Sumner Redstone, executive chairman of CBS and Viacom, pulled in $93.4 million this past fiscal year. Secure .gov websites use HTTPS Shari Redstone is an American media executive with a diverse history in the entertainment industry and related businesses. Fox News mints money for owner Fox Corp. and the Murdoch family, estimated at north of $1 billion in profit annually. Advertisements How old is Shari Redstone? In 1999, another board member, investor Jan Leschly, gave $350 to a former New Jersey governor, Christine Todd Whitman, for a Senate bid. Despite their political differences, employees at National Amusements seem to be happy. . Its the story of a person who was mistreated by her father, said the source who recently noted Sumners physical condition, and has known the father and daughter for an extensive period of time. Change the plan you will roll onto at any time during your trial by visiting the Settings & Account section. The two-year period in which the transaction was reported. Receipts are reported periodically, according to the filer's reporting schedule. 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. 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. Sumner Redstone has never been a particularly gracious husband, brother, or father to his two children. 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. CBS's board then offered Shari Redstone the position of non-executive chair, but she declined. In July, Mr. Freston and Mr. Moonves replaced Mel Karmazin, another prolific Democratic donor, who left the company after reportedly clashing with Mr. Redstone. Behind the scenes, Redstone was instrumental in refreshing the CBS board by bouncing veterans who were friends of her fathers. An official website of the United States government. If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for 65 per month. All rights reserved. May 20, 2019. Redstone herself has agitated for an even bolder streaming strategy through Paramount Plus, the company's flagship streaming service, according to company insiders. Shari Redstone has no plans to launch a conservative news channel to compete with Fox News, reps for the billionaire media heiress said. But within a few months, the court fight in Delaware was eclipsed by a scandal engulfing Moonves, who had run CBS since the 2006 split. The two reconciled in recent years as his health declined. Most referred questions to a Viacom spokesman, Carl Folta. If youd like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial. Kimberlee, 38, is a lawyer. endobj Please try searching for a donor or recipient name. [10], Since 1999, she has been president of National Amusements, one of the top ten movie exhibitors in the United States. 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. A business professor at Columbia, Meyer Feldberg, said he doubted the Viacom board members would jeopardize the company to advance their own political views. April 21, 2023 4:53pm. In May 2019, Ms. Redstone made an appearance at a lavish fete at the Plaza hotel thrown by CBS to court business during its annual presentation to advertisers. . Five years later, Midway filed for bankruptcy, leaving the headstrong mogul and his headstrong daughter with one less thing to fight about. The Redstone family investment firm, National Amusements Inc., controls nearly 80% of CBS and Viacoms voting shares. Tucker Carlson and Sean Hannity are expected to testify. Changes needed to be made to the Stephens lifestyle in order to make things manageable Because of [her husbands condition], and all of the different things we were dealing with, I really needed an opportunity [for change], Stephens said to me in an interview via videoconference in early December. . Shari Redstone - $5,400 in Political Contributions for 2016, Campaign Finance, Money, American politics, American political campaign contributions, presidential campaign contributions . 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. Donate Today. Theyve never gone against my wishes. In June 2014, Shari acknowledged this ongoing antipathy. stream Brandon, 36, is a real-estate developer. Subscribe for full access to The Hollywood Reporter. Earlier this decade, two women had ensconced themselves in Sumner Redstones life and he lavished them with gifts valued at $150 million. Shari Redstone, chair of Paramount Global and president and CEO of National Amusements, will receive the Humanitarian Award at the Simon Wiesenthal Center . Other Democratic-leaning donors on the Viacom board include: two Boston attorneys, George Abrams and David Andelman; a Manhattan investor, Philippe Dauman; the chairman of Bear Stearns, Alan Greenberg; a law professor at Yeshiva University, William Schwartz, and the president of the Bill & Melinda Gates Foundation, Patricia Stonesifer. Shari insisted on dissenting, Sumner told Forbes. 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. 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. The battle between Sumner and Shari Redstone has become the most notorious of the Redstone family disputes, especially due to its very public nature, according to the unredacted lawsuit between Herzer and Shari and her son Tyler Korff that has been filed in federal court in California. And Sumner himself has been completely shielded from his longtime friends and the public, who have not seen or heard from him. 6 0 obj making contributions to political campaigns that could influence voting on issues other than those that directly affected that specific corporation. 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. Key Points. Everybody wants Fox News money, but nobody wants to destroy their [existing] news brand, a source says. 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. Herzer sued, claiming Redstone had lost his mental capacity. Special committees of each board have been appointed to try to negotiate a deal. 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 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. 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 . Advertisement Sumner Redstone handed a media empire to his daughter, Shari, who now controls its fate. The two men who act as co-chief operating officers of Viacom, Leslie Moonves and Thomas Freston, also favor Democrats. Stay informed and spot emerging risks and opportunities with independent global reporting, expert So far, Shari's 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 CBS's other. In late 2016, Bakish was named Viacoms CEO and he began working to rebuild the company. Shari Redstone is a well-known American media executive who comes from a Redstone family that has a huge stake in the media industry in America. Redstone has been president of National Amusements Inc. since 2000 and served as executive vice president of NAI from 1994 to 2000. Im not very happy right now, Judge Eric Davis told Fox News attorneys. Ms. Redstone holds the remaining 20 percent of National Amusements through a separate trust. . [21], On February 3, 2016, her father resigned as CBS executive chairman after questions arose about his mental competency. Viacom asked for an exchange ratio of .68, which would value Viacom at around $14 billion. Redstone's father, Michael (Mickey), was a liquor wholesaler, nightclub owner . The deal is subject to regulatory approvals, but the new company is already taking shape. *:XgQJBm1THt#b~$)cb87cBiQ1H45 Q[tg;:n6_)0' 1050 First Street, NE In an additional 14% of those S&P 100 firms, a woman was lead director another key board post. While my daughter talks of good governance, she apparently ignores the cardinal rule of good governance that the boards of the two public companies, Viacom and CBS, should select my successor. Its also unclear whether she will back off her request to have Bakish succeed Moonves when the time comes. (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.) Ms. Redstone has contributed to Senator Clinton and Mr. Kerry as well as the Democratic National Committee. It might depend on where the stock goes over the next year or two, Matthews said. 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. The political affiliations of Viacoms board and senior management, however, could undercut the credibility of any action the board may take. 32", "Redstone says he relies on his instinct", "Shari Redstone buys Russian theaters from her family firm", "Shari Redstone's Rising Star Media sold to Russian theater chain", "Shari Redstone Makes Huge Profit By Selling Russian Theaters For $190 Million", "Shari Redstone launches investment firm Advancit Capital", "Sumner Redstone Resigns as CBS Executive Chairman", "Viacom names Philippe Dauman as new board chairman, replacing Sumner Redstone", "Viacom Names Philippe Dauman Chairman Succeeding Sumner Redstone", "Succession battle engulfs Sumner Redstone's media empire", "Viacom's Board Names Dauman Chairman, Replacing Aging Redstone", "Shari Redstone Wants New CBS Directors, Renews Push for Merger With Viacom", "CBS, Viacom to reunite as media giants bulk up for streaming", "Lawsuit: Shari Redstone and National Amusements "Caused CBS to Massively Overpay for Viacom", "Former CBS shareholders can sue Shari Redstone over ViacomCBS merger", "Shari Redstone, Viacom Sue Insurers Over Merger Suit's Coverage", "The Jewish Post and Opinion, July 18, 1980, Page10", "Sumner Redstone Shows Yet Another Ex-Girlfriend to the Door", "Sumner Redstone trust shakeup: New members are allies of mogul's daughter", "Media Mogul's Scion Sees Emojis as Sign of Times | Los Angeles Business Journal", "An estranged son, a legal battle with a live-in lover, and a mogul who wanted to 'live forever': Meet the heirs to the ViacomCBS empire", "Korff continues family Rabbinic tradition", "Board of Directors - John F. Kennedy Presidential Library & Museum", Redstone Split Bears On Future Of Viacom, CBS, https://en.wikipedia.org/w/index.php?title=Shari_Redstone&oldid=1147955336, Kimberlee Korff Ostheimer, a lawyer who practiced at, Tyler Korff, a lawyer and rabbi who graduated from, This page was last edited on 3 April 2023, at 06:44. The succession issue simmered in the background during periods of estrangement between father and daughter. [32], Redstone married and divorced Rabbi Ira A. Korff,[33] and they had three children:[1][34], Her ex-husband was president and director of National Amusements until two years after they divorced. VIAC stock opens at about $40 today. Mr. Redstone also made donations to a Viacom political action committee that splits its donations fairly evenly between the parties. CBS first offered Viacom shareholders an exchange ratio of .55 a CBS share for each Viacom sharean offer worth around $11 billion today. In the midst of closing a merger between CBS and Viacom, Shari Redstone is quietly exploring a plan to launch a conservative TV outlet meant to square off with the Fox News Channel, sources tell The Hollywood Reporter. Now Shari Redstone has been handed a large bag of rocks. William D. Cohan. If lower growth and sticky inflation hang around, ways to grow your portfolio or at least stretch it become even more important. . Redstone, the daughter of media mogul Sumner Redstone, is chairwoman of media empire ViacomCBS. 8rdWT'eL~.u"A=9]>313X3-$e}u,gmg664$EzL*LZ_j_]Xy[?Xs
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k`. But her path to power, like most things involving the Redstone family, was contentious. What you missed at CinemaCon 2023. Shari Headley. Vanity Fair may earn a portion of sales from products that are purchased through our site as part of our Affiliate Partnerships with retailers. 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. She has gotten it to the point where the bid and the ask spread is down to around $3 billion. Mr. Freston is a regular presence at Democratic fund-raising events in New York. She is the non-executive chairwoman of Paramount Global and the president of National Amusements; she was previously the vice-chairwoman of CBS Corporation and Viacom. (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.) 48, No. According to Herzers lawsuit, and the documents she has obtained as a result of filing it, the feuding between Shari and Sumner began in 2007 after Shari voted to block a $105 million charitable gift that Sumner wanted to make to hospitals in Massachusetts and California. As a subscriber, you have 10 gift articles to give each month. 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. In July 2007, Sumner faxed a letter to Forbes rejecting his daughters efforts to succeed him on the Viacom and CBS boards. ! 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. 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. Even if you wanted to sabotage the company, it would be hard to do more damage than [previous management] did.. The exposure to risk for Viacom, even though CBS News is just one of many things that it owns, is very substantial, he said. 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. She just was a step behind in a lot of ways and treated poorly, this person continued. Look at totals and trends, and see how candidates and committees raise and spend money. All three are involved with National Amusements. Within a few months, she and Sumner Redstone removed Dauman and his ally from the familys investment firm, which provoked a high-stakes lawsuit. Name & Location: Employer/Occupation: Dollar Amount: Date: Primary/ General: Contibuted To: REDSTONE, SHARI E . stream Scarlett Johansson. or Mr. Redstone, who died on Tuesday at 97, was an old-school, expletive-spraying mogul from a time when bosses asserted their power by screaming in the workplace. He just settled this one. 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. 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. In the 2000 presidential campaign, Mr. Moonves, who oversees CBS, gave $1,000 each to Mr. Gore and Senator Lieberman of Connecticut. New CNN Show Won't Be Political, Hosts . SpaceX used wildlife preserve as dumping ground for space waste, lawsuit alleges, Philippe Daumans plan to sell Paramount Pictures, Writers strike: Whats at stake and how it could disrupt Hollywood, Writers Guild and studios continue talks, but deal remains elusive as possible strike looms, Oppenheimer wows. Why did Dan Rather think he could get away with this or stonewall it? Beneath the surface, they had a lot in common. The professor said he doesnt expect the directors to take formal action in connection with the flap, but he said he could not imagine they would ignore it. Norah O'Donnell, among other stars, held court until 2 a.m. She also is a director of NAI. 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. People underestimated her, but shes proven that shes obtained a lot of her fathers characteristics.. [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. Name & Location: Employer/Occupation: Dollar Amount: Date: Primary/ General: Contibuted To: REDSTONE, SHARI . Redstone, the daughter of media mogul Sumner Redstone, is chairwoman of media empire ViacomCBS. 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?. 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 . Father and daughter also joined forces to fight the Viacom board, which challenged Mr. Redstones mental competency in court in 2016.
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