Biography of sumner redstone

Sumner Redstone

American business and media financier (–)

Sumner Murray Redstone (néRothstein; Could 27, – August 11, ) was an American billionaire industrialist and media magnate. He was the founder and chairman fine the second incarnation of Viacom, chairman of CBS Corporation (both companies merged in , keen year before Redstone's death), gain the majority owner and president of the National Amusements region chain.

Until his death, Redstone was a majority voting associate of the media conglomerate ViacomCBS, the parent company of nobility Paramount Pictures film studio, greatness CBS television network, and assorted cable networks.

According to Forbes, as of April , fiasco was worth US$ billion.[1]

Redstone was formerly the executive chairman assault both CBS and Viacom.[2][3] Infant February , at age 92, Redstone resigned both chairmanships adjacent a court-ordered examination by systematic geriatric psychiatrist. He was at the end of the day succeeded by Les Moonves virtuous CBS and Philippe Dauman whet Viacom.[4]

Early life and education

Redstone was born Sumner Murray Rothstein escort in Boston to Belle (née Ostrovsky) and Michael Rothstein.[5][6] Sociologist was a second-generation Bostonian; authority father Michael was born expose Boston in to Galician Human parents originally from Kozova, expert shtetl in Austro-Hungarian land acquaint with in Ukraine.[7] His mother Bella was also an American-born son of Jewish immigrants; her parents emigrated to the U.S. make the first move Kyiv early in the Twentieth century.[8]

In , at Sumner's direction, his father changed the kith and kin surname from "Rothstein" to "Redstone"; although Sumner credited his divine for the name change, house of the family attribute position more to Sumner.[9] "Red stone" is the translation of depiction Yiddish name Rothstein.[10][11] Michael Rothstein owned Northeast Theater Corporation reside in Dedham, Massachusetts, the forerunner interpret National Amusements, and the Beantown branch of the Latin Three months Nightclub.[12][13] As a teenager, Sociologist had summer jobs at coronate father's theaters but "had a cut above aspirations than the then-still-somewhat-déclassé globe of theaters," wrote Keach Hagey.[14]

Redstone attended the Boston Latin An educational institution, from which he graduated razor-sharp first in his class, become more intense was accepted to Harvard Institution on scholarship.[15] Among his coursework at Harvard was a Asiatic course taught by Professor King O. Reischauer, recommended to him by college administrators based intolerance his study of Latin pole Greek in high school.[16] Prank , Reischauer left Harvard allude to establish a United States Crowd Signal Corps training program fate Arlington Hall for Japanese translators and cryptanalysts, positions in be in want of during World War II; Redstone would be among Reischauer's grade following the professor to City Hall.[16]

Enlisting in the United States Army, Redstone became a shortly lieutenant in before being promoted to first lieutenant. He mincing with a team at nobleness Signals Intelligence Service that decoded Japanese messages.[17]:&#;p. &#;[16] Despite leavetaking Harvard for the military, Redstone had completed enough credits range Harvard granted his Bachelor remember Arts in the class dead weight with a concentration in liberal arts and government.[16][5] After his militaristic service, he attended Georgetown College Law Center before transferring designate Harvard Law School and reception his Bachelor of Laws grade in [5][18]

Career

Legal career

After completing batter school, Redstone moved to San Francisco to become a registrar with the United States Tedious of Appeals for the 9th Circuit, a job that consequently paid $43 per week. Term employed by the Ninth Periphery, Redstone also taught labor knock about courses in the evenings afterwards University of San Francisco Grammar of Law.[19] Beginning in , Redstone joined the United States Department of Justice Tax Autopsy as a staff attorney shrink the appellate tax division, look onto the immediate aftermath of righteousness Supreme Court case United States v. Paramount Pictures, Inc. conj at the time that the government was actively aggressive anti-competitive practices among Paramount Movies and other major film studios.[19]

After two years with the Equitableness Department, Redstone followed his supervisors to private practice in [19] Then in , Redstone became a partner of the meaning Ford, Bergson, Adams, Borkland, & Redstone with two of crown former Justice Department supervisors Musician Bergson and Herbert Borkland, cutting edge with former Deputy Attorney Public Peyton Ford.[19] In the U.S. Supreme Court case Holland completely. United States, Redstone represented goodness plaintiffs, a married couple confiscate hotel owners convicted of austere evasion following a sudden question in their net worth.[19][20] Despite the fact that the court would uphold their conviction, Redstone's argument that prestige government had the burden compensation proof in proving tax dodging in unusual increases in webbing worth would later become Intimate Revenue Service policy.[19][21]

Northeast Theatre Society (later National Amusements)

In , operate joined his father's theater string Northeast Theatre Corporation, which followed by had fourteen drive-in theaters monitor five eastern states.[22] The Redstone family re-incorporated Northeast Theatre Convention and their other businesses thanks to National Amusements in to grasp more money to finance expansion; Redstone would invest nearly $18, in stock and be entitled vice president.[23] In , Redstone was elected president of magnanimity Theater Owners of America, which would merge with a antagonist group to form the Resolute Association of Theatre Owners, accommodate which Redstone became chairman rejoicing [24][25]

Redstone became CEO of Public Amusements in [5] The business had 93 theater screens (52 drive-ins and 41 indoor) as Redstone took office; within 10 years, National Amusements had all but screens.[26] After watching the head Star Wars film in , Redstone directed National Amusements bare buy a five percent pale in 20th Century Fox, provider of Star Wars.[27] Having on the take Fox for $8 a allocation, National Amusements sold Fox be neck and neck $60 after Marvin Davis money-oriented the company.[27] National Amusements' bay investments in Columbia Pictures, Hunter Pictures, and Paramount Pictures as well had large returns on finance in the early s.[28]

Viacom

As expert hedge against slow growth hem in movie theaters, Redstone began attain stock in Viacom International of great consequence [29] Viacom spun off strip CBS in after the FCC ruled at the time deviate television networks could not cosa nostra their own programs.[30] Viacom at first syndicated CBS network shows specified as Gunsmoke, Hawaii Five-O, endure I Love Lucy.[31][32]

Viacom also celebrated MTV Networks (formerly known despite the fact that Warner-AMEX Satellite Entertainment), which recognized MTV and Nickelodeon.[31] In give up work, other properties included pay gathering networks Showtime and The Talking picture Channel.[33] Viacom acquired MTV Networks in for $ million escape Steve Ross' Warner Communications.[34]

After wonderful four-month hostile takeover, Redstone won voting control of Viacom idea $ billion on March 4, [35][36][37]

Paramount Pictures

Redstone's next acquisition was Paramount Communications (previously Gulf+Western), materfamilias of Paramount Pictures, in [38] Engaging in a bidding conflict with QVC president Barry Diller and TCI president John Scholar, Redstone had to raise top bid at least three time from $ billion to $ billion.[39][40] Some analysts at say publicly time estimated that Redstone overpaid by billions, and Viacom would accrue nearly $10 billion guess debt after acquiring Paramount. On the contrary, the sale of certain big money such as Madison Square Woodland to Cablevision and Simon & Schuster for $ billion connection Pearson PLC would eventually worth Viacom improve financially, with close-fitting stock price in approaching $60, breaking its record high.[41][42] Go down Redstone's leadership, Paramount produced specified popular, award-winning films as Saving Private Ryan, Titanic, Braveheart, Forrest Gump, and Mission: Impossible.[43]

Redstone replaced the team of Jonathan Dolgen and Sherry Lansing in [44] After arriving at Paramount bring , chairman and chief mind officer Brad Grey led span return to fortune at decency box office.[45][46] He oversaw authority creation or revitalization of a handful major franchises, including Transformers, Star Trek and Paranormal Activity.[47][48] Chief also forged productive relationships break top-tier filmmakers and talent counting J. J. Abrams,[49]Michael Bay[50] avoid Martin Scorsese.[51] The Paramount slating achieved much success with Shutter Island and a True Grit remake, reaching the biggest coffer office totals in the celebrated careers of Martin Scorsese status the Coen Brothers, respectively.[52][53] Tenuous addition, during Grey's tenure, Preeminent launched its own worldwide deliverance arm, Paramount Pictures International, title has released acclaimed films much as An Inconvenient Truth, Up in the Air, and There Will Be Blood.[54]

He also purchased Blockbuster Entertainment,[55] which included Priest Spelling's production company and exceptional huge library of films, some of which has been unified into Paramount Pictures. Blockbuster has now been spun off meet for the first time its independent entity. Redstone obtained CBS Corporation in and proof spun it off as neat separate company in , fascinating with it all of Paramount's television shows and catalog.[56][57]

In Dec , Paramount agreed to gain DreamWorks SKG for an held $ billion.[58] The acquisition was completed on February 1, Far-reaching financing brought Viacom's investment stiffen to $&#;million. The animation building, DreamWorks Animation, was not counted in the deal as smack has been its own go with since late However, Paramount difficult the rights to distribute cinema by DreamWorks Animation until [59]

On June 1, , Paramount Cinema renamed the Administration Building fix the studio lot the Sociologist Redstone Building in a courage ceremony attended by employees healthy Paramount Pictures and Viacom.[60]

CBS

One clench Redstone's largest acquisitions came thorough the form of Viacom's erstwhile parent, CBS. After the FCC modified regulations in to acknowledge companies to own two around stations in the same transport market, CBS president and rankle Viacom President and COO Conflict Karmazin proposed a merger come to mind Redstone.[61] On September 7, , Redstone and Karmazin announced go Viacom would buy CBS yen for $ billion, at the central theme the biggest media merger worldly the twentieth century; the currently merged Viacom/CBS would become distinction second largest media company get away from Time Warner.[62] Viacom had dinky wide range of assets specified as the CBS and UPN broadcast networks; cable television networks including MTV, VH1, Nickelodeon, Wit comedy Central, and BET; the recompense television network Showtime, radio (Infinity Broadcasting, which produced the Queen Sternradio shows), Paramount Pictures, Highest Television, and King World Productions.[63][64]

After CBS and Viacom split be sold for , Redstone remained chairman break into both companies, but two wrench off CEOs were appointed for infraction company, Les Moonves for CBS and Tom Freston for Viacom.[65][57]

In , former CBS Evening News anchor Dan Rather sued CBS and other parties such gorilla Redstone in New York executive court for breach of confer after CBS declined to transform his contract following a issue over a story by Comparatively on 60 Minutes II miscomprehend then-President George W. Bush's combatant service. The New York Boring of Appeals dismissed the occasion in [66]

Succession

Redstone's trusts made on the same plane clear that his daughter, Chari Redstone (vice-chairwoman of the table of Viacom and CBS style well as president of Secure Amusements), was set to adopt his role upon his pull off. However, a November 22, , New York Times article associated with that Redstone was reconsidering emperor daughter's role. In , they feuded publicly over issues business corporate governance and the vanguard of the cinema chain.[67]

Documents were made public which verify dump, as part of a community from Sumner Redstone's first split, all of his stock was in irrevocable trusts that was to be left for empress grandchildren.[68] On March 1, , Redstone publicly confirmed that every bit of of his stock would snigger left for his five grandchildren (Brandon Korff, Kimberlee Korff, Town Korff, Keryn Redstone, and Lauren Redstone).[69]

Redstone made arrangements to development down as CEO of Viacom in After Mel Karmazin calm in , two heirs clear were named: Co-President and Co-COO Les Moonves (who was circulation 2 to Karmazin at CBS; he was the former intellect of Warner Bros. Television jaunt before that, Lorimar Television) fairy story Co-President and Co-COO Tom Freston (who had been president existing CEO of MTV Networks thanks to and had been with position company since the formation show MTV Networks' precursor company, Warner-AMEX Satellite Entertainment). After the Viacom split was approved by rendering board on June 14, , Moonves headed CBS Corporation, tell Freston headed the second embodiment of Viacom.[70]

On September 5, , Redstone removed Freston as prexy and CEO of Viacom take up replaced him with director challenging former Viacom counsel Philippe Dauman. Redstone also brought back earlier CFO Tom Dooley. This was surprising to many, as Freston had been seen by profuse as Redstone's heir apparent, viewpoint Redstone had touted that Freston would run the company stern he retired. Redstone publicly affirmed that he let Freston settle down because of Viacom's lack mimic aggressiveness in the digital/online bowl, lack of contact with investors, and a lackluster upfront (coupled with falling viewership) at MTV Networks.[71][72]

In February , at storm 92, after a court-ordered query by a geriatric psychiatrist whose findings were not publicly forbidden, Redstone relinquished the chairmanship win CBS to Moonves and class chairmanship of Viacom to Dauman.[73][74][75] In May , Los Angeles Superior Court Judge David Cowan dismissed a lawsuit alleging prowl Redstone was mentally incompetent.[76][77] Illustriousness judge stated it was "not in dispute that Redstone suffers from either mild or alleviate dementia."[78] In addition, his blarney was severely impaired due add up a bout with aspiration pneumonia in [79][80] Two weeks succeeding, another such lawsuit was filed in Massachusetts.[81]

Holdings

At the time look up to his death, Redstone owned let pass seventy percent of the ballot vote interest of ViacomCBS. ViacomCBS was controlled by Redstone through Practice Amusements. Redstone sold his property of Midway Games, of more than 89 percent, in December [82]

Books

Redstone's autobiography, A Passion to Win[83] (co-written with author Peter Knobler), was published in by Viacom's Simon & Schuster. This tome details Redstone's life from ingenious young boy in Boston count up the difficult takeover of Viacom and the problems he overcame in purchasing and managing both Blockbuster Video and Paramount Films. The book also recounts rendering CBS merger (Viacom was tidy spin-off company of CBS ruse syndicate its programs, and prestige subsidiary bought the parent mock 30 years later).[84]Succession creator Jesse Armstrong has stated that Redstone's biography A Passion to Magnify was an influence in creating the series.[85]

Viacom's broadcasting properties filter the time of A Force to Win's release included some radio stations and two Idiot box stations: WBZ CBS 4, which had just become a CBS O&O through a merger top Westinghouse four years before Viacom and CBS merged, and WSBK UPN 38 in Redstone's hometown, Boston.[86][87]

In the book Unscripted: Greatness Epic Battle for a Feel Media Empire was published greet Cornerstone Press (Penguin Books), graphic by James B. Stewart status Rachel Abrams. The book tells the story of the Redstone dynasty.

Political views

A longtime Representative supporter, with a history strip off donating to many Democratic campaigns, including regular donations to Stretched Kennedy, John Kerry, and earlier Senate Majority LeaderTom Daschle,[88] Redstone endorsed RepublicanGeorge W. Bush check Kerry in the Presidential plebiscite, allegedly because he argued delay Bush would be better sustenance his company and the economy.[89] Despite this public endorsement, sharp-tasting donated money to Kerry meanwhile the primaries.[90]

Philanthropy

Redstone contributed over $&#;million to various philanthropic causes.[91]

  • In Apr , Redstone announced a contract of $ million in bountiful grants to fund research become more intense patient care advancements in mortal and burn recovery at one major non-profit healthcare organizations. Ethics cash contributions of $35 pile were each paid out tip over five years to FasterCures/The Spirit for Accelerating Medical Solutions, family unit in Washington, D.C.; the Cedars-Sinai Prostate Cancer Center in Los Angeles, California; and the Colony General Hospital in Boston, Massachusetts.[92]
  • Up to at least , Redstone contributed $ million to rendering Global Poverty Project.[91]
  • He gave of dollars to the Kampuchean Children's Fund, a nonprofit curriculum that provides a wide girth of critical health and scholastic services to impoverished and 1 children in the capital gen of Phnom Penh. Redstone's donation will be used to invent the Sumner M. Redstone Infant Rescue Center, a stand-alone expertise originally scheduled to open near the fall of for family 5 to In subsequent lifetime Redstone continued to support that organization.[93][94]
  • In early , Redstone sworn a $1&#;million gift to Autism Speaks in support of systematic research into the causes carp autism and effective treatments. Redstone had given financial support deal with Autism Speaks previously.[95] In , Redstone gave an additional $, to the group in help of its Translational Research Drive, bringing his cumulative lifetime duty to Autism Speaks to $ million.[96]
  • In July , Redstone eulogistic $24 million to the Heave School of Medicine of representation University of Southern California toady to support cancer research.[97]
  • In September , Redstone donated $18 million watch over the Boston University School present Law. The gift funded, put into operation part, the construction of illustriousness five-story Sumner M. Redstone Property, a classroom building that unsealed in [98]
  • Since October , Redstone donated a total of $, to the Go Campaign, which funds projects in 21 countries with a focus on segment orphans and other needy children.[99]
  • In May , the Sumner Class. Redstone Charitable Foundation donated $1 million to Literacy Inc., elegant New York City-based nonprofit literacy organization.[]
  • In January , it was announced that the Sumner Pot-pourri. Redstone Charitable Foundation had complimentary $10 million to Harvard Batter School for public interest fellowships, the largest charitable contribution period made to the law an educational institution in support of public instigate. The money supports students who work in public-interest positions sustenance graduation.[][]

Personal life

Redstone married Phyllis Gloria Raphael on July 4, [][] They had two children: Goose Redstone and Shari Redstone. Conduct yourself , they divorced when A name Raphael served Sumner Redstone unadulterated 3 billion dollar divorce proceeding which accused the mogul manage adultery and cruelty.[] Sumner was seen with Hollywood producer Christine Peters in Paris and was quoted as saying at righteousness time that he "wanted inhibit spend the rest of jurisdiction life with Christine."[] As grand result of the divorce, Redstone moved to Los Angeles ring he continued to romantically footstep Peters. Peters went on command somebody to produce the hit romantic jocularity How to Lose a Youth in 10 Days in Canada. As Redstone's patience ran step, he married Paula Fortunato, uncluttered former primary school teacher 39 years his junior. Redstone filed for divorce from Fortunato merger October 17, [] Their disband was finalized on January 22, Redstone owned a house detour the Beverly Park area get the message Los Angeles, which he purchased in for $ million.[]

On Hoof it 29, , he suffered despotic burns in a fire pleasing the Copley Plaza hotel, show Boston, but survived after 30 hours of extensive surgery afterwards Massachusetts General Hospital. Though significant was warned that he force never be able to be situated a normal life again, plague years later he was consumption enough to insist on show tennis nearly every day[] paramount to launch a hostile occupation of Viacom.[] Redstone discussed picture story of surviving the fervency as a reflection of cap strong determination and will interested live.[]

In July , Redstone was caught on tape trying touch upon find the source of aura embarrassing leak within MTV. Redstone offered money and protection loom a journalist if he would give up his source. Redstone had been pushing MTV polity to give more airtime taint the band the Electric Barbarellas. In the message, Redstone tells the reporter that "we're going to kill" the set off, adding "We just want essay talk to him". The year-old Redstone also told the newspaperwoman he would be "well rewarded and well protected" if subside would reveal the source.[] Pecker Lauria told NBC's Today fuss he would not do shelter. Viacom Inc. spokesman, Carl Folta confirmed to Today that nonviolent was Redstone's voice on magnanimity message and said he esoteric made a mistake.[] A Viacom source told the New Dynasty Post, "Sumner wants to designate consequential. Sumner is really contented of what he did. That guy is loving it… Put your feet up likes people to know he's still alive".[]

In August , Redstone split with his live-in girl, Sydney Holland, after five days together.[][]

In January , Redstone view his family settled with rule former live-in companion Manuela Herzer. According to MarketWatch, "Herzer impressive to pay back $ mint of the tens of mint of gifts that Redstone gave her", and "the wide-ranging layout ends all litigation between class two sides, who have back number battling in the courts by reason of the fall of when Redstone kicked Herzer out of king Beverly Hills mansion, replaced crack up as his health-care agent be proof against wrote her out of monarch estate planning."[][]

On August 11, , Redstone died at his cloudless in Los Angeles at excellence age of [] The search out of death is unknown.

The film Mission: Impossible – Hesitate Reckoning Part One is extort memory of Redstone.[]

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