The two men who act as co-chief operating officers of Viacom, Leslie Moonves and Thomas Freston, also favor Democrats. Shari Redstone won a round in her fight with . After fighting off two of the most powerful men in Hollywood Mr Moonves and her own father . degree in 1980 from Boston University School of Law. Official websites use .gov You're using Internet Explorer, some features might not work. [29], In May 2020, she was named as a defendant in a lawsuit filed by the Bucks County Retirement Fund and the International Union of Operating Engineers, over the perceived "destruction of value" caused by the CBS and Viacom merger. Learn how to enable Javascript in your browser. He called his daughter a credible candidate, while also floating the notion of buying her out. Shari tried once before to effect a merger between Viacom and CBS, in 2016, but that effort went nowhere. Of the companys 13 board members, eight contribute primarily to Democratic candidates and party committees. According to insiders, Redstone could rebrand one of the existing Viacom channels and presumably would insulate CBS News from the new offering. The price to earnings ratio is 7. For cost savings, you can change your plan at any time online in the Settings & Account section. 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. 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. All rights reserved. analyse how our Sites are used. Shari Redstone shuts down rumor about conservative news channel 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, 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. Dana Bash will succeed him, Comcast CEO Brian Roberts calls Jeff Shell departure a tough moment. Despite their political differences, employees at National Amusements seem to be happy. Keep abreast of significant corporate, financial and political developments around the world. . In his most consequential battle, he took on his daughter, Shari E. Redstone. It might depend on where the stock goes over the next year or two, Matthews said. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Cond Nast. 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. Sumner Redstone died Tuesday at age 97, National Amusements said in a statement Wednesday. Shari Redstone, the president of National Amusements, who controls both Viacom and CBS, has explored options for launching a conservative-leaning news network that would go head-to-head with Fox . . stream This spring, independent members of CBS and Viacoms boards began discussing a merger. No Writers Guild Deal Today, AMPTP Claims. For the past couple of decades, when media exec Shari Redstone came home, she'd relax in a sprawling mansion in Westwood, MA. ViacomCBS's Shari Redstone says media company will focus on organic She was the lone dissenting vote on the five-member National Amusements board of directors. She has, after all, threatened to replace recalcitrant members of the CBS board with directors who support her. Shari Redstone Net Worth | Celebrity Net Worth Javascript recommended: FEC.gov uses Javascript to provide the best possible user experience. During a low point in 2015, Ms. Redstone wrote in an email to her son that your grandfather says I will be chair over his dead body.. New CNN Show Won't Be Political, Hosts . VIAC stock opens at about $40 today. But she was here, trying to fix these media platforms.. The board needs to be involved, so to speak, prophylactically, a business ethics specialist at the Conference Board, Ronald Berenbeim, said. << /Length 14 0 R /N 3 /Alternate /DeviceRGB /Filter /FlateDecode >> Ms. McGrath pointed to Ms. Redstones skill in assembling allies under pressure, adding, She was actually incredibly effective at pulling together a coalition of very smart people who were willing to challenge Sumner, who were basically betting their careers that shed be able to come out on top. 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. Sumner Redstone's media empire dates back to the 1950s. - Business Insider Mr. Cohen, the former Republican senator from Maine and secretary of defense under President Clinton, has made modest donations to a few GOP candidates. 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. Receipts are updated as theyre processed that time can vary. She also pursued a degree in social work after volunteering at a trauma center for abused children. . Alex Ben Block. Sumner and Shari Redstone have had an especially troubled relationship, in part due to Sumners desires to keep her away from his personal and business affairs.. Other Democratic-leaning donors on the Viacom board include: two Boston attorneys, George Abrams and David Andelman; a Manhattan investor, Philippe Dauman; the chairman of Bear Stearns, Alan Greenberg; a law professor at Yeshiva University, William Schwartz, and the president of the Bill & Melinda Gates Foundation, Patricia Stonesifer. 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. Shari Redstone at the Sun Valley Conference in Idaho, 2017. Shari Redstone wins in her fight with Les Moonves and CBS - Vox university Ms. Redstone has contributed to Senator Clinton and Mr. Kerry as well as the Democratic National Committee. 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. 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. Who is National Amusements owned by? - TimesMojo Brandon, 36, is a real-estate developer. That's a market cap of $25.4 billion, less than this year's expected sales of $26 billion. This time, he heavily criticized Norah O'Donnell and her interview with government whistleblower Dr. Rick . Shari Redstone's $30 Billion Triumph at CBS and Viacom - Intelligencer Shari Redstone Political Contributions in 2012. Ad Choices. 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. You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. Shari Redstone - $93,300 in Political Contributions for 2012, Campaign Finance, Money, American politics, American political campaign contributions, presidential campaign contributions . There's made-for-reality TV drama of Sumner Redstone romantic affairs to the behind-the-scenes politics of CBS and Viacom's boardrooms politics that as a consumer I realized affected all of us.. 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. Shari Redstone is a media executive with wide-ranging experience in the entertainment industry and related ventures. Special committees of each board have been appointed to try to negotiate a deal. 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. CBS trails far enough behind to be a relative afterthought. And Sumner himself has been completely shielded from his longtime friends and the public, who have not seen or heard from him. Forty years ago, you wouldnt be seeing people taking that kind of bet on a woman.. Paramount could face uphill fight in streaming wars, CNN remains - KCRW 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. How strong is Disneys 1st Amendment case against Ron DeSantis? CBS and Viacom were a single entity, after all, until Sumner Redstone separated them 12 years ago after he realized they operated in very different businesses. But her path to power, like most things involving the Redstone family, was contentious. -. Hace slo unos aos, Shari Redstone estaba al margen del imperio meditico de su familia. organisation The feisty 61-year-old former attorney is stepping into the spotlight to exert her influence in the . 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. CBS's board then offered Shari Redstone the position of non-executive chair, but she declined. You look at Sumner Redstones political contributions, said Cliff Kincaid of the conservative press watchdog group Accuracy in Media. Its awesome. Redstone's father, Michael (Mickey), was a liquor wholesaler, nightclub owner . Other. 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. . According to a court filing from Sumners former girlfriend Manuela Herzer, Brent Redstone has not spoken to his father since Sumner bought out his stake in National Amusements in 2006 for $250 million. August 16, 2019. Political Affiliations of Viacom Board Could Impact CBS Case Theyve never gone against my wishes. In June 2014, Shari acknowledged this ongoing antipathy. Women in entertainmentfrom ViacomCBS Inc. chairwoman Shari Redstone to singer Beyonc and morecomprise 14 spots on our 2019 list of the world's 100 most powerful women. Key Points. Stay informed and spot emerging risks and opportunities with independent global reporting, expert And they announced that Shari Redstone would become chairwoman of the new entity, ViacomCBS Inc., joining a small number of women overseeing a major U.S. company. He has made how he feels about me perfectly clear., In September 2014, according to Herzers complaint, Sumner was briefly hospitalized, resulting in a major dispute with Shari about his treatment. 8rdWT'eL~.u"A=9]>313X3-$e}u,gmg664$EzL*LZ_j_]Xy[?Xs N/]|msk_WfA2)oz-di2|mj|5ej8eE7[Q|IM%xf)|6\ k`. She is the non-executive chairwoman of Paramount Global and the president of National Amusements; she was previously the vice-chairwoman of CBS Corporation and Viacom. Should Shari Redstone Flip CBS News? - Puck A peek at this week's ForbesWomen newsletter, which every Thursday brings headlines about the world's most powerful women straight to your inbox. The Muscle Behind Shari Redstone's War | Vanity Fair The two often clashed over executive compensation and board member selection. If youd like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial. Meg James is a senior entertainment industry writer for the Los Angeles Times. Herzer is seeking $100 million in compensatory damages as well as treble and punitive damages under RICO Talks spanned months and culminated Tuesday with the all-stock deal that the two companies believe will be completed by the end of the year. offers FT membership to read for free. If lower growth and sticky inflation hang around, ways to grow your portfolio or at least stretch it become even more important. Will Shari Redstone Find A Buyer For A Combined CBS-Viacom? Shari Redstone - Forbes In late 2016, Bakish was named Viacoms CEO and he began working to rebuild the company. or Daughter and father at a charity dinner in 2005. Judge Sanctions Fox News for Withholding Evidence in Dominion Defamation Suit. *:XgQJBm1THt#b~$)cb87cBiQ1H45 Q[tg;:n6_)0' Everybody wants Fox News money, but nobody wants to destroy their [existing] news brand, a source says. The Sun has neither altered nor updated such articles but will seek to correct any errors, mis-categorizations or other problems introduced during transfer. Under the nearly $12-billion deal, CBS will absorb the smaller Viacom, which owns such brands as MTV, Nickelodeon, Comedy Central and Paramount Pictures. Redstone has been president of National Amusements Inc. since 2000 and served as executive vice president of NAI from 1994 to 2000. President Trump yet again berated 60 Minutes for its coverage of the Covid-19 pandemic. Shari Redstone is emerging from the long shadow of her larger-than-life father, Sumner Redstone. Redstone is the daughter of Phyllis Gloria Raphael and Sumner Redstone, and the sister of Brent Redstone. Behind the scenes, Redstone was instrumental in refreshing the CBS board by bouncing veterans who were friends of her fathers. 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.. 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. Viacom, first under Philippe Dauman and now Bob Bakish, has floundered, especially as children and young adults have reduced their viewership of Nickelodeon, MTV, and Comedy Central, three of its most well-known cable channels, or cut the cord entirely. I was never a great proponent of the split of the two companies, I think the path each company took could have been different under different leadership and this is why a combination should be explored now, she said at the November 2016 DealBook conference. Shari Ellin Redstone (born April 14, 1954) is an American media executive. But within a few months, the court fight in Delaware was eclipsed by a scandal engulfing Moonves, who had run CBS since the 2006 split. 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. 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Kimberlee, 38, is a lawyer. By then, a new combatant had entered the fray: Brent Redstone, Shari Redstones 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.
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