Su padre, Sumner Redstone, la haba considerado pblicamente como una 'don nadie', que contribua. Viacom has faced headwinds in the transforming media environment as Redstone worked to wrest control from former chairman Philippe Dauman and then to push through a merger with CBS. You look at Sumner Redstones political contributions, said Cliff Kincaid of the conservative press watchdog group Accuracy in Media. Shari Redstone is an American media executive with a diverse history in the entertainment industry and related businesses. But at a certain point, she may be able to do whatever she wants. Under the nearly $12-billion deal, CBS will absorb the smaller Viacom, which owns such brands as MTV, Nickelodeon, Comedy Central and Paramount Pictures. Meanwhile, the media industry was rapidly consolidating. 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. Shari Redstone Political Contributions in 2012. All three are involved with National Amusements. The media heiress, who defeated a series of rivals to win control of ViacomCBS in. But in an e-mail to her children, she wrote that she would not sign the releases against the whores who will be grieving his loss . You can still enjoy your subscription until the end of your current billing period. 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. 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. Redstone herself has agitated for an even bolder streaming strategy through Paramount Plus, the company's flagship streaming service, according to company insiders. 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. The media heiress, who defeated a series of rivals to win control of ViacomCBS in 2019, found herself caught up in a stunning stock reversal that almost overnight has shaved about $670 million from her personal net worth. Shari Redstone has no plans to launch a conservative news channel to compete with Fox News, reps for the billionaire media heiress said. He invested in programming and made acquisitions to broaden Viacoms reach. Also known as a campaign committee. Please try searching for a donor or recipient name. Around Wall Street these days, there is consensus that Shari Redstone has been keen to sell or to merge what she is now calling Paramount Global, and what many think of as the ill-fated re-combination of CBS and Viacom. Then he gave up his board seats. William D. Cohan. By. Receipts are updated as theyre processed that time can vary. In a prelude to the difficulties to come, the father and daughter had a disagreement over the worth of the company behind Mortal Kombat, a video game that pits opponents against each other in anything-goes combat. xMHa$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 Receipts are reported periodically, according to the filer's reporting schedule. The potential merger represents a thorny headache in both the Redstones personal and professional lives. VIAC stock opens at about $40 today. 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. As many of my most loyal readers know, I've been predicting this for years. 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. Standard Digital includes access to a wealth of global news, analysis and expert opinion. CBS trails far enough behind to be a relative afterthought. 13 0 obj The changing economics have created a sense of urgency among major Hollywood studios to fortify themselves by bulking up. A rep for Kelly declined to comment. 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. You may occasionally receive promotional content from the Los Angeles Times. 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. 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. 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. Its awesome. CBS CEO Les Moonves was one of the 11. Sumner and Shari E. Redstone in 2012. She previously wrote for the Miami Herald and the Palm Beach Post. But some on CBS board were wary. Stay informed and spot emerging risks and opportunities with independent global reporting, expert The case, brought to [], Master, Boston University; Bachelor of Arts/Science, Tufts University. This spring, independent members of CBS and Viacoms boards began discussing a merger. March 16, 2022. . 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. 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. [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. Mr. Redstone also made donations to a Viacom political action committee that splits its donations fairly evenly between the parties. 48, No. Its also unclear whether she will back off her request to have Bakish succeed Moonves when the time comes. He communicates partly through an iPad programmed with his voice with, reportedly, three responses: yes, no, and fuck you. 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. Shari Redstone is board chair. 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. We use While my daughter talks of good governance, she apparently ignores the cardinal rule of good governance that the boards of the two public companies, Viacom and CBS, should select my successor. The Redstones prevailed, and Dauman, who presided over Viacom as its value plummeted, resigned. 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. 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. He gave the maximum $2,000 to Mr. Kerrys presidential campaign and supported Vice President Gores 2000 presidential bid as well. Premium Digital includes access to our premier business column, Lex, as well as 15 curated newsletters covering key business themes with original, in-depth reporting. On the surface, the two seemed unalike. Judge Joseph Slights had ruled in February that shareholders could pursue their claims, saying doubts about the fairness of the merger process are reasonable. Redstone practiced corporate law, estate planning and criminal law in the Boston area before joining National Amusements. He gave the maximum $2,000 to Mr. Kerry's presidential campaign and supported Vice President Gore's 2000 presidential bid as well. You're using Internet Explorer, some features might not work. 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. Over a 25-year period, he poured more than $500 million into Midway. 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. 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. Viacom asked for an exchange ratio of .68, which would value Viacom at around $14 billion. 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. Mr. Redstone, who once told a reporter that his daughter was the love of my life, dangled the possibility of her winning control of his empire only to pull back when she seemed to be gaining power and influence. CBS independent board members filed suit to strip the Redstones of their voting control. %PDF-1.3 Javascript recommended: FEC.gov uses Javascript to provide the best possible user experience. << /ProcSet [ /PDF /Text ] /ColorSpace << /Cs1 7 0 R >> /Font << /F1.0 8 0 R 2023 The New York Sun Company, LLC. 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. In a December 2015 letter purported to have been sent by Sumner, according to Herzers filing, Sumner wrote that it was now his intention that Shari succeed him as non-executive chairman of both CBS and Viacom after my death. A month later, another Sumner missive to Shari surfaced. Shari Redstone's scorching rise to become the family's second media billionaire has come to crashing halt. [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. In the 2000 presidential campaign, Mr. Moonves, who oversees CBS, gave $1,000 each to Mr. Gore and Senator Lieberman of Connecticut. You make it possible. Shari Redstone Political Contributions in 2016. 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. Keep abreast of significant corporate, financial and political developments around the world. At Viacom, we just dont get involved in the news division.. . 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 . xXMoFWLoE,-z`UVj Redstone runs an incredibly outstanding organization, Mr. Feldberg said. But Redstone pre is increasingly out of the picture. Redstone built his family's drive-in theater chain into a multibillion-dollar empire . They were hoping that would please Wall Street, but instead the stock dropped sharply. Meg James is a senior entertainment industry writer for the Los Angeles Times. The Redstones operated more like a wolf pack, Ms. McGrath said. << /Length 14 0 R /N 3 /Alternate /DeviceRGB /Filter /FlateDecode >> All Rights Reserved. How strong is Disneys 1st Amendment case against Ron DeSantis? Mr. Folta said the board has not discussed the forged-documents flap and is unlikely to do so. In 2014, as it was later revealed, Sumner tried to buy. In an additional 14% of those S&P 100 firms, a woman was lead director another key board post. That girlfriend, Sydney Holland, left in September 2015. 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. [21] She is also on the board of directors of The National Center on Addiction and Substance Abuse (CASA) at Columbia University[41] and the John F. Kennedy Library Foundation. They shared an iron will that helped Ms. Redstone to succeed her father. She declined the role of non-executive chairman of both CBS and Viacom. Name & Location: Employer/Occupation: Dollar Amount: Date: Primary/ General: Contibuted To: REDSTONE, SHARI E .
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