Around that time, Ms. Redstone and Mr. Redstone made peace. Talks were ongoing but collapsed when CBS management feared that she was trying to remove Moonves allies on the board. 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. Meanwhile, non-Redstone CBS investors dont like the deal one bit. Name & Location: Employer/Occupation: Dollar Amount: Date: Primary/ General: Contibuted To: REDSTONE, SHARI . Earlier this decade, two women had ensconced themselves in Sumner Redstones life and he lavished them with gifts valued at $150 million. The two-year period in which the transaction was reported. 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. She also is a director of NAI. You're using Internet Explorer, some features might not work. This article is from the archive of The New York Sun before the launch of its new website in 2022. The price to earnings ratio is 7. But her path to power, like most things involving the Redstone family, was contentious. 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]. Ms. Redstone, 66, keeps a much lower profile. Key Points. [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. We follow the money. In early 2018, Redstone again tried to get CBS to entertain the Viacom merger. It might depend on where the stock goes over the next year or two, Matthews said. or Shari Redstone, Sumner's daughter who was estranged from her father for much of his life but reconciled with him in his final years, effectively took over his empire in 2016 after a long,. 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 media heiress, who defeated a series of rivals to win control of ViacomCBS in. And now she is trying again, with even greater fervor. Shari Redstones appointment to lead the remerged Viacom and CBS was unexpected by almost anyone who has followed the battles within this family media business. 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. 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. Since reentering her fathers life in late 2015, Redstone has vanquished more than a dozen men whom her father put in power. Rather must have felt comfortable, not only because this is his bias but because he knew the parent company was comfortable with this kind of frontal attack on Bush, said Mr. Kincaid, whose group has tangled with CBS for years about its news and entertainment programming. As many of my most loyal readers know, I've been predicting this for years. [28], On August 13, 2019, the Associated Press reported that Shari Redstone had become the chair of the board for the reuniting of CBS and Viacom as ViacomCBS, today known as Paramount Global. 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. << /Length 5 0 R /Filter /FlateDecode >> I was never a great proponent of the split of the two companies, I think the path each company took could have been different under different leadership and this is why a combination should be explored now, she said at the November 2016 DealBook conference. Shari, however, always wanted to keep them together. 13 0 obj But at a certain point, she may be able to do whatever she wants. Herzers lawsuit plunged National Amusements and Viacom into turmoil. As a recently released, unredacted complaint in a lawsuit against Shari makes clear, Sumner Redstone never wanted his daughter to be involved in the family businesses, twice tried to buy out her stock in the family holding company, National Amusements Inc., for around $1 billion. Shari Redstone - $5,400 in Political Contributions for 2016, Campaign Finance, Money, American politics, American political campaign contributions, presidential campaign contributions . Its awesome. The media heiress, who defeated a series of rivals to win control of ViacomCBS in 2019, found herself caught up in a stunning stock reversal that almost overnight has shaved about $670 million from her personal net worth. A receiving line of network executives and on-air stars lined up to greet her as trays of mini cheeseburgers and pinot noir circulated. 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. Washington, DC 20463, Federal Election Commission | United States of America. . [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. At the height of the conflict when the patriarch was well into his 80s and still a Hollywood force Mr. Redstone tried to buy out his daughter and publicly stated that she was not qualified to lead National Amusements, the parent company of Viacom and CBS, which he had inherited from his father and built into a giant. (A judge eventually ruled in favor of Redstone.). A rep for Kelly declined to comment. Behind the scenes, Redstone was instrumental in refreshing the CBS board by bouncing veterans who were friends of her fathers. Over the years, Shari Redstone would tell her tough-as-nails father that. 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 . 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Does the fate of a potential $14 billion Wall Street merger all come down to Shari Redstones feud with her father? Im very sure that the chairman and CEO would not allow the board of the company to be compromised by individual political agendas.. He called his daughter a credible candidate, while also floating the notion of buying her out. Her grandfather was Michael Redstone, who was the original founder of National Amusements, the parent company that now owns the majority of the Redstone media empire. The merger agreement is a triumph for Redstone, who has overseen the familys controlling stakes in the two companies since her fathers declining health forced him to relinquish control. (Shari Redstone declined to comment, as did her attorney, Betsy Burnett, and her spokesperson, Sara Evans. The investor community still seems to think that the right move could be to just . She also is a director of NAI. By then, though, tensions were mounting. This time, he heavily criticized Norah O'Donnell and her interview with government whistleblower Dr. Rick . Viacoms chairman and chief executive, Sumner Redstone, is a self-described liberal Democrat and a prolific donor to Democratic campaigns. [11] Redstone has expanded the company's international footprint and its exploration of new technologies. Redstone herself has agitated for an even bolder streaming strategy through Paramount Plus, the company's flagship streaming service, according to company insiders. . Sumner Redstone died Tuesday at age 97, National Amusements said in a statement Wednesday. Redstone has approached current and former Fox News personalities about such a plan, sources say, and she has spoken with former NBC News host Megyn Kelly. |iuRH4h?Z&Su}Yc_c^ |[x=fC#yP6)Y3O3$z.7YUD6F(rx+Kq2*XWJ.M|2>=Fur2` Why did Dan Rather think he could get away with this or stonewall it? One member of the Viacom board who has attracted considerable attention in recent months is Mr. Redstones daughter and possible successor, Shari. /F4.1 12 0 R /F2.0 9 0 R /F3.0 10 0 R >> >> Do not fill this out if you are a person. These committees may solicit and accept unlimited contributions from individuals, corporations, labor organizations and others. $50. And then, on October 12, 2015, with Sharis help, Sumner evicted Herzer from his house, which the latter described as a critical step in [Sharis and Tylers] larger conspiracy to take control of Sumners media empire. In an e-mail days later to Tyler, Shari explained the true underlying purpose for this conspiracy, according to Herzer: to undue [sic] all of the legal documents, letters and affidavits that he done against me.. 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. $100. Even if you wanted to sabotage the company, it would be hard to do more damage than [previous management] did.. (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.) Why is Frank McCourt really pushing it? 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 . 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 . . A lock ( LockA locked padlock ) or https:// means you've safely connected to the .gov website. 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. 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. Of the companys 13 board members, eight contribute primarily to Democratic candidates and party committees. The shotgun re-marriage of CBS and Viacom is proceeding apace. Vanity Fair may earn a portion of sales from products that are purchased through our site as part of our Affiliate Partnerships with retailers. Redstone holds the remaining 20 percent of National Amusements through a separate trust. Shari Redstone continues today to send fraudulent communications purporting to be sent by Sumner, a man who cannot speak, write, read, or take care of himself, according to Herzers complaint. 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. In late 2016, Bakish was named Viacoms CEO and he began working to rebuild the company. This spring, independent members of CBS and Viacoms boards began discussing a merger. Since the split, of course, the companies have followed very different trajectories. Shari Redstone fought to ensure she would succeed her father, Sumner Redstone, atop the family's media empire. In 2006, Ms. Redstone became nonexecutive vice chairwoman of both CBS and Viacom. Scarlett Johansson. He gave the maximum $2,000 to Mr. Kerrys presidential campaign and supported Vice President Gores 2000 presidential bid as well. According to a court filing from Sumners former girlfriend Manuela Herzer, Brent Redstone has not spoken to his father since Sumner bought out his stake in National Amusements in 2006 for $250 million. He gave the maximum $2,000 to Mr. Kerry's presidential campaign and supported Vice President Gore's 2000 presidential bid as well. 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. The Wide Shot brings you news, analysis and insights on everything from streaming wars to production and what it all means for the future. The rulingabbreviated a trial that had made headlines with thepersonaldetails it exposed and questions it posed for Redstones media empire. The main trust owns controlling shares in National Amusements, which in turn controls about 80 percent of the voting rights in ViacomCBS, the company that resulted from a 2019 merger led by Ms. Redstone. Mr. Redstone also made donations to a Viacom political action committee that splits its donations fairly evenly between the parties. 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. As a condition of the September 2018 settlement, she agreed to not try to orchestrate a merger with Viacom for at least two years. By Todd Williamson/Invision/AP/REX/Shutterstock. Will Shari Redstone Find A Buyer For A Combined CBS-Viacom? The case, brought to [], Master, Boston University; Bachelor of Arts/Science, Tufts University. there is nothing more to be said. Look at totals and trends, and see how candidates and committees raise and spend money. [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. Redstone has been president of National Amusements Inc. since 2000 and served as executive vice president of NAI from 1994 to 2000. Mr. Folta said the political contributions of board members were not unusual. 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Herzer claims Shari and Tyler orchestrated her removal from Sumners Los Angeles home in October 2015, barred her from seeing him, and have effectively taken control of his business empire. 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. Theyve never gone against my wishes. In June 2014, Shari acknowledged this ongoing antipathy. He contributed $2,000 to Mr. Kerry and has given nearly $30,000 to Democratic groups and candidates in the past six years. Any changes made can be done at any time and will become effective at the end of the trial period, allowing you to retain full access for 4 weeks, even if you downgrade or cancel. Shari Redstone's scorching rise to become the family's second media billionaire has come to crashing halt. Instead, she will be integrally involved in steering the ship as it tries to compete with much larger media and technology companies. 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. But she was here, trying to fix these media platforms.. In a prelude to the difficulties to come, the father and daughter had a disagreement over the worth of the company behind Mortal Kombat, a video game that pits opponents against each other in anything-goes combat. [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. Shari Redstone is board chair. 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. 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. 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. Advertisements How old is Shari Redstone? Within six weeks, Moonves resigned. Shari tried once before to effect a merger between Viacom and CBS, in 2016, but that effort went nowhere. 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. Two other members of the board, Joseph Califano and William Cohen, held cabinet posts under Democratic presidents. If lower growth and sticky inflation hang around, ways to grow your portfolio or at least stretch it become even more important. I am so proud to be his daughter and I will miss him always.. . Ms. Redstone has contributed to Senator Clinton and Mr. Kerry as well as the Democratic National Committee. Shari Redstone at the Sun Valley Conference in Idaho, 2017. Everybody wants Fox News money, but nobody wants to destroy their [existing] news brand, a source says. Compare Standard and Premium Digital here. In 2014, as it was later revealed, Sumner tried to buy. Im not very happy right now, Judge Eric Davis told Fox News attorneys. Premium access for businesses and educational institutions. !CF`Bb3uwp#9 e_JVk|3$dN fd7)u=tncQT_v"`UguwE)U^/HICGjK>0pawBW=suLH.j}J,5l#e96 ^0a(B:@/L*0519P2a~,uV(g:`GaHv1 ^'_B^J ^FQ'?p./{3HJj$pLV.OH!Cp(P;SS@' t],;4z`V ?DNtx_%~,S)-p^pPG:WM1m8ZY:mbf@A.cW$b.04+QkJoi#iY)+6Ak"p94[f?OAbg(K{ -fMpbSf0;IS]&! 2023 The New York Sun Company, LLC. We support credit card, debit card and PayPal payments. In July 2007, Sumner faxed a letter to Forbes rejecting his daughters efforts to succeed him on the Viacom and CBS boards. 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. As a subscriber, you have 10 gift articles to give each month. The feisty 61-year-old former attorney is stepping into the spotlight to exert her influence in the . And Sumner himself has been completely shielded from his longtime friends and the public, who have not seen or heard from him. Kimberlee, 38, is a lawyer. For the past couple of decades, when media exec Shari Redstone came home, she'd relax in a sprawling mansion in Westwood, MA. Redstone sees an opening as the audience for TV news grows older and more conservative and Trump and some of his fans express disenchantment with ratings giant Fox News, which lost its top news. You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. Learn how to enable Javascript in your browser. A member of the Company Town team for two decades, James specializes in covering television, corporate media and investigative projects. A political committee authorized by a candidate to accept contributions or make expenditures on behalf of that candidate. 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. For Shari Redstone, the 65-year-old daughter of ailing 96-year-old mogul Sumner Redstone, who had chafed for a dozen years living under the . (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.) Shari obtained her 20 percent interest in National Amusements through a 2002 divorce agreement with Sumners first wife and her mother, Phyllis. Viacom asked for an exchange ratio of .68, which would value Viacom at around $14 billion. 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. Redstone runs an incredibly outstanding organization, Mr. Feldberg said. [22] The CBS board announced that Les Moonves replaced Sumner Redstone as CBS Chairman. Mr. Redstone with Ms. Redstone, when she received an award from the Boys and Girls Club of Queens in 2000. Shari Redstone net worth: Shari Redstone is an American media executive who has a net worth of $500 million. Sumner Redstone, executive chairman of CBS and Viacom, pulled in $93.4 million this past fiscal year. Shari Ellin Redstone (born April 14, 1954) is an American media executive. Ms. Then he gave up his board seats. In 2008, Mr. Redstone announced that his daughter would leave the boards of Viacom and CBS. The structure of the empire built by Mr. Redstone is complex but Ms. Redstone is at the top. Tucker Carlson and Sean Hannity are expected to testify. [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. Redstone built his family's drive-in theater chain into a multibillion-dollar empire . 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. Father and daughter also joined forces to fight the Viacom board, which challenged Mr. Redstones mental competency in court in 2016. She also pursued a degree in social work after volunteering at a trauma center for abused children. The Redstone family investment firm, National Amusements Inc., controls nearly 80% of CBS' and Viacom's voting shares. If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for 65 per month. n0%f|U9l 7?j`l7"tiNf]?uhgM Z4i[&LY_x 2023 The Hollywood Reporter, LLC. ! 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. With the $1.6 billion Dominion lawsuit threatening to hobble Fox News, the ink on his divorce to Jerry Hall still wet, and his broken engagement to Ann Lesley Smith even fresher, its been a chaotic 12 months for the 92-year-old conservative media baron. 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. 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. After Viacom purchased Paramount Pictures in 1994, Sumner Redstone hailed the moment as his arrival in the media big leagues. . In 2015, Vanity Fair published an article on Ms. Herzer and another of Mr. Redstones late-life paramours, Sidney Holland. Vin Diesel goes off script. 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. -. commentary and analysis you can trust. Mr. Freston is a regular presence at Democratic fund-raising events in New York.
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Around that time, Ms. Redstone and Mr. Redstone made peace. Talks were ongoing but collapsed when CBS management feared that she was trying to remove Moonves allies on the board. 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. Meanwhile, non-Redstone CBS investors dont like the deal one bit. Name & Location: Employer/Occupation: Dollar Amount: Date: Primary/ General: Contibuted To: REDSTONE, SHARI . Earlier this decade, two women had ensconced themselves in Sumner Redstones life and he lavished them with gifts valued at $150 million. The two-year period in which the transaction was reported. 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. She also is a director of NAI. You're using Internet Explorer, some features might not work. This article is from the archive of The New York Sun before the launch of its new website in 2022. The price to earnings ratio is 7. But her path to power, like most things involving the Redstone family, was contentious. 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]. Ms. Redstone, 66, keeps a much lower profile. Key Points. [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. We follow the money. In early 2018, Redstone again tried to get CBS to entertain the Viacom merger. It might depend on where the stock goes over the next year or two, Matthews said. or Shari Redstone, Sumner's daughter who was estranged from her father for much of his life but reconciled with him in his final years, effectively took over his empire in 2016 after a long,. 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 media heiress, who defeated a series of rivals to win control of ViacomCBS in. And now she is trying again, with even greater fervor. Shari Redstones appointment to lead the remerged Viacom and CBS was unexpected by almost anyone who has followed the battles within this family media business. 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. 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. Since reentering her fathers life in late 2015, Redstone has vanquished more than a dozen men whom her father put in power. Rather must have felt comfortable, not only because this is his bias but because he knew the parent company was comfortable with this kind of frontal attack on Bush, said Mr. Kincaid, whose group has tangled with CBS for years about its news and entertainment programming. As many of my most loyal readers know, I've been predicting this for years. [28], On August 13, 2019, the Associated Press reported that Shari Redstone had become the chair of the board for the reuniting of CBS and Viacom as ViacomCBS, today known as Paramount Global. 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. << /Length 5 0 R /Filter /FlateDecode >> I was never a great proponent of the split of the two companies, I think the path each company took could have been different under different leadership and this is why a combination should be explored now, she said at the November 2016 DealBook conference. Shari, however, always wanted to keep them together. 13 0 obj But at a certain point, she may be able to do whatever she wants. Herzers lawsuit plunged National Amusements and Viacom into turmoil. As a recently released, unredacted complaint in a lawsuit against Shari makes clear, Sumner Redstone never wanted his daughter to be involved in the family businesses, twice tried to buy out her stock in the family holding company, National Amusements Inc., for around $1 billion. Shari Redstone - $5,400 in Political Contributions for 2016, Campaign Finance, Money, American politics, American political campaign contributions, presidential campaign contributions . Its awesome. The media heiress, who defeated a series of rivals to win control of ViacomCBS in 2019, found herself caught up in a stunning stock reversal that almost overnight has shaved about $670 million from her personal net worth. A receiving line of network executives and on-air stars lined up to greet her as trays of mini cheeseburgers and pinot noir circulated. 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. Washington, DC 20463, Federal Election Commission | United States of America. . [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. At the height of the conflict when the patriarch was well into his 80s and still a Hollywood force Mr. Redstone tried to buy out his daughter and publicly stated that she was not qualified to lead National Amusements, the parent company of Viacom and CBS, which he had inherited from his father and built into a giant. (A judge eventually ruled in favor of Redstone.). A rep for Kelly declined to comment. Behind the scenes, Redstone was instrumental in refreshing the CBS board by bouncing veterans who were friends of her fathers. Over the years, Shari Redstone would tell her tough-as-nails father that. 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 . 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Does the fate of a potential $14 billion Wall Street merger all come down to Shari Redstones feud with her father? Im very sure that the chairman and CEO would not allow the board of the company to be compromised by individual political agendas.. He called his daughter a credible candidate, while also floating the notion of buying her out. Her grandfather was Michael Redstone, who was the original founder of National Amusements, the parent company that now owns the majority of the Redstone media empire. The merger agreement is a triumph for Redstone, who has overseen the familys controlling stakes in the two companies since her fathers declining health forced him to relinquish control. (Shari Redstone declined to comment, as did her attorney, Betsy Burnett, and her spokesperson, Sara Evans. The investor community still seems to think that the right move could be to just . She also is a director of NAI. By then, though, tensions were mounting. This time, he heavily criticized Norah O'Donnell and her interview with government whistleblower Dr. Rick . Viacoms chairman and chief executive, Sumner Redstone, is a self-described liberal Democrat and a prolific donor to Democratic campaigns. [11] Redstone has expanded the company's international footprint and its exploration of new technologies. Redstone herself has agitated for an even bolder streaming strategy through Paramount Plus, the company's flagship streaming service, according to company insiders. . Sumner Redstone died Tuesday at age 97, National Amusements said in a statement Wednesday. Redstone has approached current and former Fox News personalities about such a plan, sources say, and she has spoken with former NBC News host Megyn Kelly. |iuRH4h?Z&Su}Yc_c^ |[x=fC#yP6)Y3O3$z.7YUD6F(rx+Kq2*XWJ.M|2>=Fur2` Why did Dan Rather think he could get away with this or stonewall it? One member of the Viacom board who has attracted considerable attention in recent months is Mr. Redstones daughter and possible successor, Shari. /F4.1 12 0 R /F2.0 9 0 R /F3.0 10 0 R >> >> Do not fill this out if you are a person. These committees may solicit and accept unlimited contributions from individuals, corporations, labor organizations and others. $50. And then, on October 12, 2015, with Sharis help, Sumner evicted Herzer from his house, which the latter described as a critical step in [Sharis and Tylers] larger conspiracy to take control of Sumners media empire. In an e-mail days later to Tyler, Shari explained the true underlying purpose for this conspiracy, according to Herzer: to undue [sic] all of the legal documents, letters and affidavits that he done against me.. 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. $100. Even if you wanted to sabotage the company, it would be hard to do more damage than [previous management] did.. (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.) Why is Frank McCourt really pushing it? 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 . 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 . . A lock ( LockA locked padlock ) or https:// means you've safely connected to the .gov website. 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. 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. Of the companys 13 board members, eight contribute primarily to Democratic candidates and party committees. The shotgun re-marriage of CBS and Viacom is proceeding apace. Vanity Fair may earn a portion of sales from products that are purchased through our site as part of our Affiliate Partnerships with retailers. Redstone holds the remaining 20 percent of National Amusements through a separate trust. Shari Redstone continues today to send fraudulent communications purporting to be sent by Sumner, a man who cannot speak, write, read, or take care of himself, according to Herzers complaint. 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. In late 2016, Bakish was named Viacoms CEO and he began working to rebuild the company. This spring, independent members of CBS and Viacoms boards began discussing a merger. Since the split, of course, the companies have followed very different trajectories. Shari Redstone fought to ensure she would succeed her father, Sumner Redstone, atop the family's media empire. In 2006, Ms. Redstone became nonexecutive vice chairwoman of both CBS and Viacom. Scarlett Johansson. He gave the maximum $2,000 to Mr. Kerrys presidential campaign and supported Vice President Gores 2000 presidential bid as well. According to a court filing from Sumners former girlfriend Manuela Herzer, Brent Redstone has not spoken to his father since Sumner bought out his stake in National Amusements in 2006 for $250 million. He gave the maximum $2,000 to Mr. Kerry's presidential campaign and supported Vice President Gore's 2000 presidential bid as well. 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. The Wide Shot brings you news, analysis and insights on everything from streaming wars to production and what it all means for the future. The rulingabbreviated a trial that had made headlines with thepersonaldetails it exposed and questions it posed for Redstones media empire. The main trust owns controlling shares in National Amusements, which in turn controls about 80 percent of the voting rights in ViacomCBS, the company that resulted from a 2019 merger led by Ms. Redstone. Mr. Redstone also made donations to a Viacom political action committee that splits its donations fairly evenly between the parties. 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. As a condition of the September 2018 settlement, she agreed to not try to orchestrate a merger with Viacom for at least two years. By Todd Williamson/Invision/AP/REX/Shutterstock. Will Shari Redstone Find A Buyer For A Combined CBS-Viacom? The case, brought to [], Master, Boston University; Bachelor of Arts/Science, Tufts University. there is nothing more to be said. Look at totals and trends, and see how candidates and committees raise and spend money. [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. Redstone has been president of National Amusements Inc. since 2000 and served as executive vice president of NAI from 1994 to 2000. Mr. Folta said the political contributions of board members were not unusual. 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Herzer claims Shari and Tyler orchestrated her removal from Sumners Los Angeles home in October 2015, barred her from seeing him, and have effectively taken control of his business empire. 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. Theyve never gone against my wishes. In June 2014, Shari acknowledged this ongoing antipathy. He contributed $2,000 to Mr. Kerry and has given nearly $30,000 to Democratic groups and candidates in the past six years. Any changes made can be done at any time and will become effective at the end of the trial period, allowing you to retain full access for 4 weeks, even if you downgrade or cancel. Shari Redstone's scorching rise to become the family's second media billionaire has come to crashing halt. Instead, she will be integrally involved in steering the ship as it tries to compete with much larger media and technology companies. 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. But she was here, trying to fix these media platforms.. In a prelude to the difficulties to come, the father and daughter had a disagreement over the worth of the company behind Mortal Kombat, a video game that pits opponents against each other in anything-goes combat. [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. Shari Redstone is board chair. 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. 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. 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. Advertisements How old is Shari Redstone? Within six weeks, Moonves resigned. Shari tried once before to effect a merger between Viacom and CBS, in 2016, but that effort went nowhere. 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. Two other members of the board, Joseph Califano and William Cohen, held cabinet posts under Democratic presidents. If lower growth and sticky inflation hang around, ways to grow your portfolio or at least stretch it become even more important. I am so proud to be his daughter and I will miss him always.. . Ms. Redstone has contributed to Senator Clinton and Mr. Kerry as well as the Democratic National Committee. Shari Redstone at the Sun Valley Conference in Idaho, 2017. Everybody wants Fox News money, but nobody wants to destroy their [existing] news brand, a source says. Compare Standard and Premium Digital here. In 2014, as it was later revealed, Sumner tried to buy. Im not very happy right now, Judge Eric Davis told Fox News attorneys. Premium access for businesses and educational institutions. !CF`Bb3uwp#9
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t],;4z`V ?DNtx_%~,S)-p^pPG:WM1m8ZY:mbf@A.cW$b.04+QkJoi#iY)+6Ak"p94[f?OAbg(K{ -fMpbSf0;IS]&! 2023 The New York Sun Company, LLC. We support credit card, debit card and PayPal payments. In July 2007, Sumner faxed a letter to Forbes rejecting his daughters efforts to succeed him on the Viacom and CBS boards. 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. As a subscriber, you have 10 gift articles to give each month. The feisty 61-year-old former attorney is stepping into the spotlight to exert her influence in the . And Sumner himself has been completely shielded from his longtime friends and the public, who have not seen or heard from him. Kimberlee, 38, is a lawyer. For the past couple of decades, when media exec Shari Redstone came home, she'd relax in a sprawling mansion in Westwood, MA. Redstone sees an opening as the audience for TV news grows older and more conservative and Trump and some of his fans express disenchantment with ratings giant Fox News, which lost its top news. You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. Learn how to enable Javascript in your browser. A member of the Company Town team for two decades, James specializes in covering television, corporate media and investigative projects. A political committee authorized by a candidate to accept contributions or make expenditures on behalf of that candidate. 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. For Shari Redstone, the 65-year-old daughter of ailing 96-year-old mogul Sumner Redstone, who had chafed for a dozen years living under the . (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.) Shari obtained her 20 percent interest in National Amusements through a 2002 divorce agreement with Sumners first wife and her mother, Phyllis. Viacom asked for an exchange ratio of .68, which would value Viacom at around $14 billion. 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. Redstone runs an incredibly outstanding organization, Mr. Feldberg said. [22] The CBS board announced that Les Moonves replaced Sumner Redstone as CBS Chairman. Mr. Redstone with Ms. Redstone, when she received an award from the Boys and Girls Club of Queens in 2000. Shari Redstone net worth: Shari Redstone is an American media executive who has a net worth of $500 million. Sumner Redstone, executive chairman of CBS and Viacom, pulled in $93.4 million this past fiscal year. Shari Ellin Redstone (born April 14, 1954) is an American media executive. Ms. Then he gave up his board seats. In 2008, Mr. Redstone announced that his daughter would leave the boards of Viacom and CBS. The structure of the empire built by Mr. Redstone is complex but Ms. Redstone is at the top. Tucker Carlson and Sean Hannity are expected to testify. [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. Redstone built his family's drive-in theater chain into a multibillion-dollar empire . 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. Father and daughter also joined forces to fight the Viacom board, which challenged Mr. Redstones mental competency in court in 2016. She also pursued a degree in social work after volunteering at a trauma center for abused children. The Redstone family investment firm, National Amusements Inc., controls nearly 80% of CBS' and Viacom's voting shares. If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for 65 per month. n0%f|U9l 7?j`l7"tiNf]?uhgM
Z4i[&LY_x 2023 The Hollywood Reporter, LLC. ! 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. With the $1.6 billion Dominion lawsuit threatening to hobble Fox News, the ink on his divorce to Jerry Hall still wet, and his broken engagement to Ann Lesley Smith even fresher, its been a chaotic 12 months for the 92-year-old conservative media baron. 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. 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. After Viacom purchased Paramount Pictures in 1994, Sumner Redstone hailed the moment as his arrival in the media big leagues. . In 2015, Vanity Fair published an article on Ms. Herzer and another of Mr. Redstones late-life paramours, Sidney Holland. Vin Diesel goes off script. 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. -. commentary and analysis you can trust. Mr. Freston is a regular presence at Democratic fund-raising events in New York. Elon Musk Parents Emerald Mine,
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