The Court ruling . Search by state or ZIP code, Look up contributions from specific individuals, Find and contact your committee's analyst. 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. If lower growth and sticky inflation hang around, ways to grow your portfolio or at least stretch it become even more important. 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. As a subscriber, you have 10 gift articles to give each month. degree in 1980 from Boston University School of Law. Shari Redstone is an American media executive with a diverse history in the entertainment industry and related businesses. You can still enjoy your subscription until the end of your current billing period. But it was former Viacom Chief Executive Philippe Daumans plan to sell Paramount Pictures that bonded father and daughter. In its most recent fiscal quarter, Viacom hit a milestone when it reported that domestic advertising had increased for the first time in five years. 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?. In early 2018, Redstone again tried to get CBS to entertain the Viacom merger. 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. In late 2016, Bakish was named Viacoms CEO and he began working to rebuild the company. In this particular case, because of the personalities involved and the issue, its like the elephant in the tent, he said. Vin Diesel goes off script. She successfully facilitated the 2019 $12 billion merger deal between CBS Corp. and Viacom Inc.. But on Tuesday the boards of CBS and Viacom agreed to reunite the two Redstone-controlled companies that were torn apart 13 years ago. Standard Digital includes access to a wealth of global news, analysis and expert opinion. We will establish a world-class, multi-platform media organization that is well-positioned for growth in a rapidly transforming industry.. stream Experts in corporate governance say the directors of CBSs parent company, Viacom, are obliged to assume some role in resolving the fiasco over CBS Newss use of what appear to be fake documents about President Bushs military record. Currently, she serves as the chairperson of ViacomCBS after she oversaw the merging of CBS and Viacom Inc in 2019. 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. According to federal records, she has given exclusively to Democrats in recent years, though not as prolifically as her father. She previously wrote for the Miami Herald and the Palm Beach Post. 2023 Forbes Media LLC. In 2020, Redstone was named on Time's list of the 100 most influential people in the world,[8] and in 2022, to Forbes' list of the World's 100 Most Powerful Women.[9]. 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. [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. All Rights Reserved. The Wide Shot brings you news, analysis and insights on everything from streaming wars to production and what it all means for the future. She stated that she wanted the chairs of each company to be "not a Trustee of my father's trust or otherwise intertwined in Redstone family matters," and she nominated Les as the CBS chair. An official website of the United States government. Its also unclear whether she will back off her request to have Bakish succeed Moonves when the time comes. Redstones handpicked lieutenant, Bob Bakish, will oversee the new ViacomCBS as chief executive. Mr. Cohen, the former Republican senator from Maine and secretary of defense under President Clinton, has made modest donations to a few GOP candidates. Their strong working relationship ensures that Redstone no longer will be the subject of boardroom resistance. 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. 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. The merger agreement is a triumph for Redstone, who has overseen the familys controlling stakes in the two companies since her fathers declining health forced him to relinquish control. Talks were ongoing but collapsed when CBS management feared that she was trying to remove Moonves allies on the board. Receipts are updated as theyre processed that time can vary. 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 . Shari Redstone is a media executive with wide-ranging experience in the entertainment industry and related ventures. The material on this site is protected by copyright law and may not be reproduced, distributed, transmitted, cached or otherwise used. All rights reserved. Redstone sees an opening as the audience for TV news grows older and more conservative and Trump and some of his fans express disenchantment with ratings giant Fox News, which lost its top news anchor Friday when Shepard Smith announced his departure amid conflict with some of the networks opinion hosts. In 2015, Vanity Fair published an article on Ms. Herzer and another of Mr. Redstones late-life paramours, Sidney Holland. Most referred questions to a Viacom spokesman, Carl Folta. Shari has definitely proven herself as an effective strategist, someone who is willing to go to whatever lengths she needs to get something done, said Jordan Matthews, an entertainment attorney with Weinberg Gonser in Los Angeles. 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 member of the Company Town team for two decades, James specializes in covering television, corporate media and investigative projects. Sumner and Shari E. Redstone in 2012. Its awesome. Viacoms chairman and chief executive, Sumner Redstone, is a self-described liberal Democrat and a prolific donor to Democratic campaigns. Simply log into Settings & Account and select "Cancel" on the right-hand side. [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. Two other members of the board, Joseph Califano and William Cohen, held cabinet posts under Democratic presidents. This time, he heavily criticized Norah O'Donnell and her interview with government whistleblower Dr. Rick . 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. Tuesdays agreement, he said, vindicates the strategy that shes had.. 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. Redstone practiced corporate law, estate planning and criminal law in the Boston area before joining National Amusements. Her grandfather was Michael Redstone, who was the original founder of National Amusements, the parent company that now owns the majority of the Redstone media empire. Through National Amusements, Redstone and her family are majority owners of CBS, Comedy Central, BET, Showtime Networks . Shari Redstone was in many ways an unwilling participant, dragged into the drama because her father's increasingly erratic and bizarre behavior threatened his family's fortune and legacy . None of the members of Viacoms board consented to be interviewed for this story. CBS's board then offered Shari Redstone the position of non-executive chair, but she declined. Rupert Murdoch May Be Forced to Testify in Dominion's Defamation Suit Against Fox. Ad Choices. The board needs to be involved, so to speak, prophylactically, a business ethics specialist at the Conference Board, Ronald Berenbeim, said. But Shari Redstone has managed to hang on to her 20% stake in the family business. Shari obtained her 20 percent interest in National Amusements through a 2002 divorce agreement with Sumners first wife and her mother, Phyllis. 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. 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Todd Williamson/Invision, via Associated Press. Shari Redstone is board chair. Washington, DC 20463, Federal Election Commission | United States of America. By Lisa Johnson Mandell. She just was a step behind in a lot of ways and treated poorly, this person continued. As private citizens, board members at Viacom and others make donations to political parties and candidates all the time, he said. Since reentering her fathers life in late 2015, Redstone has vanquished more than a dozen men whom her father put in power. March 16, 2022. After fighting off two of the most powerful men in Hollywood Mr Moonves and her own father . 4 0 obj There was almost willful destruction of MTV, VH1 and all of those iconic brands, said Jeffrey Sonnenfeld, a professor at Yale School of Management. Its clear hes a major donor to the Democratic Party.. Shari Redstone, chair of Paramount Global and president and CEO of National Amusements, will receive the Humanitarian Award at the Simon Wiesenthal Center . 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. This Redstone plan for a new TV service also would have a streaming component. 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. We need more women in leadership positions.. So far, Shari's latest effort to force the merger of CBS and Viacomboth of which Sumner still controls through his voting shareshas cost the Redstone family some $600 million, and CBS's other. Paramount Global said Friday that, pending court approval, it will receive $167.5 million in settlement of a suit by shareholders of the former CBS Corp. against some of the . Do not fill this out if you are a person. While the aging lion took his meals through a feeding tube in his Beverly Park mansion, Ms. Redstone battled Manuela Herzer, his former lover and live-in caretaker, for control of his daily care. Why did Dan Rather think he could get away with this or stonewall it? Shari Headley. Shari Redstone has three children: Kimberlee, Brandon, and Tyler. Even when she was named its president in 1999, Mr. Redstone was unequivocally the boss. One member of the Viacom board who has attracted considerable attention in recent months is Mr. Redstones daughter and possible successor, Shari. 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. Shari Redstone fought to ensure she would succeed her father, Sumner Redstone, atop the family's media empire. Mr. Freston is a regular presence at Democratic fund-raising events in New York. One response to "Sun Valley 2022 Guest List Includes Elon Musk, Shari Redstone, David Zaslav, Anderson Cooper (EXCLUSIVE)". 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. That's a market cap of $25.4 billion, less than this year's expected sales of $26 billion. The Sun has neither altered nor updated such articles but will seek to correct any errors, mis-categorizations or other problems introduced during transfer. 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 Political Contributions in 2012. 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. 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. Will Newly-Merged ViacomCBS Boldly Go After Other Media Assets? Women in entertainmentfrom ViacomCBS Inc. chairwoman Shari Redstone to singer Beyonc and morecomprise 14 spots on our 2019 list of the world's 100 most powerful women. 2023 The New York Sun Company, LLC. Hace slo unos aos, Shari Redstone estaba al margen del imperio meditico de su familia. Use of this site constitutes acceptance of our User Agreement and Privacy Policy and Cookie Statement and Your California Privacy Rights. Mr. Salerno, who split his giving relatively evenly between the parties, donated to Mr. Gore in 1999 and contributed the maximum $2,000 to Mr. Bushs campaign this time. Dan Rather is obviously an important person. But by the summer of 2015, those relations had frayed. 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. In 1999, another board member, investor Jan Leschly, gave $350 to a former New Jersey governor, Christine Todd Whitman, for a Senate bid. ), 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. Secure .gov websites use HTTPS Now, the challenge will be integrating two companies that have been separate for more than a decade. She pushed for the union, believing the two companies would be stronger together during a turbulent time. This spring, independent members of CBS and Viacoms boards began discussing a merger. The two men who act as co-chief operating officers of Viacom, Leslie Moonves and Thomas Freston, also favor Democrats. [22] The CBS board announced that Les Moonves replaced Sumner Redstone as CBS Chairman. Mr. Redstone had not been incorrect in perceiving, way back in 1983, that video games would be a significant part of the entertainment industrys future. In more than 50 years as a force in the media industry, Sumner M. Redstone clashed with his only son, his nephew, his wife, his romantic partners, his business rivals and the actor Tom Cruise. 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 . For Shari Redstone, the 65-year-old daughter of ailing 96-year-old mogul Sumner Redstone, who had chafed for a dozen years living under the . The Redstones prevailed, and Dauman, who presided over Viacom as its value plummeted, resigned. % The ups and downs were complicated by his illness and his tabloid-fodder private life. Sign up for THR news straight to your inbox every day. Mr. Redstone with Ms. Redstone, when she received an award from the Boys and Girls Club of Queens in 2000. What you missed at CinemaCon 2023. Premium access for businesses and educational institutions. The rulingabbreviated a trial that had made headlines with thepersonaldetails it exposed and questions it posed for Redstones media empire. stream Check if your offers FT membership to read for free. At Viacom, we just dont get involved in the news division.. During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages. Redstone built his family's drive-in theater chain into a multibillion-dollar empire . [16], In 2010, Redstone and her partners purchased the theaters that they had built, and formed Rising Star Media,[17] of which she was chairman, and turned it into the country's top-grossing cinema chain. Shari with Sumner Redstone at the LA Friendly House Luncheon in Beverly Hills, 2012. The main trust owns controlling shares in National Amusements, which in turn controls about 80 percent of. degree in 1978 and her LL.M. He invested in programming and made acquisitions to broaden Viacoms reach. A full body orgasm at the L.A. Phil? VIAC stock opens at about $40 today. CBS CEO Les Moonves was one of the 11. Mr. Folta said the political contributions of board members were not unusual. So when Dauman proposed selling Paramount to a Chinese company in early 2016, Shari Redstone dug in for a fight. [7] Through National Amusements, Redstone and her family are majority owners of CBS, Comedy Central, BET, Showtime Networks, Nickelodeon, MTV and the film studio Paramount Pictures. Shari Ellin Redstone (born April 14, 1954) is an American media executive. 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. As a recently released, unredacted complaint in a lawsuit against Shari makes clear, Sumner Redstone never wanted his daughter to be involved in the family businesses, twice tried to buy out her stock in the family holding company, National Amusements Inc., for around $1 billion. In the past six years, Mr. Redstone has given $50,000 to Democratic campaigns and party committees, according to filings with the Federal Election Commission. 48, No. Will Shari Redstone Find A Buyer For A Combined CBS-Viacom? Ms. [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. Within a few months, she and Sumner Redstone removed Dauman and his ally from the familys investment firm, which provoked a high-stakes lawsuit. Redstone's father, Michael (Mickey), was a liquor wholesaler, nightclub owner . $50. She also pursued a degree in social work after volunteering at a trauma center for abused children. He gave the maximum $2,000 to Mr. Kerry's presidential campaign and supported Vice President Gore's 2000 presidential bid as well. A rep for Kelly declined to comment. So far, Sharis latest effort to force the merger of CBS and Viacomboth of which Sumner still controls through his voting shareshas cost the Redstone family some $600 million, and CBSs other shareholders another $6.5 billion, as the price of the networks stock has sunk from around $70 a share to around $50 as investors anticipate a deal. It might depend on where the stock goes over the next year or two, Matthews said. A receiving line of network executives and on-air stars lined up to greet her as trays of mini cheeseburgers and pinot noir circulated. The feisty 61-year-old former attorney is stepping into the spotlight to exert her influence in the . If she refused, he wrote, he would not allow her or her children to attend his funeral or in any way be involved in his burial arrangements. 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. CBS trails far enough behind to be a relative afterthought. As many of my most loyal readers know, I've been predicting this for years. Under the nearly $12-billion deal, CBS will absorb the smaller Viacom, which owns such brands as MTV, Nickelodeon, Comedy Central and Paramount Pictures. A CBS suit against Ms. Redstone over control of the company was dismissed in May 2018 as CBS Chief Leslie Moonves was ousted due to sexual misconduct. Given how far she has already come in reversing her fathers desire to keep her away from the oversight of CBS and Viacom, Shari may be willing to sacrifice that demand in order to get Moonvess support. For a full comparison of Standard and Premium Digital, click here. Herzers lawsuit plunged National Amusements and Viacom into turmoil. She currently serves as the non-executive chairwoman of Paramount Global (formerly known as ViacomCBS) and president of National Amusements, and is a former vice-chairman of CBS Corporation and Viacom. Changes needed to be made to the Stephens lifestyle in order to make things manageable Because of [her husbands condition], and all of the different things we were dealing with, I really needed an opportunity [for change], Stephens said to me in an interview via videoconference in early December. - Age . You make it possible. SpaceX used wildlife preserve as dumping ground for space waste, lawsuit alleges, Philippe Daumans plan to sell Paramount Pictures, Writers strike: Whats at stake and how it could disrupt Hollywood, Writers Guild and studios continue talks, but deal remains elusive as possible strike looms, Oppenheimer wows. and attorneys fees under ECPA, according to the filing. 2-,$#*+6 SHaFsK!~/kvL)JB+_0a$~Sx{PKYw&> The case was eventually settled.
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