Shari Redstone Already Held Reins of Family Business Before Her - WSJ 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. She successfully facilitated the 2019 $12 billion merger deal between CBS Corp. and Viacom Inc.. To revist this article, visit My Profile, then View saved stories. Shari Redstone is emerging from the long shadow of her larger-than-life father, Sumner Redstone. . Shari Redstone Net Worth | Celebrity Net Worth 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,. 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. Secure .gov websites use HTTPS Scarlett Johansson. And Sumner himself has been completely shielded from his longtime friends and the public, who have not seen or heard from him. Shari has been pretty adamant about this combination, said Daniel A. Lyons, a professor at Boston College Law School. You can only have so many alphas in one room, she said. Kimberlee, 38, is a lawyer. Mr. Redstone also made donations to a Viacom political action committee that splits its donations fairly evenly between the parties. Why is L.A.s iconic skyline far from the beach unlike Miami, Seattle and other cities? His daughter, Shari Redstone, has effectively controlled Viacom and CBS for several years as Sumner Redstone has dealt with healthRead More A peek at this week's ForbesWomen newsletter, which every Thursday brings headlines about the world's most powerful women straight to your inbox. One response to "Sun Valley 2022 Guest List Includes Elon Musk, Shari Redstone, David Zaslav, Anderson Cooper (EXCLUSIVE)". [12][13][14], In 2007, Redstone and her father feuded publicly over issues of corporate governance and the future of the cinema chain. Their strong working relationship ensures that Redstone no longer will be the subject of boardroom resistance. organisation 1 status among viewers and the news demo of adults 25-54 for the last two decades. In the 2000 presidential campaign, Mr. Moonves, who oversees CBS, gave $1,000 each to Mr. Gore and Senator Lieberman of Connecticut. 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. (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.) And now she is trying again, with even greater fervor. But investors are unconvinced . As Fox and family insiders tell it, this could just be the beginning. Everybody wants Fox News money, but nobody wants to destroy their [existing] news brand, a source says. Sumner owned 80 percent of National Amusements, the family's holding company that controls around 80 percent of the voting stock in both of the aforementioned media behemoths, and Shari owned the. Viacom-CBS merger is Shari Redstone's victory | CNN Business Dana Bash will succeed him, Comcast CEO Brian Roberts calls Jeff Shell departure a tough moment. Redstone, the daughter of media mogul Sumner Redstone, is chairwoman of media empire ViacomCBS. 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 . A receiving line of network executives and on-air stars lined up to greet her as trays of mini cheeseburgers and pinot noir circulated. 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). Even if you wanted to sabotage the company, it would be hard to do more damage than [previous management] did.. Learn how to enable Javascript in your browser. They were hoping that would please Wall Street, but instead the stock dropped sharply. In late 2016, Bakish was named Viacoms CEO and he began working to rebuild the company. Paramount Gets $167 Million Settlement In CBS Shareholder Lawsuit A full body orgasm at the L.A. Phil? The exposure to risk for Viacom, even though CBS News is just one of many things that it owns, is very substantial, he said. We follow the money. Su padre, Sumner Redstone, la haba considerado pblicamente como una 'don nadie', que contribua. [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. He called his daughter a credible candidate, while also floating the notion of buying her out. Im not very happy right now, Judge Eric Davis told Fox News attorneys. According to The Hollywood Reporter on Tuesday,. This week's $12bn deal to reunite the two companies has been Ms Redstone's crowning victory. He invested in programming and made acquisitions to broaden Viacoms reach. The main trust owns controlling shares in National Amusements, which in turn controls about 80 percent of. Its awesome. Shari, however, always wanted to keep them together. 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.). The Wide Shot brings you news, analysis and insights on everything from streaming wars to production and what it all means for the future. Sumner Redstone built a media empire. Now, its future is uncertain. Father and daughter also joined forces to fight the Viacom board, which challenged Mr. Redstones mental competency in court in 2016. 48, No. The media heiress, who defeated a series of rivals to win control of ViacomCBS in 2019, found herself caught up in a stunning stock reversal that almost overnight has shaved about $670 million from her personal net worth. Shari Redstone was in many ways an unwilling participant, dragged into the drama because her father's increasingly erratic and bizarre behavior threatened his family's fortune and legacy . We only need 124 gifts to meet our goal of adding 1,500 financial contributions by the end of April, support that helps keep Vox free year-round. In 2008, Mr. Redstone announced that his daughter would leave the boards of Viacom and CBS. [1], As of January 2018, Redstone is a member of the board of directors at Combined Jewish Philanthropies and the board of trustees at Dana Farber Cancer Institute. Dec 1 (Reuters) - ViacomCBS Inc (VIAC.O) Chair Shari Redstone, who in the past has hinted at more deals to bulk up the media empire, said on Wednesday the company will focus on organic growth. The changing economics have created a sense of urgency among major Hollywood studios to fortify themselves by bulking up. Sumner Redstone built his empire from a small regional chain of movie theaters. Herzer and her legion of lawyers have now brought the same fanciful claims in probate court (twice), California state court, New York state court, and federal district court [in California], Klieger recently told the New York Post. Sumner Redstone died Tuesday at age 97, National Amusements said in a statement Wednesday. The price to earnings ratio is 7. 8rdWT'eL~.u"A=9]>313X3-$e}u,gmg664$EzL*LZ_j_]Xy[?Xs N/]|msk_WfA2)oz-di2|mj|5ej8eE7[Q|IM%xf)|6\ k`. Do not fill this out if you are a person. 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 . 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. Shari Redstone 117 . 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.. 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 . % In a prelude to the difficulties to come, the father and daughter had a disagreement over the worth of the company behind Mortal Kombat, a video game that pits opponents against each other in anything-goes combat. Standard Digital includes access to a wealth of global news, analysis and expert opinion. Shari set about doing just that. 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 . She refocused her attention on Advancit Capital, an investment firm she co-founded in 2011. Shari Redstone, chair of Paramount Global and president and CEO of National Amusements, will receive the Humanitarian Award at the Simon Wiesenthal Center . A former CBS-Viacom exec says Redstone has sat in on multiple meetings about the potential venture, though this person doesnt think Redstones idea arises from ideology. 6 0 obj . 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. endobj Fox News mints money for owner Fox Corp. and the Murdoch family, estimated at north of $1 billion in profit annually. That's a market cap of $25.4 billion, less than this year's expected sales of $26 billion. In May 2019, Ms. Redstone made an appearance at a lavish fete at the Plaza hotel thrown by CBS to court business during its annual presentation to advertisers. 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. They shared an iron will that helped Ms. Redstone to succeed her father. Shari Redstone's scorching rise to become the family's second media billionaire has come to crashing halt. [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. Shari Redstone wins in her fight with Les Moonves and CBS - Vox Five years later, Midway filed for bankruptcy, leaving the headstrong mogul and his headstrong daughter with one less thing to fight about. The Redstones prevailed, and Dauman, who presided over Viacom as its value plummeted, resigned. 2023 The Hollywood Reporter, LLC. Daring to challenge the bigwigs in front of him and their business model, including Shari Redstone and several of his Paramount Global bosses, the veteran stand-up comic gave the media some advice . 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. Herzer is seeking $100 million in compensatory damages as well as treble and punitive damages under RICO Ms. Redstone has contributed to Senator Clinton and Mr. Kerry as well as the Democratic National Committee. - Age The Viacom-CBS dust has settled. But who is Shari Redstone? - Los A member of the Company Town team for two decades, James specializes in covering television, corporate media and investigative projects. Shari Redstone Bio, Age, Family, Husband, Children, Salary, Net Worth May 20, 2019. [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. there is nothing more to be said. << /ProcSet [ /PDF /Text ] /ColorSpace << /Cs1 7 0 R >> /Font << /F1.0 8 0 R She also pursued a degree in social work after volunteering at a trauma center for abused children. Find elections. I am so proud to be his daughter and I will miss him always.. $35. President Trump yet again berated 60 Minutes for its coverage of the Covid-19 pandemic. For many years, she stayed away from National Amusements, a company that started as a string of drive-in theaters. 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.
shari redstone political contributions
shari redstone political contributions