Todd Williamson/Invision, via Associated Press. 6 0 obj . xMHa$T&R+SeL b}wg-E"u.VDNC:DuE^";cT03y| URcE4`vztLUF\)s:k-iYj6|vP4*wd>,y4!7CN-lCTS3q";-E#+c> v=S79@`mvUl5`P=Gj)kP*}6 ~^/~.~a2 In July 2007, Sumner faxed a letter to Forbes rejecting his daughters efforts to succeed him on the Viacom and CBS boards. Viacoms chairman and chief executive, Sumner Redstone, is a self-described liberal Democrat and a prolific donor to Democratic campaigns. 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. Sumner owned 80 percent of National Amusements, the family's holding company that controls around 80 percent of the voting stock in both of the aforementioned media behemoths, and Shari owned the. Check if your Why is L.A.s iconic skyline far from the beach unlike Miami, Seattle and other cities? Learn how to enable Javascript in your browser. Also known as a campaign committee. The only Republican candidates the Viacom chief has supported directly are Senator Hatch of Utah, whom he gave $2,000, and Senator McCain of Arizona, who got $1,000 from him. Name & Location: Employer/Occupation: Dollar Amount: Date: Primary/ General: Contibuted To: REDSTONE, SHARI E . But Shari Redstone has managed to hang on to her 20% stake in the family business. stream Shari Redstone Net Worth 2023: Age, Height, Weight, Husband, Kids, Bio At Viacom, we just dont get involved in the news division.. Tuesdays agreement, he said, vindicates the strategy that shes had.. In this particular case, because of the personalities involved and the issue, its like the elephant in the tent, he said. August 16, 2019. The argument for the deal seems to be beside the point. Other. Mr. Folta said the political contributions of board members were not unusual. 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. In the midst of closing a merger between CBS and Viacom, Shari Redstone is quietly exploring a plan to launch a conservative TV outlet meant to square off with the Fox News Channel, The Hollywood Reporter has learned. A source says the idea for that network was in the works before the Pluto acquisition. endobj A peek at this week's ForbesWomen newsletter, which every Thursday brings headlines about the world's most powerful women straight to your inbox. [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. Redstone herself has agitated for an even bolder streaming strategy through Paramount Plus, the company's flagship streaming service, according to company insiders. Judge Joseph Slights had ruled in February that shareholders could pursue their claims, saying doubts about the fairness of the merger process are reasonable. [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. During a low point in 2015, Ms. Redstone wrote in an email to her son that your grandfather says I will be chair over his dead body.. 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. Shari Redstone has spent much of this year trying to re-merge CBS and Viacom over the objections of CBS CEO Les Moonves, who has stepped down over accusations of sexual harassment. Lawsuit Accuses Shari Redstone of Forcing ViacomCBS Merger Vin Diesel goes off script. CBS and Viacom were a single entity, after all, until Sumner Redstone separated them 12 years ago after he realized they operated in very different businesses. The changing economics have created a sense of urgency among major Hollywood studios to fortify themselves by bulking up. Shari Redstone has three children: Kimberlee, Brandon, and Tyler. He overhauled the management of the moribund Paramount and tossed out senior TV executives. I am really excited to see these two great companies come together so that they can realize the incredible power of their combined assets, Redstone said in a statement Tuesday. Subscribe for full access to The Hollywood Reporter. Redstone has been president of National Amusements Inc. since 2000 and served as executive vice president of NAI from 1994 to 2000. The two-year period in which the transaction was reported. While Fox News dominates in ratings and distribution, the conservative landscape includes One America News Network (which received praise from Trump on Twitter on Thursday) along with Newsmax TV and Glenn Becks Blaze Media, both of which are on Dish Network. 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. 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. Around Wall Street these days, there is consensus that Shari Redstone has been keen to sell or to merge what she is now calling Paramount Global, and what many think of as the ill-fated re-combination of CBS and Viacom. All rights reserved. %PDF-1.3 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. Mr. Redstone with Ms. Redstone, when she received an award from the Boys and Girls Club of Queens in 2000. By then, though, tensions were mounting. As a journalism institution, CBS News boasts two of the most venerable titles in TV with 60 Minutes (regularly the most-watched news broadcast in all of TV, 12 million tuning in live to the most recent episode) and CBS Sunday Morning. 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. Inside Shari Redstone's Twisted Plot to Breed Viacom and CBS UPDATED: Cable giant Shari Redstone reportedly eyeing possible Changes needed to be made to the Stephens lifestyle in order to make things manageable Because of [her husbands condition], and all of the different things we were dealing with, I really needed an opportunity [for change], Stephens said to me in an interview via videoconference in early December. Within six weeks, Moonves resigned. We only need 124 gifts to meet our goal of adding 1,500 financial contributions by the end of April, support that helps keep Vox free year-round. Shari Redstone, chair of Paramount Global and president and CEO of National Amusements, will receive the Humanitarian Award at the Simon Wiesenthal Center . 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. In a September 2014 e-mail to Tyler, Shari wrote about why she rejected the $1 billion offer: Why would I ever give [Sumner] his dying wish of peace when he never gave me any peace during my whole life. She wrote her daughter, in October 2014, after she had called her grandfather, I cant believe you keep calling him when he could not make it any clearer that all of us could drop dead and it would be the happiest day of his life. That same day, to all of her children, Shari wrote, It could be [sic] not be more clear that the only people in the entire world who your grandfather doesnt care about, and [in] fact is willing to hurt, damage, and destroy are the four of us., In a January 2015 letter, Sumner asked his daughter to sign releases agreeing that she would not sue either Herzer or Sydney Hollandanother live-in girlfriendafter his death. A month later, Sumner Redstone had his other former companion, Manuela Herzer, escorted from his Beverly Park mansion. Shari Redstone Chairman; ViacomCBS Shari E. Redstone joined the board of CBS in 2004. At one point, the media reported that they were communicating by fax and were refusing to speak with each other in person. Before that, she was the vice-chairperson of Viacom and CBS Corporation. She successfully facilitated the 2019 $12 billion merger deal between CBS Corp. and Viacom Inc. She is the first woman to have such a large stake of a U.S. media business, controlling a $30 billion media empire. Why Shari Redstone Has Edge Over Philippe Dauman In Battle For Viacom, Judge Dismisses Competency Case Against Sumner Redstone, Herzer Files New Suit Against Shari Redstone, Do Not Sell or Share My Personal Information, Limit the Use of My Sensitive Personal Information. Javascript recommended: FEC.gov uses Javascript to provide the best possible user experience. But in the early 2000s, a time when National Amusements was in peril, Ms. Redstone objected to her fathers penchant for plowing money into the company; and she was not thrilled when he installed her on the Midway board in 2004. Will Newly-Merged ViacomCBS Boldly Go After Other Media Assets? Hace slo unos aos, Shari Redstone estaba al margen del imperio meditico de su familia. - Age As many of my most loyal readers know, I've been predicting this for years. Mr. Folta said the board has not discussed the forged-documents flap and is unlikely to do so. The top three on the list are all Democratic donors. By Todd Williamson/Invision/AP/REX/Shutterstock. May 20, 2019. Advertisements How old is Shari Redstone? Moonves, on the other hand, supports his handpicked successor Joseph Ianniello. Will Shari Redstone Find A Buyer For A Combined CBS-Viacom? After Viacom purchased Paramount Pictures in 1994, Sumner Redstone hailed the moment as his arrival in the media big leagues. Explore current and historic federal campaign finance data on the new fec.gov. By Lisa Johnson Mandell. Shari Redstone has no plans to launch a conservative news channel to compete with Fox News, reps for the billionaire media heiress said. 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. 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. Herzer is seeking $100 million in compensatory damages as well as treble and punitive damages under RICO Five years later, Midway filed for bankruptcy, leaving the headstrong mogul and his headstrong daughter with one less thing to fight about. Redstone, the daughter of media mogul Sumner Redstone, is chairwoman of media empire ViacomCBS. Viacom asked for an exchange ratio of .68, which would value Viacom at around $14 billion. In his most consequential battle, he took on his daughter, Shari E. Redstone. Tensions were so high that he offered her a $1-billion buyout, and she fumed to her son in 2015: Your grandfather says I will be chair over his dead body.. 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. Shari Redstone won a round in her fight with . The two sides remain far apart on price, terms and, in particular, governance issues. 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. Paramount could face uphill fight in streaming wars, CNN remains - KCRW She just was a step behind in a lot of ways and treated poorly, this person continued. 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 . 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. 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. Ms. Redstone, 66, keeps a much lower profile. Shari E. Redstone joined the board of CBS in 2004. Secure .gov websites use HTTPS Shari Redstone - Wikipedia She previously wrote for the Miami Herald and the Palm Beach Post. 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. CBS independent board members filed suit to strip the Redstones of their voting control. Use of this site constitutes acceptance of our User Agreement and Privacy Policy and Cookie Statement and Your California Privacy Rights. . {xO$S]%&7g>r=g8` 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 . Its the story of a person who was mistreated by her father, said the source who recently noted Sumners physical condition, and has known the father and daughter for an extensive period of time. 2023 The Hollywood Reporter, LLC. 2023 Forbes Media LLC. She successfully facilitated the 2019 $12 billion merger deal between CBS Corp. and Viacom Inc.. A receiving line of network executives and on-air stars lined up to greet her as trays of mini cheeseburgers and pinot noir circulated. But at a certain point, she may be able to do whatever she wants. Shari Ellin Redstone (born April 14, 1954) is an American media executive. Im very sure that the chairman and CEO would not allow the board of the company to be compromised by individual political agendas.. Do Not Sell or Share My Personal Information, Musk said hed never settle an unjust legal case against him. So when Dauman proposed selling Paramount to a Chinese company in early 2016, Shari Redstone dug in for a fight. 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. She finally won. Tucker Carlson and Sean Hannity are expected to testify. The case, brought to [], Master, Boston University; Bachelor of Arts/Science, Tufts University. 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. Vanity Fair may earn a portion of sales from products that are purchased through our site as part of our Affiliate Partnerships with retailers. How Work Marketplace Site Upwork Makes Life More Accessible For Freelance Worker Shari Stephens, Hedge Fund Stock Dump Crushes The Soaring Fortunes Of ViacomCBS Shari Redstone, To Boldly Go Where All Have Gone Before: ViacomCBS Bets On Star Trek To Launch Paramount+, End Of The Drama: Sumner Redstones Death Leaves Only One Intrigue For ViacomCBS, ViacomCBSs Downward Spiral Is Accelerating As Talk Of Unraveling Grows, From Newcomer Ava DuVernay To Veteran Oprah, Meet 2019s Most Powerful Women In Entertainment, MacKenzie Bezos Makes Forbes 400 Debut; Shari Redstones Forbes Exclusive: Your ForbesWomen Updates, Exclusive: For the First Time Shari Redstone Tells Her Side Of The Battle To Merge Viacom And CBS, The Labors Of Shari Redstone: Reclaiming A Family Legacy, Shari Redstones Dream Fulfilled; Why Your Business Vision Needs Support; Alexis Ohanian Pushes For Parental Leave: Your ForbesWomen Updates, CBS And Viacom Announce Plans To Merge, Finally Fulfilling Shari Redstone's Dream On 3rd Try, Shari Redstone And The Living Legacy Of Her Father's Media Empire. The two men who act as co-chief operating officers of Viacom, Leslie Moonves and Thomas Freston, also favor Democrats. As private citizens, board members at Viacom and others make donations to political parties and candidates all the time, he said. Dan Rather is obviously an important person. Shari Redstone Political Contributions in 2012. Its also unclear whether she will back off her request to have Bakish succeed Moonves when the time comes. Standard Digital includes access to a wealth of global news, analysis and expert opinion. Three Highest-Paid Executives in Entertainment are Dem Donors The Redstones prevailed, and Dauman, who presided over Viacom as its value plummeted, resigned. << /ProcSet [ /PDF /Text ] /ColorSpace << /Cs1 7 0 R >> /Font << /F1.0 8 0 R 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. . [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. According to Herzers lawsuit, and the documents she has obtained as a result of filing it, the feuding between Shari and Sumner began in 2007 after Shari voted to block a $105 million charitable gift that Sumner wanted to make to hospitals in Massachusetts and California. [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.

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