programmed with his voice with, reportedly, three responses: yes, no, and fuck you. Her grandfather was Michael Redstone, who was the original founder of National Amusements, the parent company that now owns the majority of the Redstone media empire. 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. Name & Location: Employer/Occupation: Dollar Amount: Date: Primary/ General: Contibuted To: REDSTONE, SHARI . She just was a step behind in a lot of ways and treated poorly, this person continued. Shari Redstone is a media executive with wide-ranging experience in the entertainment industry and related ventures. She refocused her attention on Advancit Capital, an investment firm she co-founded in 2011. Viacom, first under Philippe Dauman and now Bob Bakish, has floundered, especially as children and young adults have reduced their viewership of Nickelodeon, MTV, and Comedy Central, three of its most well-known cable channels, or cut the cord entirely. President Trump yet again berated 60 Minutes for its coverage of the Covid-19 pandemic. Sumner Redstone built his empire from a small regional chain of movie theaters. Most of the business world agrees with Sumner Redstone that the companies make more sense apart than togetherand that Viacom will be a drag on CBS. But Redstone pre is increasingly out of the picture. Brandon, 36, is a real-estate developer. Before she joined the family business, Ms. Redstone went to law school at Boston University, got married, raised three children, baked cookies and worked as a criminal defense lawyer at a small Boston firm. 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. Tyler, 34 . A $300-million (minimum) gondola to Dodger Stadium? The main trust owns controlling shares in National Amusements, which in turn controls about 80 percent of. Shari Redstone has no plans to launch a conservative news channel to compete with Fox News, reps for the billionaire media heiress said. As private citizens, board members at Viacom and others make donations to political parties and candidates all the time, he said. She also is a director of NAI. organisation All rights reserved. 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. In a September 2014 e-mail to Tyler, Shari wrote about why she rejected the $1 billion offer: Why would I ever give [Sumner] his dying wish of peace when he never gave me any peace during my whole life. She wrote her daughter, in October 2014, after she had called her grandfather, I cant believe you keep calling him when he could not make it any clearer that all of us could drop dead and it would be the happiest day of his life. That same day, to all of her children, Shari wrote, It could be [sic] not be more clear that the only people in the entire world who your grandfather doesnt care about, and [in] fact is willing to hurt, damage, and destroy are the four of us., In a January 2015 letter, Sumner asked his daughter to sign releases agreeing that she would not sue either Herzer or Sydney Hollandanother live-in girlfriendafter his death. Herzer is seeking $100 million in compensatory damages as well as treble and punitive damages under RICO 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. In the last three years, she has proved herself as a worthy successor to her 96-year-old father, known for his stubborn streak and ability to outlast opponents. Shari has definitely proven herself as an effective strategist, someone who is willing to go to whatever lengths she needs to get something done, said Jordan Matthews, an entertainment attorney with Weinberg Gonser in Los Angeles. If my father wants me to drop dead he doesnt need to do anything else, she wrote in an e-mail to her three children, among others. You may change or cancel your subscription or trial at any time online. Why is L.A.s iconic skyline far from the beach unlike Miami, Seattle and other cities? The company also boasts this summers top cable series, Yellowstone., Shari Redstone could have taken her wealth and gone on her merry way, investing in Facebook or elsewhere, without worrying about the destruction of these iconic enterprises, Sonnenfeld said. I am so proud to be his daughter and I will miss him always.. 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. This article is from the archive of The New York Sun before the launch of its new website in 2022. Shari Redstone's scorching rise to become the family's second media billionaire has come to crashing halt. New CNN Show Won't Be Political, Hosts . Redstone has been president of National Amusements Inc. since 2000 and served as executive vice president of NAI from 1994 to 2000. THR has learned that Pluto, which Viacom acquired in March for $340 million, is about to launch an as-yet-unannounced streaming conservative news and opinion channel. In a statement on Wednesday, Ms. Redstone said, Through it all, we shared a great love for one another and he was a wonderful father, grandfather and great-grandfather. A political committee authorized by a candidate to accept contributions or make expenditures on behalf of that candidate. On the surface, the two seemed unalike. 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. 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 . Tucker Carlson and Sean Hannity are expected to testify. Shari Redstone is emerging from the long shadow of her larger-than-life father, Sumner Redstone. degree in 1978 and her LL.M. All three are involved with National Amusements. Around that time, Ms. Redstone and Mr. Redstone made peace. The structure of the empire built by Mr. Redstone is complex but Ms. Redstone is at the top. Redstone practiced corporate law, estate planning and criminal law in the Boston area before joining National Amusements. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy. May 20, 2019. Meanwhile, non-Redstone CBS investors dont like the deal one bit. 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Dana Bash will succeed him, Comcast CEO Brian Roberts calls Jeff Shell departure a tough moment. You may occasionally receive promotional content from the Los Angeles Times. As The Wall Street Journal recently reported, Shari Redstone would like to ensure that Bakish will succeed Moonves, who is 68. But shes finally out from under her fathers shadow, and I think shes driven to make a name for herself and prove what else she can do.. 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.. Check if your analyse how our Sites are used. 2023 The Hollywood Reporter, LLC. Instead, she will be integrally involved in steering the ship as it tries to compete with much larger media and technology companies. EVER!! ! 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. But at a certain point, she may be able to do whatever she wants. Mr. Cohen, the former Republican senator from Maine and secretary of defense under President Clinton, has made modest donations to a few GOP candidates. Now Shari Redstone has been handed a large bag of rocks. Shari Ellin Redstone (born April 14, 1954) is an American media executive. She graduated with a Bachelor of Science from Tufts University in 1975. For the past couple of decades, when media exec Shari Redstone came home, she'd relax in a sprawling mansion in Westwood, MA. The merger agreement is a triumph for Redstone, who has overseen the familys controlling stakes in the two companies since her fathers declining health forced him to relinquish control. 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. Shari, however, always wanted to keep them together. In his most consequential battle, he took on his daughter, Shari E. Redstone. The Redstones operated more like a wolf pack, Ms. McGrath said. Other. You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. degree in 1980 from Boston University School of Law. What you missed at CinemaCon 2023. Sumner Redstone died Tuesday at age 97, National Amusements said in a statement Wednesday. 6 0 obj 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?. One large CBS investor, Franklin Templeton, sold its longtime stake in the network, rather than stick around to see whether Shari can force a deal to be done. This week's $12bn deal to reunite the two companies has been Ms Redstone's crowning victory. But it was former Viacom Chief Executive Philippe Daumans plan to sell Paramount Pictures that bonded father and daughter. 4 0 obj I know I have asked you to help me return everything to the way it was before the two women entered my life and to make sure that everything I described in the December letter to her has been undone (or is being undone). Soon thereafter, according to Herzer, Shari caused Sumners estate plan to be amended so that after his death his 80 percent interest in National Amusements would fall under the control of the seven trustees, a group she reconstituted to put herself in control of four votes, including her own, Tylers, her daughter Kimberlees, and that of an artist friend Jill Krutick. What seems to be driving Shari Redstone is familial score-settling, a quest for victory over her father, who never wanted her to have a role in either Viacom or CBS. Before that, she was the vice-chairperson of Viacom and CBS Corporation. Now, the challenge will be integrating two companies that have been separate for more than a decade. Challengers of state and local bans on assault weapons in Illinois asked Justice Amy Coney Barrett and the Supreme Court on Monday to block the bans, saying that courts are ignoring last year's . The Redstone family investment firm, National Amusements Inc., controls nearly 80% of CBS' and Viacom's voting shares. 1 status among viewers and the news demo of adults 25-54 for the last two decades. But by the summer of 2015, those relations had frayed. An official website of the United States government. Experts in corporate governance say the directors of CBSs parent company, Viacom, are obliged to assume some role in resolving the fiasco over CBS Newss use of what appear to be fake documents about President Bushs military record. 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 . Shari with Sumner Redstone at the LA Friendly House Luncheon in Beverly Hills, 2012. Advertisements How old is Shari Redstone? As a subscriber, you have 10 gift articles to give each month. 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. Shari tried once before to effect a merger between Viacom and CBS, in 2016, but that effort went nowhere. 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, sources tell The Hollywood Reporter. Fox News mints money for owner Fox Corp. and the Murdoch family, estimated at north of $1 billion in profit annually. 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. It wasnt until the elder Redstones health deteriorated that she was able squeeze back into her fathers orbit. At Viacom, we just dont get involved in the news division.. In the article, they both gushed about the gifts and money they had been given. [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. Since reentering her fathers life in late 2015, Redstone has vanquished more than a dozen men whom her father put in power. Over the years, Shari Redstone would tell her tough-as-nails father that. 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. Shari Redstone net worth: Shari Redstone is an American media executive who has a net worth of $500 million. A peek at this week's ForbesWomen newsletter, which every Thursday brings headlines about the world's most powerful women straight to your inbox. Talks were ongoing but collapsed when CBS management feared that she was trying to remove Moonves allies on the board. The material on this site is protected by copyright law and may not be reproduced, distributed, transmitted, cached or otherwise used.
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