Eleven of the 14 board members supported a proposal to issue a dividend that would dilute Shari Redstone's controlling stake in the broadcaster. Shari Redstone, chair of Paramount Global and president and CEO of National Amusements, will receive the Humanitarian Award at the Simon Wiesenthal Center . Browse Individual contributions | FEC Now Shari Redstone has been handed a large bag of rocks. The top three on the list are all Democratic donors. 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. 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. Subscribe for full access to The Hollywood Reporter. When the moment arrived Tuesday, she was already sitting on the throne. endobj The potential merger represents a thorny headache in both the Redstones personal and professional lives. Father-daughter duos are rare in the upper echelons of corporate America, and combative ones even more so, said Rita McGrath, a professor at Columbia Business School and the head of its Women in Leadership program. Meanwhile, the media industry was rapidly consolidating. By Todd Williamson/Invision/AP/REX/Shutterstock. We follow the money. commentary and analysis you can trust. It Was Business, It Was Personal: The Redstones Father-Daughter Feud, https://www.nytimes.com/2020/08/12/business/media/shari-redstone-sumner-redstone-viacomcbs.html. Sumner subsequently wrote one of his attorneys, Recent dealings with my daughter, Shari, have caused me to believe even more strongly that she does not have the requisite business judgment and abilities to serve as Chair of Viacom or CBS. Sumners two efforts to buy his daughters 20 percent stake in National Amusements, which she rejected, were, according to Herzers complaint, designed to permanently remove her from his business affairs and to prevent her from reversing his documented intentions that his media empire not fall into her hands after his death., Shari seemed to understand the extent of her fathers desire to keep her away from Viacom and CBS. Bakish and CBS acting chief, Joseph Ianniello, must fuse together two different cultures and navigate the shift to streaming services. As Fox and family insiders tell it, this could just be the beginning. The investor community still seems to think that the right move could be to just . 2023 Forbes Media LLC. As a condition of the September 2018 settlement, she agreed to not try to orchestrate a merger with Viacom for at least two years. 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. Shari set about doing just that. << /Length 5 0 R /Filter /FlateDecode >> ViacomCBS's Shari Redstone says media company will focus on organic Shari Redstone at the Sun Valley Conference in Idaho, 2017. Over a 25-year period, he poured more than $500 million into Midway. The Sun has neither altered nor updated such articles but will seek to correct any errors, mis-categorizations or other problems introduced during transfer. All Rights Reserved. 2023 The Hollywood Reporter, LLC. Witnesses offer conflicting accounts, Mars Voltas lead singer broke with Scientology and reunited with the band. Sumner and Shari E. Redstone in 2012. 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. Despite CBS News clout for the weekday broadcasts see Gayle Kings headline-generating March interview with disgraced musician R. Kelly the ratings for mainstays CBS This Morning and CBS Evening News lag behind the competition. In his most consequential battle, he took on his daughter, Shari E. Redstone. She was the lead reporter for The Times coverage of the deadly Rust shooting on a New Mexico film set in 2021, work recognized by the Pulitzer Prize board as a finalist in breaking news. Shari Redstone net worth: Shari Redstone is an American media executive who has a net worth of $500 million. 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. He gave the maximum $2,000 to Mr. Kerry's presidential campaign and supported Vice President Gore's 2000 presidential bid as well. Theyve never gone against my wishes. In June 2014, Shari acknowledged this ongoing antipathy. Ms. ), Layoffs hit Amazon Studios and Prime Video, with about 100 jobs cut, New Netflix data shows diversity gains, but does not factor recent job cuts, John King exits CNNs Inside Politics for new role. For a full comparison of Standard and Premium Digital, click here. When you find what you need, export results and save custom links. Shari Redstone wins in her fight with Les Moonves and CBS - Vox Both were lawyers before they embarked on second careers in media, and their fine-print skills served them well as they worked out multibillion-dollar agreements on era-defining mergers and acquisitions. convention or caucus of a political party that has authority to nominate a candidate, for the office sought by the candidate." . 8rdWT'eL~.u"A=9]>313X3-$e}u,gmg664$EzL*LZ_j_]Xy[?Xs N/]|msk_WfA2)oz-di2|mj|5ej8eE7[Q|IM%xf)|6\ k`. 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.. Meanwhile, non-Redstone CBS investors dont like the deal one bit. Shari Redstone won a round in her fight with . I know I have asked you to help me return everything to the way it was before the two women entered my life and to make sure that everything I described in the December letter to her has been undone (or is being undone). Soon thereafter, according to Herzer, Shari caused Sumners estate plan to be amended so that after his death his 80 percent interest in National Amusements would fall under the control of the seven trustees, a group she reconstituted to put herself in control of four votes, including her own, Tylers, her daughter Kimberlees, and that of an artist friend Jill Krutick. This spring, independent members of CBS and Viacoms boards began discussing a merger. 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. But it was former Viacom Chief Executive Philippe Daumans plan to sell Paramount Pictures that bonded father and daughter. I am so proud to be his daughter and I will miss him always.. The future leadership falls to Sumner Redstones daughter, Shari, with whom he has had on again, off again squabbles through the years. [30] In January 2021, a Delaware judge said former CBS shareholders could sue Shari Redstone for pressuring the company to enter the merger,[31] and in 2022, Redstone and Viacom sued a group of insurers for refusing to cover legal bills incurred by the court battle. 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. Now, the challenge will be integrating two companies that have been separate for more than a decade. $50. n0%f|U9l 7?j`l7"tiNf]?uhgM Z4i[&LY_x Search by state or ZIP code, Look up contributions from specific individuals, Find and contact your committee's analyst. 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. August 16, 2019. 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. Ms. Redstone, 66, keeps a much lower profile. [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. Shari Redstone - $93,300 in Political Contributions for 2012 Shari Redstone, in blue, and other VicaomCBS executives applauded the opening bell at Nasdaq Dec. 5, 2019, in celebration of the company's merger. personalising content and ads, providing social media features and to He has made how he feels about me perfectly clear., In September 2014, according to Herzers complaint, Sumner was briefly hospitalized, resulting in a major dispute with Shari about his treatment. Shari Redstone faced down industry doubts and her father's public statements that he did not see her as capable of taking over the empire. *:XgQJBm1THt#b~$)cb87cBiQ1H45 Q[tg;:n6_)0' CBS independent board members filed suit to strip the Redstones of their voting control. 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. Shari E. Redstone joined the board of CBS in 2004. Lawyers and bankers have been hired. The high-profile trial, expected to start Monday, was postponed a day, a development that the Judge called not unusual but has nevertheless prompted buzz about a last-minute settlement. Her father, Sumner Redstone, once dismissed her publicly as a lightweight who contributed little to the business. 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. 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. No Writers Guild Deal Today, AMPTP Claims. He communicates partly through an iPad programmed with his voice with, reportedly, three responses: yes, no, and fuck you. Also known as a campaign committee. Viacom's Pluto TV has launched a new conservative channel, but Shari But investors are unconvinced . New CNN Show Won't Be Political, Hosts . Shari Redstone is a media executive with wide-ranging experience in the entertainment industry and related ventures. The argument for the deal seems to be beside the point. 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. Lawsuit Accuses Shari Redstone of Forcing ViacomCBS Merger Other nonlinear TV competitors include Breitbart News, The Daily Caller (co-founded by Tucker Carlson) and Salem Media Group, a publicly traded company that is considered the industry leader in talk radio, and Ben Shapiros Daily Wire. Ms. McGrath pointed to Ms. Redstones skill in assembling allies under pressure, adding, She was actually incredibly effective at pulling together a coalition of very smart people who were willing to challenge Sumner, who were basically betting their careers that shed be able to come out on top. Its also unclear whether she will back off her request to have Bakish succeed Moonves when the time comes. Fox News mints money for owner Fox Corp. and the Murdoch family, estimated at north of $1 billion in profit annually. Please try searching for a donor or recipient name. 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. Sumner Redstone built his empire from a small regional chain of movie theaters. Redstone has been president of National Amusements Inc. since 2000 and served as executive vice president of NAI from 1994 to 2000. Redstone, the daughter of media mogul Sumner Redstone, is chairwoman of media empire ViacomCBS. Redstones handpicked lieutenant, Bob Bakish, will oversee the new ViacomCBS as chief executive. Other. For many years, she stayed away from National Amusements, a company that started as a string of drive-in theaters. . Please switch to another browser like Chrome, Firefox, or Edge for a better experience. The political affiliations of Viacom's board and senior management, how Sumner Murray Redstone (born Sumner Murray Rothstein; May 27, 1923) is an American media magnate.He is the majority owner and Chairman of the Board of the National Amusements theater chain. In its most recent fiscal quarter, Viacom hit a milestone when it reported that domestic advertising had increased for the first time in five years. March 16, 2022. It wasnt until the elder Redstones health deteriorated that she was able squeeze back into her fathers orbit. After years of battle, Shari Redstone runs an empire of her own with
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