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Dec 1 (Reuters) - ViacomCBS Inc (VIAC.O) Chair Shari Redstone, who in the past has hinted at more deals to bulk up the media empire, said on Wednesday the company will focus on organic growth. Do not fill this out if you are a person. She refocused her attention on Advancit Capital, an investment firm she co-founded in 2011. By. 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 Redstone family investment firm, National Amusements Inc., controls nearly 80% of CBS' and Viacom's voting shares. For good measure, he said she isnt qualified to fill his shoes. Shari Redstone at the Sun Valley Conference in Idaho, 2017. << /Length 5 0 R /Filter /FlateDecode >> 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. 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. Paramount Global: The House of Redstone | The Motley Fool Mr. Redstone with Ms. Redstone, when she received an award from the Boys and Girls Club of Queens in 2000. 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. 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. But while the respective companies boards of directors grapple with exchange ratios, fairness opinions, the amount and timing of expected synergies, and which executives will lead the re-merged company, the months of deal-related floundering mask a more profound Oedipal struggle that has been raging within the Redstone family for years: the lengths a peeved Shari Redstone is willing to go to prove that, despite the desires of her physically and mentally slipping but very much still living father, 94-year-old Sumner Redstone, she is a player in Hollywood, in New York City media circles, and is the legitimate heir to his corporate empire. The Mysterious, Unregistered Fund That Raised Big Money for Santos Investigative reporter Ronan Farrow revealed allegations of several women who accused Moonves of sexual misconduct in the 1980s and 1990s. Redstone is the daughter of Phyllis Gloria Raphael and Sumner Redstone, and the sister of Brent Redstone. Its clear hes a major donor to the Democratic Party.. [11] Redstone has expanded the company's international footprint and its exploration of new technologies. [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. $50. Redstone has been president of National Amusements Inc. since 2000 and served as executive vice president of NAI from 1994 to 2000. CBS independent board members filed suit to strip the Redstones of their voting control. As the merger of Viacom and CBS awaits regulatory approval, a Redstone spokesperson confirms that she quietly visited President Donald Trump in the White House recently but denies any plan to launch a conservative TV network (as does a spokesperson for Viacom). If Redstones right-leaning channel does become a reality, it probably wouldnt launch before Viacom and CBS both of which are controlled by Redstone and her ailing father, Sumner close their merger and become ViacomCBS, a $30 billion conglomerate that will run CBS, Showtime, Comedy Central, Nickelodeon, MTV, VH1 and BET. 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. 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. 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. May 20, 2019. Judge Sanctions Fox News for Withholding Evidence in Dominion Defamation Suit. Media observers wonder whether Redstone will position ViacomCBS Inc. for a sale or if she will tighten her grip. What you missed at CinemaCon 2023. According to insiders, Redstone could rebrand one of the existing Viacom channels and presumably would insulate CBS News from the new offering. The top three on the list are all Democratic donors. In his most consequential battle, he took on his daughter, Shari E. Redstone. [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. 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. Despite their political differences, employees at National Amusements seem to be happy. New CNN Show Won't Be Political, Hosts . The price to earnings ratio is 7. For cost savings, you can change your plan at any time online in the Settings & Account section. and other data for a number of reasons, such as keeping FT Sites reliable and secure, Sumner Redstone died Tuesday at age 97, National Amusements said in a statement Wednesday. Five years later, Midway filed for bankruptcy, leaving the headstrong mogul and his headstrong daughter with one less thing to fight about. Shari Ellin Redstone (born April 14, 1954) is an American media executive. And then, on October 12, 2015, with Sharis help, Sumner evicted Herzer from his house, which the latter described as a critical step in [Sharis and Tylers] larger conspiracy to take control of Sumners media empire. In an e-mail days later to Tyler, Shari explained the true underlying purpose for this conspiracy, according to Herzer: to undue [sic] all of the legal documents, letters and affidavits that he done against me.. 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 changing economics have created a sense of urgency among major Hollywood studios to fortify themselves by bulking up. $100. Im very sure that the chairman and CEO would not allow the board of the company to be compromised by individual political agendas.. Donor Lookup OpenSecrets 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. 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. Over a 25-year period, he poured more than $500 million into Midway. She just was a step behind in a lot of ways and treated poorly, this person continued. that brings together some of the most influential people in Hollywood to honor individuals who have made significant contributions to the entertainment industry and to society as a whole. In the article, they both gushed about the gifts and money they had been given. The future leadership falls to Sumner Redstones daughter, Shari, with whom he has had on again, off again squabbles through the years. There was almost willful destruction of MTV, VH1 and all of those iconic brands, said Jeffrey Sonnenfeld, a professor at Yale School of Management. Receipts are updated as theyre processed that time can vary. Sumner Redstone, originally Sumner Murray Rothstein, (born May 27, 1923, Boston, Massachusetts, U.S.died August 11, 2020, Los Angeles, California), American media executive whose company, National Amusements, Inc. (NAI), acquired leading film, television, and entertainment properties, notably Viacom and CBS. Then he gave up his board seats. Shari Redstone won the battle for her media empire. Now comes the [20] She was also a co-chairman of MovieTickets.com (before being sold to Fandango Media in 2017),[21] Inc. and is a member of the Board of Directors and Executive Committee for the National Association of Theatre Owners (NATO). Everybody wants Fox News money, but nobody wants to destroy their [existing] news brand, a source says. All Rights Reserved. *:XgQJBm1THt#b~$)cb87cBiQ1H45 Q[tg;:n6_)0' CBS trails far enough behind to be a relative afterthought. In both dayparts, ABC and NBC have been locked in a relatively tight battle for No. The case was eventually settled. During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages. As a subscriber, you have 10 gift articles to give each month. Dana Bash will succeed him, Comcast CEO Brian Roberts calls Jeff Shell departure a tough moment. By Todd Williamson/Invision/AP/REX/Shutterstock. The investor community still seems to think that the right move could be to just . The Muscle Behind Shari Redstone's War | Vanity Fair We follow the money. Shari Redstone is an American media executive with a diverse history in the entertainment industry and related businesses. Shari Redstone is board chair. % 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. She's now ready to close . imagine this as a "let me see your hands " moment for the . Herzers lawsuit plunged National Amusements and Viacom into turmoil. A full body orgasm at the L.A. Phil? Use of this site constitutes acceptance of our Terms of Use and Privacy Policy. (Sumner dumped Holland after stories I wrote in Vanity Fair revealed that, unbeknownst to him, she had been having a longtime affair with George Pilgrim, in Sedona, Arizona, and using Sumners private jet to fly back and forth from Los Angeles to see him, while at the same time living with Sumner.) 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. Also known as a campaign committee. But at a certain point, she may be able to do whatever she wants. As a condition of the September 2018 settlement, she agreed to not try to orchestrate a merger with Viacom for at least two years. Ms. Redstone did not wither. Shari Redstone Political Contributions in 2012. 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. There's even a 24 cents-per . Talks were ongoing but collapsed when CBS management feared that she was trying to remove Moonves allies on the board. She has gotten it to the point where the bid and the ask spread is down to around $3 billion. The two reconciled in recent years as his health declined. You look at Sumner Redstones political contributions, said Cliff Kincaid of the conservative press watchdog group Accuracy in Media. One large CBS investor, Franklin Templeton, sold its longtime stake in the network, rather than stick around to see whether Shari can force a deal to be done. In late 2016, Bakish was named Viacoms CEO and he began working to rebuild the company. Official websites use .gov 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. Even when she was named its president in 1999, Mr. Redstone was unequivocally the boss. Redstone's father, Michael (Mickey), was a liquor wholesaler, nightclub owner . His voting stock in the company an 80 percent share will transfer to a seven-member trust that includes Ms. Redstone and her son, Tyler Korff, along with Jill Krutick, a longtime family friend, and four lawyers with ties to the Redstones. Judge Joseph Slights had ruled in February that shareholders could pursue their claims, saying doubts about the fairness of the merger process are reasonable. Shari Redstone - $5,400 in Political Contributions for 2016, Campaign Finance, Money, American politics, American political campaign contributions, presidential campaign contributions . She previously wrote for the Miami Herald and the Palm Beach Post. He contributed $2,000 to Mr. Kerry and has given nearly $30,000 to Democratic groups and candidates in the past six years. With the messy Succession-like storyline laid to rest with her father, Shari Redstone still has to prove she can keep the familys $3 billion fortune intact. Tragically, it is likely that no one will hear from Sumner ever again and that Shari will only give up this charade once [Sumner] passes away and she receives his 80 percent control of [National Amusements]or, on other words, only when she achieves, contrary to Sumners well-documented wishes, complete ownership and control over CBS and Viacom, the goal she has had in mind all along., 2023 Cond Nast. Shari Redstone's scorching rise to become the family's second media billionaire has come to crashing halt. Viacom-CBS merger is Shari Redstone's victory | CNN Business Fox News mints money for owner Fox Corp. and the Murdoch family, estimated at north of $1 billion in profit annually. Shari Redstone's $30 Billion Triumph at CBS and Viacom - Intelligencer Its awesome. Check if your << /Length 14 0 R /N 3 /Alternate /DeviceRGB /Filter /FlateDecode >> For a full comparison of Standard and Premium Digital, click here. Moonves, on the other hand, supports his handpicked successor Joseph Ianniello. CBS crisis comes to a head as Moonves and Redstone fight for - CNNMoney Donate Today. This week's $12bn deal to reunite the two companies has been Ms Redstone's crowning victory. Look at totals and trends, and see how candidates and committees raise and spend money. Shari Redstone has spent much of this year trying to re-merge CBS and Viacom over the objections of CBS CEO Les Moonves, who has stepped down over accusations of sexual harassment. After Viacom purchased Paramount Pictures in 1994, Sumner Redstone hailed the moment as his arrival in the media big leagues. Why is L.A.s iconic skyline far from the beach unlike Miami, Seattle and other cities? Receipts are reported periodically, according to the filer's reporting schedule. Citizens United and The Free Press: Corporate Money and Control Over Shari Ellin Redstone (born April 14, 1954) is an American media executive. That girlfriend, Sydney Holland, left in September 2015. NAI, a closely held company, operates cinemas in the United States, the United Kingdom and Latin America and is also the controlling . 48, No. 8rdWT'eL~.u"A=9]>313X3-$e}u,gmg664$EzL*LZ_j_]Xy[?Xs N/]|msk_WfA2)oz-di2|mj|5ej8eE7[Q|IM%xf)|6\ k`. 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 net worth: Shari Redstone is an American media executive who has a net worth of $500 million. CBS first offered Viacom shareholders an exchange ratio of .55 a CBS share for each Viacom sharean offer worth around $11 billion today. cookies Redstones handpicked lieutenant, Bob Bakish, will oversee the new ViacomCBS as chief executive. Shari Redstone Bio, Age, Family, Husband, Children, Salary, Net Worth Shari Redstone shuts down rumor about conservative news channel With the $1.6 billion Dominion lawsuit threatening to hobble Fox News, the ink on his divorce to Jerry Hall still wet, and his broken engagement to Ann Lesley Smith even fresher, its been a chaotic 12 months for the 92-year-old conservative media baron. Meanwhile, non-Redstone CBS investors dont like the deal one bit. 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. Herzer is seeking $100 million in compensatory damages as well as treble and punitive damages under RICO [12][13][14], In 2007, Redstone and her father feuded publicly over issues of corporate governance and the future of the cinema chain. 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. If lower growth and sticky inflation hang around, ways to grow your portfolio or at least stretch it become even more important. 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. This time, he heavily criticized Norah O'Donnell and her interview with government whistleblower Dr. Rick . Since reentering her fathers life in late 2015, Redstone has vanquished more than a dozen men whom her father put in power. 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. Shari Redstone, Sumner's daughter who was estranged from her father for much of his life but reconciled with him in his final years, effectively took over his empire in 2016 after a long,. If youd like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial. degree in 1980 from Boston University School of Law. It wasnt until the elder Redstones health deteriorated that she was able squeeze back into her fathers orbit. After fighting off two of the most powerful men in Hollywood Mr Moonves and her own father . Fox's best efforts to keep the 92-year-old media moguland his son Lachlan off the stand appear to be faltering, with the judge saying he wouldn't stand in the way of Dominion subpoenaing the Murdochs. In an additional 14% of those S&P 100 firms, a woman was lead director another key board post. The Redstones prevailed, and Dauman, who presided over Viacom as its value plummeted, resigned. Days before trial is set to begin, Dominion has been granted permission to conduct additional depositions. 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 . THR has learned that Pluto, which Viacom acquired in March for $340 million, is about to launch an as-yet-unannounced streaming conservative news and opinion channel. She pushed for the union, believing the two companies would be stronger together during a turbulent time. Shari Redstone - $93,300 in Political Contributions for 2012 Other. Popular term for a political committee that is neither a candidates authorized committee nor a party committee. Shari Headley. Brandon, 36, is a real-estate developer. Theyve never gone against my wishes. In June 2014, Shari acknowledged this ongoing antipathy. Javascript recommended: FEC.gov uses Javascript to provide the best possible user experience. . Mr. Folta said the board has not discussed the forged-documents flap and is unlikely to do so. But she was here, trying to fix these media platforms.. Dan Rather is obviously an important person. Over the years, Shari Redstone would tell her tough-as-nails father that she possessed 80% of his brains, 90% of his passion and 100% of his obsessive personality. According to federal records, she has given exclusively to Democrats in recent years, though not as prolifically as her father. President Trump yet again berated 60 Minutes for its coverage of the Covid-19 pandemic. Roy Wood Jr. Roasts POTUS, VP Harris "Scandal," Tucker Carlson & "A* Redstone runs an incredibly outstanding organization, Mr. Feldberg said. 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. Behind the scenes, Redstone was instrumental in refreshing the CBS board by bouncing veterans who were friends of her fathers. A business professor at Columbia, Meyer Feldberg, said he doubted the Viacom board members would jeopardize the company to advance their own political views. You're using Internet Explorer, some features might not work. Why is Frank McCourt really pushing it? 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. And now she is trying again, with even greater fervor. In early 2018, Redstone again tried to get CBS to entertain the Viacom merger. Name & Location: Employer/Occupation: Dollar Amount: Date: Primary/ General: Contibuted To: REDSTONE, SHARI . Kimberlee, 38, is a lawyer. Paramount chief Shari Redstone attended alongside Neeraj Khelmani, Gayle King, Norah O'Donnell, Tony Dokoupil and Nate Burleson. 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