Shari Redstone won a round in her fight with . endobj I know I have asked you to help me return everything to the way it was before the two women entered my life and to make sure that everything I described in the December letter to her has been undone (or is being undone). Soon thereafter, according to Herzer, Shari caused Sumners estate plan to be amended so that after his death his 80 percent interest in National Amusements would fall under the control of the seven trustees, a group she reconstituted to put herself in control of four votes, including her own, Tylers, her daughter Kimberlees, and that of an artist friend Jill Krutick. 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.). 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. But it was former Viacom Chief Executive Philippe Daumans plan to sell Paramount Pictures that bonded father and daughter. Shari Redstone is a media executive with wide-ranging experience in the entertainment industry and related ventures. According to federal records, she has given exclusively to Democrats in recent years, though not as prolifically as her father. CBS CEO Les Moonves was one of the 11. She also pursued a degree in social work after volunteering at a trauma center for abused children. [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. 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. stream . Their strong working relationship ensures that Redstone no longer will be the subject of boardroom resistance. Use of this site constitutes acceptance of our User Agreement and Privacy Policy and Cookie Statement and Your California Privacy Rights. But Redstone pre is increasingly out of the picture. . CBS's board then offered Shari Redstone the position of non-executive chair, but she declined. 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.. 32", "Redstone says he relies on his instinct", "Shari Redstone buys Russian theaters from her family firm", "Shari Redstone's Rising Star Media sold to Russian theater chain", "Shari Redstone Makes Huge Profit By Selling Russian Theaters For $190 Million", "Shari Redstone launches investment firm Advancit Capital", "Sumner Redstone Resigns as CBS Executive Chairman", "Viacom names Philippe Dauman as new board chairman, replacing Sumner Redstone", "Viacom Names Philippe Dauman Chairman Succeeding Sumner Redstone", "Succession battle engulfs Sumner Redstone's media empire", "Viacom's Board Names Dauman Chairman, Replacing Aging Redstone", "Shari Redstone Wants New CBS Directors, Renews Push for Merger With Viacom", "CBS, Viacom to reunite as media giants bulk up for streaming", "Lawsuit: Shari Redstone and National Amusements "Caused CBS to Massively Overpay for Viacom", "Former CBS shareholders can sue Shari Redstone over ViacomCBS merger", "Shari Redstone, Viacom Sue Insurers Over Merger Suit's Coverage", "The Jewish Post and Opinion, July 18, 1980, Page10", "Sumner Redstone Shows Yet Another Ex-Girlfriend to the Door", "Sumner Redstone trust shakeup: New members are allies of mogul's daughter", "Media Mogul's Scion Sees Emojis as Sign of Times | Los Angeles Business Journal", "An estranged son, a legal battle with a live-in lover, and a mogul who wanted to 'live forever': Meet the heirs to the ViacomCBS empire", "Korff continues family Rabbinic tradition", "Board of Directors - John F. Kennedy Presidential Library & Museum", Redstone Split Bears On Future Of Viacom, CBS, https://en.wikipedia.org/w/index.php?title=Shari_Redstone&oldid=1147955336, Kimberlee Korff Ostheimer, a lawyer who practiced at, Tyler Korff, a lawyer and rabbi who graduated from, This page was last edited on 3 April 2023, at 06:44. Bakish and CBS acting chief, Joseph Ianniello, must fuse together two different cultures and navigate the shift to streaming services. Redstone, the daughter of media mogul Sumner Redstone, is chairwoman of media empire ViacomCBS. This includes serving as Chair of the Board of Directors of Paramount Global as well as Chair, CEO, and President of National Amusements, a world leader in the motion picture exhibition industry. [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. Why did Dan Rather think he could get away with this or stonewall it? Why is Frank McCourt really pushing it? 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. He overhauled the management of the moribund Paramount and tossed out senior TV executives. In 2015, Vanity Fair published an article on Ms. Herzer and another of Mr. Redstones late-life paramours, Sidney Holland. A peek at this week's ForbesWomen newsletter, which every Thursday brings headlines about the world's most powerful women straight to your inbox. [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. People underestimated her, but shes proven that shes obtained a lot of her fathers characteristics.. Redstone herself has agitated for an even bolder streaming strategy through Paramount Plus, the company's flagship streaming service, according to company insiders. For the past couple of decades, when media exec Shari Redstone came home, she'd relax in a sprawling mansion in Westwood, MA. 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. Now Shari Redstone has been handed a large bag of rocks. 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. For a full comparison of Standard and Premium Digital, click here. He communicates partly through an iPad programmed with his voice with, reportedly, three responses: yes, no, and fuck you. In the article, they both gushed about the gifts and money they had been given. In an email to that donor, Redstone was described as "a 501(c)4 political organization formed specifically to influence the election in NY-03," and the donor was told that should he decide to . degree in 1978 and her LL.M. As many of my most loyal readers know, I've been predicting this for years. Despite their political differences, employees at National Amusements seem to be happy. This article is from the archive of The New York Sun before the launch of its new website in 2022. In July, Mr. Freston and Mr. Moonves replaced Mel Karmazin, another prolific Democratic donor, who left the company after reportedly clashing with Mr. Redstone. Even if you wanted to sabotage the company, it would be hard to do more damage than [previous management] did.. 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. . 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. 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, The Hollywood Reporter has learned. Vin Diesel goes off script. What you missed at CinemaCon 2023. Paramount chief Shari Redstone attended alongside Neeraj Khelmani, Gayle King, Norah O'Donnell, Tony Dokoupil and Nate Burleson. Official websites use .gov 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. 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. 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.. Sumner Redstone died Tuesday at age 97, National Amusements said in a statement Wednesday. But she was here, trying to fix these media platforms.. 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. At one point, the media reported that they were communicating by fax and were refusing to speak with each other in person. (Shari Redstone declined to comment, as did her attorney, Betsy Burnett, and her spokesperson, Sara Evans. EVER!! 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. 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. Shari Headley. Do not fill this out if you are a person. An attorney who conducts independent investigations like the one CBS ordered up yesterday said the board members have a duty to make sure the CBS brand is not tarnished, or not tarnished further. A full body orgasm at the L.A. Phil? According to insiders, Redstone could rebrand one of the existing Viacom channels and presumably would insulate CBS News from the new offering. Shari Redstone was born in Washington, D.C. in April . 2023 The Hollywood Reporter, LLC. New CNN Show Won't Be Political, Hosts . Tensions were so high that he offered her a $1-billion buyout, and she fumed to her son in 2015: Your grandfather says I will be chair over his dead body.. and attorneys fees under ECPA, according to the filing. Shari Redstone, chair of Paramount Global and president and CEO of National Amusements, will receive the Humanitarian Award at the Simon Wiesenthal Center . Name & Location: Employer/Occupation: Dollar Amount: Date: Primary/ General: Contibuted To: REDSTONE, SHARI . Search by state or ZIP code, Look up contributions from specific individuals, Find and contact your committee's analyst. Within six weeks, Moonves resigned. 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 use Please try searching for a donor or recipient name. He called his daughter a credible candidate, while also floating the notion of buying her out. Meanwhile, non-Redstone CBS investors dont like the deal one bit. [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. [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. She cast the sole vote against his plan to renegotiate $800 million in debt. In late 2016, Bakish was named Viacoms CEO and he began working to rebuild the company. Two other members of the board, Joseph Califano and William Cohen, held cabinet posts under Democratic presidents. The board needs to be involved, so to speak, prophylactically, a business ethics specialist at the Conference Board, Ronald Berenbeim, said. Through National Amusements, Redstone and her family are majority owners of CBS, Comedy Central, BET, Showtime Networks . CBS trails far enough behind to be a relative afterthought. 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! university 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. 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 . But some on CBS board were wary. Mr. Folta said the board has not discussed the forged-documents flap and is unlikely to do so. She graduated with a Bachelor of Science from Tufts University in 1975. 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 . In the past six years, Mr. Redstone has given $50,000 to Democratic campaigns and party committees, according to filings with the Federal Election Commission. /F4.1 12 0 R /F2.0 9 0 R /F3.0 10 0 R >> >> 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. A native of Wyoming, she is a graduate of the University of Colorado and Columbia University. Hace slo unos aos, Shari Redstone estaba al margen del imperio meditico de su familia. Redstone built his family's drive-in theater chain into a multibillion-dollar empire . [24], On February 4, 2016, against Shari Redstone's desires,[25][26][27] Viacom's board of directors named Philippe Dauman, already the CEO and president, the chairman, replacing Sumner Redstone. 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. Ms. Redstone has contributed to Senator Clinton and Mr. Kerry as well as the Democratic National Committee. A lock ( LockA locked padlock ) or https:// means you've safely connected to the .gov website. The Redstone family investment firm, National Amusements Inc., controls nearly 80% of CBS and Viacoms voting shares. One insider says Redstone thinks Fox News, whose top shows are hosted by Sean Hannity, Tucker Carlson and Laura Ingraham, has gone crazy in the Trump era as it also grapples with the sexual harassment-tainted legacy of network founder Roger Ailes. 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.. :I Secure .gov websites use HTTPS 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. But on Tuesday the boards of CBS and Viacom agreed to reunite the two Redstone-controlled companies that were torn apart 13 years ago. Behind the scenes, Redstone was instrumental in refreshing the CBS board by bouncing veterans who were friends of her fathers. << /Length 14 0 R /N 3 /Alternate /DeviceRGB /Filter /FlateDecode >> By then, though, tensions were mounting. 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 . Stay informed and spot emerging risks and opportunities with independent global reporting, expert [11] Redstone has expanded the company's international footprint and its exploration of new technologies. Currently, she serves as the chairperson of ViacomCBS after she oversaw the merging of CBS and Viacom Inc in 2019. 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 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. We follow the money. By. Explore current and historic federal campaign finance data on the new fec.gov. 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. The two reconciled in recent years as his health declined. Eleven of the 14 board members supported a proposal to issue a dividend that would dilute Shari Redstone's controlling stake in the broadcaster. You make it possible. And now she is trying again, with even greater fervor. 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. Will Shari Redstone Find A Buyer For A Combined CBS-Viacom? She also is a director of NAI. She's now ready to close . William D. Cohan. Herzers lawsuit plunged National Amusements and Viacom into turmoil. [22] The CBS board announced that Les Moonves replaced Sumner Redstone as CBS Chairman. 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. 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. Mr. Redstone ceded his role as executive chairman at Viacom and CBS in early 2016. 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. She was the lone dissenting vote on the five-member National Amusements board of directors. Things got messier when Mr. Redstone took Ms. Herzer and Ms. Holland to court, accusing them of elder abuse, and the two women countered by suing Ms. Redstone, claiming she had turned her father against them. No Writers Guild Deal Today, AMPTP Claims. The entertainment industry is facing intense pressure from technology behemoths Walt Disney Co., Netflix Inc., Amazon.com Inc. and Google, which introduced popular alternatives to traditional television. [10], Since 1999, she has been president of National Amusements, one of the top ten movie exhibitors in the United States. 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 $30 billion media empire. Shari Redstone is emerging from the long shadow of her larger-than-life father, Sumner Redstone. After Viacom purchased Paramount Pictures in 1994, Sumner Redstone hailed the moment as his arrival in the media big leagues. {xO$S]%&7g>r=g8` Does the fate of a potential $14 billion Wall Street merger all come down to Shari Redstones feud with her father? The main trust owns controlling shares in National Amusements, which in turn controls about 80 percent of the voting rights in ViacomCBS, the company that resulted from a 2019 merger led by Ms. Redstone. Shari Redstone, who has emerged as the leader of ViacomCBS, in 2016. [21], On February 3, 2016, her father resigned as CBS executive chairman after questions arose about his mental competency. In 2006, Ms. Redstone became nonexecutive vice chairwoman of both CBS and Viacom. The main trust owns controlling shares in National Amusements, which in turn controls about 80 percent of. There was almost willful destruction of MTV, VH1 and all of those iconic brands, said Jeffrey Sonnenfeld, a professor at Yale School of Management. n0%f|U9l 7?j`l7"tiNf]?uhgM Z4i[&LY_x 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. 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. Ms. The next year, the succession tussle went public when Mr. Redstone told a reporter that he wanted the CBS and Viacom boards to choose his successor. The changing economics have created a sense of urgency among major Hollywood studios to fortify themselves by bulking up. 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. The succession issue simmered in the background during periods of estrangement between father and daughter. The Redstones prevailed, and Dauman, who presided over Viacom as its value plummeted, resigned. If youd like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial. He gave the maximum $2,000 to Mr. Kerry's presidential campaign and supported Vice President Gore's 2000 presidential bid as well. 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. 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. Now, the challenge will be integrating two companies that have been separate for more than a decade. Shari Redstone Political Contributions in 2012. 48, No. Sumner subsequently wrote one of his attorneys, Recent dealings with my daughter, Shari, have caused me to believe even more strongly that she does not have the requisite business judgment and abilities to serve as Chair of Viacom or CBS. Sumners two efforts to buy his daughters 20 percent stake in National Amusements, which she rejected, were, according to Herzers complaint, designed to permanently remove her from his business affairs and to prevent her from reversing his documented intentions that his media empire not fall into her hands after his death., Shari seemed to understand the extent of her fathers desire to keep her away from Viacom and CBS. organisation Receipts are reported periodically, according to the filer's reporting schedule. Shari Redstones appointment to lead the remerged Viacom and CBS was unexpected by almost anyone who has followed the battles within this family media business. When you find what you need, export results and save custom links. They also shared an iron will that helped Ms. Redstone to succeed her father as the leader of the family empire. (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.) In the past six years, Mr. Redstone has given $50,000 to Democratic campaigns and party committees, according to filings with the Federal Election Commission. Days before trial is set to begin, Dominion has been granted permission to conduct additional depositions. In July 2007, Sumner faxed a letter to Forbes rejecting his daughters efforts to succeed him on the Viacom and CBS boards. 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. A business professor at Columbia, Meyer Feldberg, said he doubted the Viacom board members would jeopardize the company to advance their own political views. $100. 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.. That's a market cap of $25.4 billion, less than this year's expected sales of $26 billion. Shari Redstone has three children: Kimberlee, Brandon, and Tyler. A source says the idea for that network was in the works before the Pluto acquisition.