In July 2007, Sumner faxed a letter to Forbes rejecting his daughters efforts to succeed him on the Viacom and CBS boards. Im very sure that the chairman and CEO would not allow the board of the company to be compromised by individual political agendas.. Su padre alguna vez la consider una 'don nadie', ahora es la nueva CBS, under the leadership of Les Moonves, has performed well and its stock has appreciated. 2023 Forbes Media LLC. She later received her J.D. This time, he heavily criticized Norah O'Donnell and her interview with government whistleblower Dr. Rick . If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for 65 per month. Shari Redstone will play a key role in what happens to Paramount, MTV Meanwhile, the media industry was rapidly consolidating. All three are involved with National Amusements. !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]&! 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. Vanity Fair may earn a portion of sales from products that are purchased through our site as part of our Affiliate Partnerships with retailers. To revist this article, visit My Profile, then View saved stories. 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. His daughter, Shari Redstone, has effectively controlled Viacom and CBS for several years as Sumner Redstone has dealt with healthRead More Leadership | Paramount Her father, Sumner Redstone, once dismissed her publicly as a lightweight who contributed little to the business. Paramount chief Shari Redstone attended alongside Neeraj Khelmani, Gayle King, Norah O'Donnell, Tony Dokoupil and Nate Burleson. Dan Rather is obviously an important person. [11] Redstone has expanded the company's international footprint and its exploration of new technologies. 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 . Sumner and Shari Redstone have had an especially troubled relationship, in part due to Sumners desires to keep her away from his personal and business affairs.. 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. She also is a director of NAI. Standard Digital includes access to a wealth of global news, analysis and expert opinion. 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. 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. Mr. Redstones death has bolstered his daughters influence over National Amusements. Shari Redstone - $93,300 in Political Contributions for 2012, Campaign Finance, Money, American politics, American political campaign contributions, presidential campaign contributions . . 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 feisty 61-year-old former attorney is stepping into the spotlight to exert her influence in the . 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. But on Tuesday the boards of CBS and Viacom agreed to reunite the two Redstone-controlled companies that were torn apart 13 years ago. He gave the maximum $2,000 to Mr. Kerry's presidential campaign and supported Vice President Gore's 2000 presidential bid as well. She noted that Hugh Hefner had a long working relationship with his daughter, Christie Hefner, who was chief executive of Playboy Enterprises for 20 years; and that Abigail Johnson took over Fidelity Investments in 2014, after her father, Edward Johnson III, ran the business for nearly four decades. << /Length 5 0 R /Filter /FlateDecode >> Sumner Redstone, executive chairman of CBS and Viacom, pulled in $93.4 million this past fiscal year. Shari Redstone won a round in her fight with . You're using Internet Explorer, some features might not work. Rupert Murdoch May Be Forced to Testify in Dominion's Defamation Suit Against Fox. The Hollywood Reporter: Shari Redstone to be Honored with Simon The two-year period in which the transaction was reported. stream April 21, 2023 4:53pm. The elderly mogul was reeling from one of the womens betrayal and prone to crying spells. Viacom, first under Philippe Dauman and now Bob Bakish, has floundered, especially as children and young adults have reduced their viewership of Nickelodeon, MTV, and Comedy Central, three of its most well-known cable channels, or cut the cord entirely. 1050 First Street, NE When an unflattering 2015 Vanity Fair profile highlighted her father's declining health and influence of two of . Any changes made can be done at any time and will become effective at the end of the trial period, allowing you to retain full access for 4 weeks, even if you downgrade or cancel. Donate Today. [5] She currently serves as the non-executive chairwoman of Paramount Global (formerly known as ViacomCBS) and president of National Amusements, and is a former vice-chairman of CBS Corporation[6] and Viacom. [30] In January 2021, a Delaware judge said former CBS shareholders could sue Shari Redstone for pressuring the company to enter the merger,[31] and in 2022, Redstone and Viacom sued a group of insurers for refusing to cover legal bills incurred by the court battle. |iuRH4h?Z&Su}Yc_c^ |[x=fC#yP6)Y3O3$z.7YUD6F(rx+Kq2*XWJ.M|2>=Fur2` $50. New CNN Show Won't Be Political, Hosts . She graduated with a Bachelor of Science from Tufts University in 1975. Shari Redstone's $30 Billion Triumph at CBS and Viacom - Intelligencer But Shari Redstone has managed to hang on to her 20% stake in the family business. During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages. 2023 The Hollywood Reporter, LLC. (Moonves has denied the allegations.) . She was the lone dissenting vote on the five-member National Amusements board of directors. They were hoping that would please Wall Street, but instead the stock dropped sharply. A full body orgasm at the L.A. Phil? Find elections. - Age [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. Viacom asked for an exchange ratio of .68, which would value Viacom at around $14 billion. Shari Redstone is a media executive with wide-ranging experience in the entertainment industry and related ventures. [15] Documents have been made public which verify that, as part of a settlement from Sumner's first divorce, all of Sumner's stock is in irrevocable trusts that will be left to his grandchildren. Within six weeks, Moonves resigned. Secure .gov websites use HTTPS By then, though, tensions were mounting. Hace slo unos aos, Shari Redstone estaba al margen del imperio meditico de su familia. March 16, 2022. The shotgun re-marriage of CBS and Viacom is proceeding apace. According to insiders, Redstone could rebrand one of the existing Viacom channels and presumably would insulate CBS News from the new offering. Lawsuit Accuses Shari Redstone of Forcing ViacomCBS Merger Shari insisted on dissenting, Sumner told Forbes. 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 . Their strong working relationship ensures that Redstone no longer will be the subject of boardroom resistance. 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. 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. In 2008, Mr. Redstone announced that his daughter would leave the boards of Viacom and CBS. You can only have so many alphas in one room, she said. Fox's best efforts to keep the 92-year-old media moguland his son Lachlan off the stand appear to be faltering, with the judge saying he wouldn't stand in the way of Dominion subpoenaing the Murdochs. You can still enjoy your subscription until the end of your current billing period. When the moment arrived Tuesday, she was already sitting on the throne. She previously wrote for the Miami Herald and the Palm Beach Post. 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. The Court ruling . [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. The Sun has neither altered nor updated such articles but will seek to correct any errors, mis-categorizations or other problems introduced during transfer. 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. Receipts are reported periodically, according to the filer's reporting schedule. Shari Redstone is an American media executive with a diverse history in the entertainment industry and related businesses. 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 future leadership falls to Sumner Redstones daughter, Shari, with whom he has had on again, off again squabbles through the years. May 20, 2019. Will Shari Redstone Find A Buyer For A Combined CBS-Viacom? :I 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. She's now ready to close . Shari Redstone is board chair. Theres substantial risk to a major business operation for which they have ultimate oversight and responsibility.. The main trust owns controlling shares in National Amusements, which in turn controls about 80 percent of. Javascript recommended: FEC.gov uses Javascript to provide the best possible user experience. Shari Redstone takes on media industry after CBS victory The succession issue simmered in the background during periods of estrangement between father and daughter. She has, after all, threatened to replace recalcitrant members of the CBS board with directors who support her. Herzer and her legion of lawyers have now brought the same fanciful claims in probate court (twice), California state court, New York state court, and federal district court [in California], Klieger recently told the New York Post. The case, brought to [], Master, Boston University; Bachelor of Arts/Science, Tufts University. Shari Redstone was in many ways an unwilling participant, dragged into the drama because her father's increasingly erratic and bizarre behavior threatened his family's fortune and legacy . personalising content and ads, providing social media features and to She sits on the local advisory board and executive committee for BUILD, a nonprofit organization that uses entrepreneurship to propel low income youth through high school and into college. But her path to power, like most things involving the Redstone family, was contentious. Shari Redstone Bio, Age, Family, Husband, Children, Salary, Net Worth We support credit card, debit card and PayPal payments. Redstone, the daughter of media mogul Sumner Redstone, is chairwoman of media empire ViacomCBS. 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,. Hedge Fund Stock Dump Crushes The Soaring Fortunes Of ViacomCBS' Shari commentary and analysis you can trust. The future of Viacom and its film studio, Paramount, hinge on the battle between Shari Redstone and Philippe Dauman for control of Sumner Redstones trust, (Photo credit by Frazer Harrison/Getty Images) In a Los Angeles court today, a judge dismissed the lawsuit that challenged billionaire Sumner Redstone's mental capacity to make healthcare decisions. 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. Of the companys 13 board members, eight contribute primarily to Democratic candidates and party committees. The investor community still seems to think that the right move could be to just . NAI, a closely held company, operates cinemas in the United States, the United Kingdom and Latin America and is also the controlling . The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Cond Nast. The top three on the list are all Democratic donors. Daughter and father at a charity dinner in 2005. What you missed at CinemaCon 2023. 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?. The political affiliations of Viacoms board and senior management, however, could undercut the credibility of any action the board may take. 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. 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. Tyler, 34 . By. He invested in programming and made acquisitions to broaden Viacoms reach. Redstone is the daughter of Phyllis Gloria Raphael and Sumner Redstone, and the sister of Brent Redstone. Explore current and historic federal campaign finance data on the new fec.gov. He communicates partly through an iPad programmed with his voice with, reportedly, three responses: yes, no, and fuck you. Shari, however, always wanted to keep them together. [23] In 2016, Redstone, who at the time was vice chairperson of CBS and Viacom and president of National Amusements (the controlling shareholder of CBS and Viacom), gave the following statement on succession: "my father's Trust states his intention that I succeed him as (non-executive) Chairman at CBS and Viacom, and also names me as a Trustee after his death." For a full comparison of Standard and Premium Digital, click here. The two reconciled in recent years as his health declined. As the merger of Viacom and CBS awaits regulatory approval, a Redstone spokesperson confirms that she quietly visited President Donald Trump in the White House recently but denies any plan to launch a conservative TV network (as does a spokesperson for Viacom).

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