Eleven of the 14 board members supported a proposal to issue a dividend that would dilute Shari Redstone's controlling stake in the broadcaster. By Lisa Johnson Mandell. 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. Tyler, 34 . So when Dauman proposed selling Paramount to a Chinese company in early 2016, Shari Redstone dug in for a fight. Donor Lookup OpenSecrets He refers to himself a "liberal Democrat . As Fox and family insiders tell it, this could just be the beginning. [10], Since 1999, she has been president of National Amusements, one of the top ten movie exhibitors in the United States. Ms. Redstone did not wither. If lower growth and sticky inflation hang around, ways to grow your portfolio or at least stretch it become even more important. 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. Even when she was named its president in 1999, Mr. Redstone was unequivocally the boss. The succession issue simmered in the background during periods of estrangement between father and daughter. CBS first offered Viacom shareholders an exchange ratio of .55 a CBS share for each Viacom sharean offer worth around $11 billion today. 2-,$#*+6 SHaFsK!~/kvL)JB+_0a$~Sx{PKYw&> 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. 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. Shari has been pretty adamant about this combination, said Daniel A. Lyons, a professor at Boston College Law School. Their main sticking point was one that plagues many family businesses: succession. And Sumner himself has been completely shielded from his longtime friends and the public, who have not seen or heard from him. The shotgun re-marriage of CBS and Viacom is proceeding apace. 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. 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. At Viacom, we just dont get involved in the news division.. convention or caucus of a political party that has authority to nominate a candidate, for the office sought by the candidate." . 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. Bakish and CBS acting chief, Joseph Ianniello, must fuse together two different cultures and navigate the shift to streaming services. Washington, DC 20463, Federal Election Commission | United States of America. Shari Redstone - Forbes At the height of the conflict when the patriarch was well into his 80s and still a Hollywood force Mr. Redstone tried to buy out his daughter and publicly stated that she was not qualified to lead National Amusements, the parent company of Viacom and CBS, which he had inherited from his father and built into a giant. 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! 1050 First Street, NE [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. Search by state or ZIP code, Look up contributions from specific individuals, Find and contact your committee's analyst. Sumner Redstone, billionaire media tycoon, dead at age 97 - CNBC Shari Redstone's $30 Billion Triumph at CBS and Viacom - Intelligencer Redstone built his family's drive-in theater chain into a multibillion-dollar empire . Paramount Gets $167 Million Settlement In CBS Shareholder Lawsuit 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. The Sun has neither altered nor updated such articles but will seek to correct any errors, mis-categorizations or other problems introduced during transfer. 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. Soon shell be left with nothing but Judge Judy and The Peoples Court. Well save further comment for when the case is dismissed. A representative for Korff did not immediately respond to a request for comment.). He called his daughter a credible candidate, while also floating the notion of buying her out. Premium access for businesses and educational institutions. These committees may solicit and accept unlimited contributions from individuals, corporations, labor organizations and others. He gave the maximum $2,000 to Mr. Kerry's presidential campaign and supported Vice President Gore's 2000 presidential bid as well. By. 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 . [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. All three are involved with National Amusements. - Age Sun Valley 2022 Guest List Revealed - Variety That's a market cap of $25.4 billion, less than this year's expected sales of $26 billion. The other 10 . there is nothing more to be said. A rep for Kelly declined to comment. 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. The two-year period in which the transaction was reported. Shari Redstone Is Sumner Redstone's Most Important Legacy - Variety How Work Marketplace Site Upwork Makes Life More Accessible For Freelance Worker Shari Stephens, Hedge Fund Stock Dump Crushes The Soaring Fortunes Of ViacomCBS Shari Redstone, To Boldly Go Where All Have Gone Before: ViacomCBS Bets On Star Trek To Launch Paramount+, End Of The Drama: Sumner Redstones Death Leaves Only One Intrigue For ViacomCBS, ViacomCBSs Downward Spiral Is Accelerating As Talk Of Unraveling Grows, From Newcomer Ava DuVernay To Veteran Oprah, Meet 2019s Most Powerful Women In Entertainment, MacKenzie Bezos Makes Forbes 400 Debut; Shari Redstones Forbes Exclusive: Your ForbesWomen Updates, Exclusive: For the First Time Shari Redstone Tells Her Side Of The Battle To Merge Viacom And CBS, The Labors Of Shari Redstone: Reclaiming A Family Legacy, Shari Redstones Dream Fulfilled; Why Your Business Vision Needs Support; Alexis Ohanian Pushes For Parental Leave: Your ForbesWomen Updates, CBS And Viacom Announce Plans To Merge, Finally Fulfilling Shari Redstone's Dream On 3rd Try, Shari Redstone And The Living Legacy Of Her Father's Media Empire. Everybody wants Fox News money, but nobody wants to destroy their [existing] news brand, a source says. Lawsuit Accuses Shari Redstone of Forcing ViacomCBS Merger 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. 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. Vin Diesel goes off script. Sumner Redstone, who built National Amusements into a media empire, died Tuesday at 97. You may occasionally receive promotional content from the Los Angeles Times. 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+. This spring, independent members of CBS and Viacoms boards began discussing a merger. There's even a 24 cents-per . Redstone has approached current and former Fox News personalities about such a plan, sources say, and she has spoken with former NBC News host Megyn Kelly. Despite their political differences, employees at National Amusements seem to be happy. For good measure, he said she isnt qualified to fill his shoes. CBS-Viacom Made Shari Redstone the Most Powerful Woman in Town
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