shari redstone political party
[20] 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. Shari Redstone says she had no master blueprint for the fight ahead. The tension erupted publicly in 2007, after Shari voted to block a $105 million charitable gift that her father wanted to make to hospital systems in Massachusetts and California. But what happens when the estate litigation already began years before the individual even passed away? [21], In 2011, Redstone became co-founder and managing partner of Advancit Capital, LLC,[22] an investment platform focusing on early stage in media, entertainment and technology. Dauman was named chief executive when cable was at its peak, but he lost his touch in 2014, when Viacom’s stock started to decline and television ratings deteriorated. “No matter how hard or challenging it got, I tried to keep my head down, fight for what was right and not read the press,” Redstone says during one of a series of interviews with Forbes, the first she’s given since she won the fight for the future of CBS and Viacom that started four years ago. All Rights Reserved, This is a BETA experience. Moonves resigned in September 2018, and six new members joined the CBS board. [23] 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. 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. Redstone, who pulled away from National Amusements and in 2011 started a venture firm with her son-in-law, was growing increasingly concerned. The former... Wells Fargo Securities media analyst Steven Cahall raised his outlook on ViacomCBS Thursday from “Underweight” to “Equal Weight” and increased his 12-month price target on the stock to $30 per share from $19 per share, citing the programmers aggressive moves in the streaming video space. After all, Sumner Redstone was already 64 in 1987 when he expanded from the exhibition business to making multibillion-dollar bets on the entertainment companies that led him to coin the phrase “Content is king.”. BTS to Perform at Mnet Asian Music Awards, Elsa Raven, ‘Back to the Future’ Actor, Dies at 91, Harry Styles and Billie Eilish to Appear in New Gucci Film Series Co-Directed by Gus Van Sant, Kanye West to Be MIA on ‘Jimmy Kimmel’ After Tiny Voter Turnout, ESPN to Cut 500 Positions to Free Up Money for New Video Ventures, Andy Samberg’s ‘Palm Springs’ to Debut on Amazon in Key International Markets, Election 2020: Presidential Results by State, Warner Bros. Apologizes After ‘Witches’ Sparks Backlash From People With Disabilities, ‘Let Him Go’ Review: Diane Lane, Kevin Costner Head Up a Floridly Gripping Thriller, From Natural Hot Springs to Playground of the Stars: a History of Palm Springs, Slipknot’s Knotfest Plans Pulse of the Maggots Fest to Spotlight Rising Bands, The Voxan Wattman Hits 254 MPH to Become the World’s Fastest Electric Motorcycle, EA Renews NHL and UFC Deals to Expand Sports Video Game Dominance, Don’t Let Nature Stop Your Workout With These 12 Running Jackets. The report said Redstone has been holding talks with former and current Fox News personalities, including Megyn Kelly, as well as with President Trump. But while she found the board indifferent to her concerns, she says much of the company was rallying behind her. Mr. Redstone ceded his role as executive chairman at Viacom and CBS in early 2016. Shari Redstone has no plans to launch a conservative news channel to compete with Fox News, reps for the billionaire media heiress said. 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. Five years later, Midway filed for bankruptcy, leaving the headstrong mogul and his headstrong daughter with one less thing to fight about. Post was not sent - check your email addresses! 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.

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. Pluto TV now boasts 18 million regular users. “I said to him, ‘I will do this, but this is your battle,’” she recalls. and they said to me, ‘After everything you’ve been through, why shouldn’t every woman in this room be pessimistic?’” Redstone recalls. So, thank God there’s a value to it.”. Within a year of that offer, Sumner Redstone’s life changed dramatically. “I was speaking before a women’s group .

Shari Redstone was born in 1954, the same year that Sumner Redstone became Sumner Redstone: He quit his lucrative career as an antitrust lawyer to join the family’s 14-theater drive-in chain, National Amusements. Shari Redstone is the American media executive who owns the controlling shares of both CBS and Viacom.

[24] The CBS board announced that Les Moonves replaced Sumner Redstone as CBS Chairman. She is the president of media giant National Amusements, which … By then, a new combatant had entered the fray: Brent Redstone, Shari Redstone’s 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. 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. She had defended her father and publicly rebuked her brother when he sued for his rightful stake in the holding company. Moonves began his work at CBS prior to Sumner Redstone’s involvement at the company. As a woman, Shari Redstone is a trailblazer. Sumner’s 1994 triumph over QVC Chairman Barry Diller in the pursuit of Paramount, the oldest surviving film studio in the U.S., was the career victory he would savor most. “Shari had to wrestle with her own father and doubly prove herself before industry players stopped looking at her as Sumner’s daughter and took her seriously,” Gordon says. Terms of Use After a tumultuous relationship, Shari Redstone has reconciled with her father, Sumner Redstone. Viacom CEO Bob Bakish, a Redstone ally, will lead the new ViacomCBS once the merger closes. Father and daughter also joined forces to fight the Viacom board, which challenged Mr. Redstone’s mental competency in court in 2016. Over a 25-year period, he poured more than $500 million into Midway. . Former Viacom Chairman and CEO Philippe Dauman lost out in a clash with Redstone. After years of lobbying, cajoling, legal wrangling and boardroom maneuvering, the petite, 65-year-old Shari Redstone officially emerged in August as the chairman of the soon-to-be combined entity, having remade the recalcitrant boards of both Viacom and CBS. This story appears in the October 31, 2019 issue of Forbes Magazine. The next year, the succession tussle went public when Mr. Redstone told a reporter that he wanted the CBS and Viacom boards to choose his successor. “The Board... ViacomCBS CEO Bob Bakish was investigated over an accusation of sexual misconduct from 2016 and a recently completed outside investigation “did not support the allegation,” the company said. [11][12][13][14][15], In 2000, while at National Amusements, Redstone entered the Russian theater market, giving patrons there the opportunity to experience high-end luxury theaters. [18] Redstone and her partners then sold Rising Star Media to Russian theater operator Cinema Park in 2011. Selling it was tantamount to treason. “That’s what a venture fund is all about. You may opt-out by. She received her law degrees at Boston University School of Law in 1978 (J.D.) “We have the best opportunity of any media company in the world to be number one going forward,” she recalls saying to the board at the time. Daughter and father at a charity dinner in 2005. With Disney Plus (NYSE:DIS) having raised the streaming stakes and Netflix (NASDAQ:NFLX) still ruling, ViacomCBS (VIAC, VIACA) is preparing to rebrand its older CBS All Access streaming service, with management looking to appeal to a younger crowd and step up. “While my daughter talks of good governance, she apparently ignores the cardinal rule of good governance that the boards of two public companies, Viacom and CBS, should select my successor,” he wrote.

[5] She currently serves as the chairman of ViacomCBS and president of National Amusements; she formerly served as the vice-chairman of CBS Corporation[6] and Viacom.

To Sumner, Dauman was like another son. Over the past few years, Shari Redstone, now the chairperson of ViacomCBS, ended more than a decade of legal wrangling over who would succeed her father Sumner Redstone, who died this August at the age of 97, at the helm of the family’s sprawling media empire, which includes Viacom, CBS, Paramount Pictures and many other divisions. Cover Photograph by Jamel Toppin for Forbes. The senior Redstone was so pleased, he reportedly said, “Your life is not complete until you have met Shari.”, “There were a lot of men around her, very powerful men, either telling her she wasn’t going to win or who were her foes,” says Jason Hirschhorn, a former chief digital officer for MTV, who later garnered an investment from Redstone’s venture firm.

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