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. After years of battle, Shari Redstone runs an empire of her own with Su padre alguna vez la consider una 'don nadie', ahora es la nueva Sumner Redstone's media empire dates back to the 1950s. - Business Insider All rights reserved. They have not had any deliberations on this, board deliberations, and as a board are not handling the situation, which is being handled totally at the news level by CBS, he said. A lock ( LockA locked padlock ) or https:// means you've safely connected to the .gov website. 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. 2-,$#*+6 SHaFsK!~/kvL)JB+_0a$~Sx{PKYw&> Redstone has been president of National Amusements Inc. since 2000 and served as executive vice president of NAI from 1994 to 2000. Investigative reporter Ronan Farrow revealed allegations of several women who accused Moonves of sexual misconduct in the 1980s and 1990s. Talks were ongoing but collapsed when CBS management feared that she was trying to remove Moonves allies on the board. Shari Redstone 117 . A .gov website belongs to an official government organization in the United States. [42] Redstone recently joined the board and executive committee of "Our Time", a mass-membership organization that stands for the economic interests and political inclusion of young Americans aged 1830. He gave the maximum $2,000 to Mr. Kerrys presidential campaign and supported Vice President Gores 2000 presidential bid as well. Dana Bash will succeed him, Comcast CEO Brian Roberts calls Jeff Shell departure a tough moment. cookies Hes part of the brand, said the lawyer, Jeffrey Kaplan of Skillman, N.J. A boards duty in this situation is somewhat uncertain because the facts are so unique. << /Length 5 0 R /Filter /FlateDecode >> Less than a quarter of the S&P 100 companies have a woman as their chair or a lead director, and that puts Shari in a notable position, said Dawn Belt, a partner and coauthor of Fenwick & Wests Gender Diversity Study. 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. We will establish a world-class, multi-platform media organization that is well-positioned for growth in a rapidly transforming industry.. Ad Choices. Shari Redstone has no plans to launch a conservative news channel to compete with Fox News, reps for the billionaire media heiress said. 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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. 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. Around that time, Ms. Redstone and Mr. Redstone made peace. One response to "Sun Valley 2022 Guest List Includes Elon Musk, Shari Redstone, David Zaslav, Anderson Cooper (EXCLUSIVE)". The Redstone family investment firm, National Amusements Inc., controls nearly 80% of CBS' and Viacom's voting shares. Mr. Folta said the board has not discussed the forged-documents flap and is unlikely to do so. If lower growth and sticky inflation hang around, ways to grow your portfolio or at least stretch it become even more important. In 2015, Vanity Fair published an article on Ms. Herzer and another of Mr. Redstones late-life paramours, Sidney Holland. Paramount Global: The House of Redstone | The Motley Fool The two sides remain far apart on price, terms and, in particular, governance issues. Even when she was named its president in 1999, Mr. Redstone was unequivocally the boss. 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. [32], Redstone married and divorced Rabbi Ira A. Korff,[33] and they had three children:[1][34], Her ex-husband was president and director of National Amusements until two years after they divorced. In a September 2014 e-mail to Tyler, Shari wrote about why she rejected the $1 billion offer: Why would I ever give [Sumner] his dying wish of peace when he never gave me any peace during my whole life. She wrote her daughter, in October 2014, after she had called her grandfather, I cant believe you keep calling him when he could not make it any clearer that all of us could drop dead and it would be the happiest day of his life. That same day, to all of her children, Shari wrote, It could be [sic] not be more clear that the only people in the entire world who your grandfather doesnt care about, and [in] fact is willing to hurt, damage, and destroy are the four of us., In a January 2015 letter, Sumner asked his daughter to sign releases agreeing that she would not sue either Herzer or Sydney Hollandanother live-in girlfriendafter his death. An Ohio health care executive who sits on the Viacom board, Robert Walter, has supported Republicans from his home state. Political Affiliations of Viacom Board Could Impact CBS Case Shari E. Redstone joined the board of CBS in 2004. Shari Redstone is board chair. 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. The Muscle Behind Shari Redstone's War | Vanity Fair [18] Redstone and her partners then sold Rising Star Media to Russian theater operator Cinema Park in 2011. organisation These committees may solicit and accept unlimited contributions from individuals, corporations, labor organizations and others. Redstone herself has agitated for an even bolder streaming strategy through Paramount Plus, the company's flagship streaming service, according to company insiders. analyse how our Sites are used. When an unflattering 2015 Vanity Fair profile highlighted her father's declining health and influence of two of . 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 . He overhauled the management of the moribund Paramount and tossed out senior TV executives. Shari Redstone, chair of Paramount Global and president and CEO of National Amusements, will receive the Humanitarian Award at the Simon Wiesenthal Center . 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.. Former CBS Chief Joseph Ianniello Refutes Claims In - Deadline Father and daughter also joined forces to fight the Viacom board, which challenged Mr. Redstones mental competency in court in 2016. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy. All Rights Reserved. Will Shari Redstone Find A Buyer For A Combined CBS-Viacom? The succession issue simmered in the background during periods of estrangement between father and daughter. 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. Kimberlee, 38, is a lawyer. CBS, under the leadership of Les Moonves, has performed well and its stock has appreciated. 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. Paramount could face uphill fight in streaming wars, CNN remains - KCRW Im very sure that the chairman and CEO would not allow the board of the company to be compromised by individual political agendas.. Sumner and Shari E. Redstone in 2012. 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. offers FT membership to read for free. A month later, Sumner Redstone had his other former companion, Manuela Herzer, escorted from his Beverly Park mansion. Three Highest-Paid Executives in Entertainment are Dem Donors Key Points. Does the fate of a potential $14 billion Wall Street merger all come down to Shari Redstones feud with her father? For many years, she stayed away from National Amusements, a company that started as a string of drive-in theaters. In his most consequential battle, he took on his daughter, Shari E. Redstone. 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. Mr. Folta said the political contributions of board members were not unusual. As The Wall Street Journal recently reported, Shari Redstone would like to ensure that Bakish will succeed Moonves, who is 68. The professor said he doesnt expect the directors to take formal action in connection with the flap, but he said he could not imagine they would ignore it. Shari Redstone is emerging from the long shadow of her larger-than-life father, Sumner Redstone. Judge Sanctions Fox News for Withholding Evidence in Dominion Defamation Suit. 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. [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. The elderly mogul was reeling from one of the womens betrayal and prone to crying spells. On the surface, the two seemed unalike. 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,. She also is a director of NAI. President Trump yet again berated 60 Minutes for its coverage of the Covid-19 pandemic. The political affiliations of Viacom's board and senior management, how Sumner Murray Redstone (born Sumner Murray Rothstein; May 27, 1923) is an American media magnate.He is the majority owner and Chairman of the Board of the National Amusements theater chain. Special committees of each board have been appointed to try to negotiate a deal. 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 . Leadership | Paramount Do not fill this out if you are a person. In both dayparts, ABC and NBC have been locked in a relatively tight battle for No. Instead, he surrounded himself with younger girlfriends and business cronies. 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. Herzers lawsuit plunged National Amusements and Viacom into turmoil. In the 2000 presidential campaign, Mr. Moonves, who oversees CBS, gave $1,000 each to Mr. Gore and Senator Lieberman of Connecticut. endobj But her path to power, like most things involving the Redstone family, was contentious. She pushed for the union, believing the two companies would be stronger together during a turbulent time. Look at totals and trends, and see how candidates and committees raise and spend money. Will Newly-Merged ViacomCBS Boldly Go After Other Media Assets? [21] 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. [23] In 2016, Redstone, who at the time was vice chairperson of CBS and Viacom and president of National Amusements (the controlling shareholder of CBS and Viacom), gave the following statement on succession: "my father's Trust states his intention that I succeed him as (non-executive) Chairman at CBS and Viacom, and also names me as a Trustee after his death." Tyler, 34 . The rulingabbreviated a trial that had made headlines with thepersonaldetails it exposed and questions it posed for Redstones media empire. Its the story of a person who was mistreated by her father, said the source who recently noted Sumners physical condition, and has known the father and daughter for an extensive period of time. Shari Redstone takes on media industry after CBS victory . Please switch to another browser like Chrome, Firefox, or Edge for a better experience. In the article, they both gushed about the gifts and money they had been given. She has, after all, threatened to replace recalcitrant members of the CBS board with directors who support her. The only Republican candidates the Viacom chief has supported directly are Senator Hatch of Utah, whom he gave $2,000, and Senator McCain of Arizona, who got $1,000 from him. . making contributions to political campaigns that could influence voting on issues other than those that directly affected that specific corporation. Redstones handpicked lieutenant, Bob Bakish, will oversee the new ViacomCBS as chief executive. March 16, 2022. This time, he heavily criticized Norah O'Donnell and her interview with government whistleblower Dr. Rick . Shari Redstone wins in her fight with Les Moonves and CBS - Vox 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. For the past couple of decades, when media exec Shari Redstone came home, she'd relax in a sprawling mansion in Westwood, MA. The price to earnings ratio is 7. The Wide Shot brings you news, analysis and insights on everything from streaming wars to production and what it all means for the future. The Hollywood Reporter is a part of Penske Media Corporation. And now she is trying again, with even greater fervor. For a full comparison of Standard and Premium Digital, click here. 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. You look at Sumner Redstones political contributions, said Cliff Kincaid of the conservative press watchdog group Accuracy in Media. . 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. All three are involved with National Amusements. A native of Wyoming, she is a graduate of the University of Colorado and Columbia University. He called his daughter a credible candidate, while also floating the notion of buying her out. 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. All Rights Reserved. Bakish and CBS acting chief, Joseph Ianniello, must fuse together two different cultures and navigate the shift to streaming services. CBS first offered Viacom shareholders an exchange ratio of .55 a CBS share for each Viacom sharean offer worth around $11 billion today. A political committee authorized by a candidate to accept contributions or make expenditures on behalf of that candidate. Shari Redstone - Wikipedia 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. UPDATED: Cable giant Shari Redstone reportedly eyeing possible Those were largely symbolic moves, since his stake in the companies gave him firm command. there is nothing more to be said. ViacomCBS's Shari Redstone says media company will focus on organic Mr. Cohen, the former Republican senator from Maine and secretary of defense under President Clinton, has made modest donations to a few GOP candidates. All rights reserved. A business professor at Columbia, Meyer Feldberg, said he doubted the Viacom board members would jeopardize the company to advance their own political views. We need more women in leadership positions.. . Hace slo unos aos, Shari Redstone estaba al margen del imperio meditico de su familia. Over the years, Shari Redstone would tell her tough-as-nails father that. 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. So when Dauman proposed selling Paramount to a Chinese company in early 2016, Shari Redstone dug in for a fight. He communicates partly through an iPad programmed with his voice with, reportedly, three responses: yes, no, and fuck you. Days before trial is set to begin, Dominion has been granted permission to conduct additional depositions. [30] In January 2021, a Delaware judge said former CBS shareholders could sue Shari Redstone for pressuring the company to enter the merger,[31] and in 2022, Redstone and Viacom sued a group of insurers for refusing to cover legal bills incurred by the court battle. Before that, she was the vice-chairperson of Viacom and CBS Corporation. 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. He gave the maximum $2,000 to Mr. Kerry's presidential campaign and supported Vice President Gore's 2000 presidential bid as well. Two other members of the board, Joseph Califano and William Cohen, held cabinet posts under Democratic presidents. Now Shari Redstone has been handed a large bag of rocks. Sun Valley 2022 Guest List Revealed - Variety Secure .gov websites use HTTPS Beneath the surface, they had a lot in common. 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. I am so proud to be his daughter and I will miss him always.. Shari Redstone | Keynote Speaker | AAE Speakers Bureau Lawyers and bankers have been hired. 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+. 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. You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. To revist this article, visit My Profile, then View saved stories. As private citizens, board members at Viacom and others make donations to political parties and candidates all the time, he said. A member of the Company Town team for two decades, James specializes in covering television, corporate media and investigative projects. . Browse Individual contributions | FEC Compare Standard and Premium Digital here. The material on this site is protected by copyright law and may not be reproduced, distributed, transmitted, cached or otherwise used. Meanwhile, non-Redstone CBS investors dont like the deal one bit. You can still enjoy your subscription until the end of your current billing period. She finally won. Challengers of state and local bans on assault weapons in Illinois asked Justice Amy Coney Barrett and the Supreme Court on Monday to block the bans, saying that courts are ignoring last year's . Eleven of the 14 board members supported a proposal to issue a dividend that would dilute Shari Redstone's controlling stake in the broadcaster. Learn how to enable Javascript in your browser. 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. No Writers Guild Deal Today, AMPTP Claims. CBS CEO Les Moonves was one of the 11. Things were rough before the coronavirus hit. 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. Explore current and historic federal campaign finance data on the new fec.gov. But at a minimum, given whats at stake for CBS, the board would want to be involved in this to ensure the independence and the professionalism of the investigation to be conducted, because if that doesnt happen then this asset of great value to the Viacom shareholder, meaning CBS, could be imperiled.. Please try searching for a donor or recipient name. What you missed at CinemaCon 2023. (One argument for the merger is that it would make CBS more global and would allow it to leverage Paramount, the movie studio, though these benefits would likely be outweighed by the drag of Viacom's cable channels.) Most of the business world agrees with Sumner Redstone that the companies make more sense apart than togetherand that Viacom will be a drag on CBS. The feisty 61-year-old former attorney is stepping into the spotlight to exert her influence in the . 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`. Despite their political differences, employees at National Amusements seem to be happy. xXMoFWLoE,-z`UVj According to federal records, she has given exclusively to Democrats in recent years, though not as prolifically as her father. Shari obtained her 20 percent interest in National Amusements through a 2002 divorce agreement with Sumners first wife and her mother, Phyllis. Shari Ellin Redstone (born April 14, 1954) is an American media executive. . Under the nearly $12-billion deal, CBS will absorb the smaller Viacom, which owns such brands as MTV, Nickelodeon, Comedy Central and Paramount Pictures. |iuRH4h?Z&Su}Yc_c^ |[x=fC#yP6)Y3O3$z.7YUD6F(rx+Kq2*XWJ.M|2>=Fur2` Just a few years ago, Shari Redstone was on the outs of her familys far-flung media empire. May 20, 2019. Redstone plays her personal politics close to the vest but shortly after Trumps election shetoldTHR, Hes always been very good to me and a tremendous supporter of me personally.. They also shared an iron will that helped Ms. Redstone to succeed her father as the leader of the family empire. As a condition of the September 2018 settlement, she agreed to not try to orchestrate a merger with Viacom for at least two years. One member of the Viacom board who has attracted considerable attention in recent months is Mr. Redstones daughter and possible successor, Shari. Roy Wood Jr. Roasts POTUS, VP Harris "Scandal," Tucker Carlson & "A* She refocused her attention on Advancit Capital, an investment firm she co-founded in 2011. 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. But by the summer of 2015, those relations had frayed. personalising content and ads, providing social media features and to
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