He invested in programming and made acquisitions to broaden Viacoms reach. This time, he heavily criticized Norah O'Donnell and her interview with government whistleblower Dr. Rick . 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. Mr. Freston is a regular presence at Democratic fund-raising events in New York. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy. -. [21], On February 3, 2016, her father resigned as CBS executive chairman after questions arose about his mental competency. Despite their political differences, employees at National Amusements seem to be happy. *:XgQJBm1THt#b~$)cb87cBiQ1H45 Q[tg;:n6_)0' 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. << /Length 14 0 R /N 3 /Alternate /DeviceRGB /Filter /FlateDecode >> 6 0 obj The board needs to be involved, so to speak, prophylactically, a business ethics specialist at the Conference Board, Ronald Berenbeim, said. By Todd Williamson/Invision/AP/REX/Shutterstock. stream They also shared an iron will that helped Ms. Redstone to succeed her father as the leader of the family empire. 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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.. Dan Rather is obviously an important person. The reunion of CBS and Viacom to be known as ViacomCBS "is a victory for Ms. Redstone, the leader of a family business that has led the two media giants for two decades," Lee wrote . How strong is Disneys 1st Amendment case against Ron DeSantis? Its awesome. None of the members of Viacoms board consented to be interviewed for this story. She just was a step behind in a lot of ways and treated poorly, this person continued. Standard Digital includes access to a wealth of global news, analysis and expert opinion. EVER!! 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. Shari Redstone, who divides her time between Boston, Connecticut and Los Angeles, spent weeks assisting her father at his home and successfully defending the case against Herzer. Check if your There was almost willful destruction of MTV, VH1 and all of those iconic brands, said Jeffrey Sonnenfeld, a professor at Yale School of Management. 48, No. 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. ), 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. Shari Ellin Redstone (born April 14, 1954) is an American media executive. Around that time, Ms. Redstone and Mr. Redstone made peace. To revist this article, visit My Profile, then View saved stories. Shari Redstone, in blue, and other VicaomCBS executives applauded the opening bell at Nasdaq Dec. 5, 2019, in celebration of the company's merger. She successfully facilitated the 2019 $12 billion merger deal between CBS Corp. and Viacom Inc.. Ms. Redstone holds the remaining 20 percent of National Amusements through a separate trust. endobj [12][13][14], In 2007, Redstone and her father feuded publicly over issues of corporate governance and the future of the cinema chain. analyse how our Sites are used. 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. If youd like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial. We need more women in leadership positions.. 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. Mr. Redstone also made donations to a Viacom political action committee that splits its donations fairly evenly between the parties. Fox News mints money for owner Fox Corp. and the Murdoch family, estimated at north of $1 billion in profit annually. The case was eventually settled. As Fox and family insiders tell it, this could just be the beginning. Learn how to enable Javascript in your browser. Im not very happy right now, Judge Eric Davis told Fox News attorneys. Media observers wonder whether Redstone will position ViacomCBS Inc. for a sale or if she will tighten her grip. 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. Redstone plays her personal politics close to the vest but shortly after Trumps election shetoldTHR, Hes always been very good to me and a tremendous supporter of me personally.. Tuesdays agreement, he said, vindicates the strategy that shes had.. Behind the scenes, Redstone was instrumental in refreshing the CBS board by bouncing veterans who were friends of her fathers. 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. 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. 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. You may change or cancel your subscription or trial at any time online. You look at Sumner Redstones political contributions, said Cliff Kincaid of the conservative press watchdog group Accuracy in Media. But she was here, trying to fix these media platforms.. The price to earnings ratio is 7. 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. One response to "Sun Valley 2022 Guest List Includes Elon Musk, Shari Redstone, David Zaslav, Anderson Cooper (EXCLUSIVE)". - Age Shari E. Redstone joined the board of CBS in 2004. 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. VIAC stock opens at about $40 today. Their strong working relationship ensures that Redstone no longer will be the subject of boardroom resistance. The two-year period in which the transaction was reported. One member of the Viacom board who has attracted considerable attention in recent months is Mr. Redstones daughter and possible successor, Shari. << /ProcSet [ /PDF /Text ] /ColorSpace << /Cs1 7 0 R >> /Font << /F1.0 8 0 R But shes finally out from under her fathers shadow, and I think shes driven to make a name for herself and prove what else she can do.. A political committee that makes only independent expenditures and does not make contributions to candidates, parties or other political committees unless they are also independent expenditure committees. $50. She also pursued a degree in social work after volunteering at a trauma center for abused children. A member of the Company Town team for two decades, James specializes in covering television, corporate media and investigative projects. The Wide Shot brings you news, analysis and insights on everything from streaming wars to production and what it all means for the future. As many of my most loyal readers know, I've been predicting this for years. Tyler, 34 . 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. He just settled this one. He refers to himself a "liberal Democrat . They shared an iron will that helped Ms. Redstone to succeed her father. [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. Advertisements How old is Shari Redstone? She also is a director of NAI. [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. There's made-for-reality TV drama of Sumner Redstone romantic affairs to the behind-the-scenes politics of CBS and Viacom's boardrooms politics that as a consumer I realized affected all of us.. Talks spanned months and culminated Tuesday with the all-stock deal that the two companies believe will be completed by the end of the year. Stay informed and spot emerging risks and opportunities with independent global reporting, expert Everybody wants Fox News money, but nobody wants to destroy their [existing] news brand, a source says. Redstone has been president of National Amusements Inc. since 2000 and served as executive vice president of NAI from 1994 to 2000. The Redstone family investment firm, National Amusements Inc., controls nearly 80% of CBS and Viacoms voting shares. 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. The rulingabbreviated a trial that had made headlines with thepersonaldetails it exposed and questions it posed for Redstones media empire. Sumner Redstone, originally Sumner Murray Rothstein, (born May 27, 1923, Boston, Massachusetts, U.S.died August 11, 2020, Los Angeles, California), American media executive whose company, National Amusements, Inc. (NAI), acquired leading film, television, and entertainment properties, notably Viacom and CBS. Her father, Sumner Redstone, once dismissed her publicly as a lightweight who contributed little to the business. The case, brought to [], Master, Boston University; Bachelor of Arts/Science, Tufts University. March 16, 2022. 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. Shari Headley. $35. Mr. Cohen, the former Republican senator from Maine and secretary of defense under President Clinton, has made modest donations to a few GOP candidates. Donate Today. In 2014, as it was later revealed, Sumner tried to buy. In the 2000 presidential campaign, Mr. Moonves, who oversees CBS, gave $1,000 each to Mr. Gore and Senator Lieberman of Connecticut. Shari is now vice chairman of the boards of both CBS and Viacom and the president of National Amusements. Theyve never gone against my wishes. In June 2014, Shari acknowledged this ongoing antipathy. Shari Redstone tried to nudge CBS to merge with Viacom, but CBS then-leader, Leslie Moonves, was worried that Viacom, which was grappling with a falling stock price and an exodus of viewers, would become a drag on CBS. Mr. Redstone, who died on Tuesday at 97, was an old-school, expletive-spraying mogul from a time when bosses asserted their power by screaming in the workplace. Receipts are updated as theyre processed that time can vary. 8rdWT'eL~.u"A=9]>313X3-$e}u,gmg664$EzL*LZ_j_]Xy[?Xs N/]|msk_WfA2)oz-di2|mj|5ej8eE7[Q|IM%xf)|6\ k`. Washington, DC 20463, Federal Election Commission | United States of America. 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. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Cond Nast. A $300-million (minimum) gondola to Dodger Stadium? Challengers of state and local bans on assault weapons in Illinois asked Justice Amy Coney Barrett and the Supreme Court on Monday to block the bans, saying that courts are ignoring last year's . 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. Sumner Redstone, executive chairman of CBS and Viacom, pulled in $93.4 million this past fiscal year. She also is a director of NAI. 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. I am so proud to be his daughter and I will miss him always.. Shari Redstone Chairman; ViacomCBS Shari E. Redstone joined the board of CBS in 2004. Other. All three are involved with National Amusements. Bakish and CBS acting chief, Joseph Ianniello, must fuse together two different cultures and navigate the shift to streaming services. Shari with Sumner Redstone at the LA Friendly House Luncheon in Beverly Hills, 2012. 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. Instead, he surrounded himself with younger girlfriends and business cronies. Ad Choices. 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. Simply log into Settings & Account and select "Cancel" on the right-hand side. personalising content and ads, providing social media features and to 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. She finally won. 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. 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Shari Redstone Political Contributions in 2016. All rights reserved. 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 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. Meg James is a senior entertainment industry writer for the Los Angeles Times. Also known as a campaign committee. [11] Redstone has expanded the company's international footprint and its exploration of new technologies. On the surface, the two seemed unalike. Why is L.A.s iconic skyline far from the beach unlike Miami, Seattle and other cities? Theres substantial risk to a major business operation for which they have ultimate oversight and responsibility.. that brings together some of the most influential people in Hollywood to honor individuals who have made significant contributions to the entertainment industry and to society as a whole. This Redstone plan for a new TV service also would have a streaming component. 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. Even when she was named its president in 1999, Mr. Redstone was unequivocally the boss. Mr. Redstone ceded his role as executive chairman at Viacom and CBS in early 2016. Dana Bash will succeed him, Comcast CEO Brian Roberts calls Jeff Shell departure a tough moment. So when Dauman proposed selling Paramount to a Chinese company in early 2016, Shari Redstone dug in for a fight. He called his daughter a credible candidate, while also floating the notion of buying her out. 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.. Herzer sued, claiming Redstone had lost his mental capacity. [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. {xO$S]%&7g>r=g8` Redstone, a lawyer by training, repeatedly declined to talk about many of the battles granular details, including her dealings with Les Moonves, with whom CBS is currently involved in arbitration. 1 status among viewers and the news demo of adults 25-54 for the last two decades. But by the summer of 2015, those relations had frayed. [1], As of January 2018, Redstone is a member of the board of directors at Combined Jewish Philanthropies and the board of trustees at Dana Farber Cancer Institute.

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