. degree in 1980 from Boston University School of Law. Redstone, the daughter of media mogul Sumner Redstone, is chairwoman of media empire ViacomCBS. Will Shari Redstone Find A Buyer For A Combined CBS-Viacom? The Wide Shot brings you news, analysis and insights on everything from streaming wars to production and what it all means for the future. An Ohio health care executive who sits on the Viacom board, Robert Walter, has supported Republicans from his home state. Now Shari Redstone has been handed a large bag of rocks. The main trust owns controlling shares in National Amusements, which in turn controls about 80 percent of. NAI, a closely held company, operates cinemas in the United States, the United Kingdom and Latin America and is also the controlling . And now she is trying again, with even greater fervor. 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. Mr. Redstone with Ms. Redstone, when she received an award from the Boys and Girls Club of Queens in 2000. As private citizens, board members at Viacom and others make donations to political parties and candidates all the time, he said. Why did Dan Rather think he could get away with this or stonewall it? 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?. Bakish and CBS acting chief, Joseph Ianniello, must fuse together two different cultures and navigate the shift to streaming services. Shari Redstone is a media executive with wide-ranging experience in the entertainment industry and related ventures. 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. ViacomCBS chairman, Shari Redstone, is now betting she can super-size the flagging brand by leveraging the decades-old Star Trek, along with other fan-favorite franchises, as the cornerstone of a service recrafted and renamed Paramount+. Shari Redstone fought to ensure she would succeed her father, Sumner Redstone, atop the family's media empire. In May 2019, Ms. Redstone made an appearance at a lavish fete at the Plaza hotel thrown by CBS to court business during its annual presentation to advertisers. 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. %PDF-1.3 She graduated with a Bachelor of Science from Tufts University in 1975. The merger will reunite the companies Sumner Redstone broke apart in 2006 and create a company with more than $28 billion in revenue to better compete with the entertainment world's behemoths. (A judge eventually ruled in favor of Redstone.). [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. He gave the maximum $2,000 to Mr. Kerry's presidential campaign and supported Vice President Gore's 2000 presidential bid as well. All Rights Reserved. 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. Also known as a campaign committee. In 2015, Vanity Fair published an article on Ms. Herzer and another of Mr. Redstones late-life paramours, Sidney Holland. 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. Their strong working relationship ensures that Redstone no longer will be the subject of boardroom resistance. Despite their political differences, employees at National Amusements seem to be happy. 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. convention or caucus of a political party that has authority to nominate a candidate, for the office sought by the candidate." . But her path to power, like most things involving the Redstone family, was contentious. By Lisa Johnson Mandell. August 16, 2019. Investors have enjoyed high market returns for decades, and if that trend might change going forward, smart planning becomes even more essential. Two other members of the board, Joseph Califano and William Cohen, held cabinet posts under Democratic presidents. He communicates partly through an iPad programmed with his voice with, reportedly, three responses: yes, no, and fuck you. By then, though, tensions were mounting. Shari Redstone - $93,300 in Political Contributions for 2012, Campaign Finance, Money, American politics, American political campaign contributions, presidential campaign contributions . Herzers lawsuit plunged National Amusements and Viacom into turmoil. 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.. For the past couple of decades, when media exec Shari Redstone came home, she'd relax in a sprawling mansion in Westwood, MA. Search by state or ZIP code, Look up contributions from specific individuals, Find and contact your committee's analyst. Theres substantial risk to a major business operation for which they have ultimate oversight and responsibility.. A native of Wyoming, she is a graduate of the University of Colorado and Columbia University. The Redstones prevailed, and Dauman, who presided over Viacom as its value plummeted, resigned. Viacoms critics say Mr. Redstone, 80, who has been at the helm of Viacom for nearly two decades, set a liberal course that led to the document debacle. May 20, 2019. Judge Joseph Slights had ruled in February that shareholders could pursue their claims, saying doubts about the fairness of the merger process are reasonable. He refers to himself a "liberal Democrat . [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. 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. Her father, Sumner Redstone, once dismissed her publicly as a lightweight who contributed little to the business. The structure of the empire built by Mr. Redstone is complex but Ms. Redstone is at the top. Ad Choices. 2023 The Hollywood Reporter, LLC. 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 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. Shari Redstone is a well-known American media executive who comes from a Redstone family that has a huge stake in the media industry in America. CBS CEO Les Moonves was one of the 11. |iuRH4h?Z&Su}Yc_c^ |[x=fC#yP6)Y3O3$z.7YUD6F(rx+Kq2*XWJ.M|2>=Fur2` Vin Diesel goes off script. xXMoFWLoE,-z`UVj and other data for a number of reasons, such as keeping FT Sites reliable and secure, The entertainment industry is facing intense pressure from technology behemoths Walt Disney Co., Netflix Inc., Amazon.com Inc. and Google, which introduced popular alternatives to traditional television. A source says the idea for that network was in the works before the Pluto acquisition. Redstone is the daughter of Phyllis Gloria Raphael and Sumner Redstone, and the sister of Brent Redstone. Then he gave up his board seats. 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. In late 2016, Bakish was named Viacoms CEO and he began working to rebuild the company. April 21, 2023 4:53pm. But Redstone pre is increasingly out of the picture. degree in 1978 and her LL.M. Their main sticking point was one that plagues many family businesses: succession. Shari Redstone Political Contributions in 2016. *:XgQJBm1THt#b~$)cb87cBiQ1H45 Q[tg;:n6_)0' Since the split, of course, the companies have followed very different trajectories. As she cared for him in the mansion, he communicated through an iPad that was configured with three replies: yes, no and an unprintable term he used to express affection. imagine this as a "let me see your hands " moment for the . [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. 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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. She has gotten it to the point where the bid and the ask spread is down to around $3 billion. Paramount chief Shari Redstone attended alongside Neeraj Khelmani, Gayle King, Norah O'Donnell, Tony Dokoupil and Nate Burleson. The two men who act as co-chief operating officers of Viacom, Leslie Moonves and Thomas Freston, also favor Democrats. For cost savings, you can change your plan at any time online in the Settings & Account section. 1 status among viewers and the news demo of adults 25-54 for the last two decades. She halted a plan to sell the storied Melrose Avenue movie studio, Paramount Pictures, and now she has corrected what she long considered a mistake her fathers separation of CBS and Viacom in 2006. Sumner Redstone has never been a particularly gracious husband, brother, or father to his two children. Within six weeks, Moonves resigned. CBS's board then offered Shari Redstone the position of non-executive chair, but she declined. Stay informed and spot emerging risks and opportunities with independent global reporting, expert Currently, she serves as the chairperson of ViacomCBS after she oversaw the merging of CBS and Viacom Inc in 2019. In 2014, as it was later revealed, Sumner tried to buy. A CBS suit against Ms. Redstone over control of the company was dismissed in May 2018 as CBS Chief Leslie Moonves was ousted due to sexual misconduct. (Shari Redstone declined to comment, as did her attorney, Betsy Burnett, and her spokesperson, Sara Evans. They also shared an iron will that helped Ms. Redstone to succeed her father as the leader of the family empire. You can only have so many alphas in one room, she said. 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. A lock ( LockA locked padlock ) or https:// means you've safely connected to the .gov website. But investors are unconvinced . Forty years ago, you wouldnt be seeing people taking that kind of bet on a woman.. But at a certain point, she may be able to do whatever she wants. 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. 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. Key Points. 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. Learn how to enable Javascript in your browser. Shari Redstone, who has emerged as the leader of ViacomCBS, in 2016. 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. After Viacom purchased Paramount Pictures in 1994, Sumner Redstone hailed the moment as his arrival in the media big leagues. /F4.1 12 0 R /F2.0 9 0 R /F3.0 10 0 R >> >> The Redstones operated more like a wolf pack, Ms. McGrath said. 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. 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. Shari tried once before to effect a merger between Viacom and CBS, in 2016, but that effort went nowhere. But some on CBS board were wary. 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. 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 . If my father wants me to drop dead he doesnt need to do anything else, she wrote in an e-mail to her three children, among others. Tyler, 34 . 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,. March 16, 2022. Mr. Folta said the board has not discussed the forged-documents flap and is unlikely to do so. For good measure, he said she isnt qualified to fill his shoes. Around that time, Ms. Redstone and Mr. Redstone made peace. As Fox and family insiders tell it, this could just be the beginning. Lawyers and bankers have been hired. William D. Cohan. They were hoping that would please Wall Street, but instead the stock dropped sharply. Before that, she was the vice-chairperson of Viacom and CBS Corporation. Mr. Redstone also made donations to a Viacom political action committee that splits its donations fairly evenly between the parties. 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. 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. 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. Secure .gov websites use HTTPS He called his daughter a credible candidate, while also floating the notion of buying her out. The argument for the deal seems to be beside the point. stream Advertisements How old is Shari Redstone? 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 . Behind the scenes, Redstone was instrumental in refreshing the CBS board by bouncing veterans who were friends of her fathers. A full body orgasm at the L.A. Phil? His battles with the church arent over, How Palm Springs ran out Black and Latino families to build a fantasy for rich, white people, 17 SoCal hiking trails that are blooming with wildflowers (but probably not for long! Shari Redstone, chair of Paramount Global and president and CEO of National Amusements, will receive the Humanitarian Award at the Simon Wiesenthal Center .
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