According to federal records, she has given exclusively to Democrats in recent years, though not as prolifically as her father. In a statement on Wednesday, Ms. Redstone said, Through it all, we shared a great love for one another and he was a wonderful father, grandfather and great-grandfather. The material on this site is protected by copyright law and may not be reproduced, distributed, transmitted, cached or otherwise used. The two reconciled in recent years as his health declined. Name & Location: Employer/Occupation: Dollar Amount: Date: Primary/ General: Contibuted To: REDSTONE, SHARI E . The other 10 . 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 . [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. . Bakish and CBS acting chief, Joseph Ianniello, must fuse together two different cultures and navigate the shift to streaming services. We need more women in leadership positions.. Secure .gov websites use HTTPS Why Shari Redstone Has Edge Over Philippe Dauman In Battle For Viacom, Judge Dismisses Competency Case Against Sumner Redstone, Herzer Files New Suit Against Shari Redstone, Do Not Sell or Share My Personal Information, Limit the Use of My Sensitive Personal Information. Now Shari Redstone has been handed a large bag of rocks. Why did Dan Rather think he could get away with this or stonewall it? 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 . degree in 1980 from Boston University School of Law. analyse how our Sites are used. 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. All Rights Reserved. These committees may solicit and accept unlimited contributions from individuals, corporations, labor organizations and others. Sumner Redstone has never been a particularly gracious husband, brother, or father to his two children. 2023 The Hollywood Reporter, LLC. Standard Digital includes access to a wealth of global news, analysis and expert opinion. Keep abreast of significant corporate, financial and political developments around the world. 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 . 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. CBS independent board members filed suit to strip the Redstones of their voting control. In July, Mr. Freston and Mr. Moonves replaced Mel Karmazin, another prolific Democratic donor, who left the company after reportedly clashing with Mr. Redstone. But some on CBS board were wary. As private citizens, board members at Viacom and others make donations to political parties and candidates all the time, he said. 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. << /Length 14 0 R /N 3 /Alternate /DeviceRGB /Filter /FlateDecode >> Days before trial is set to begin, Dominion has been granted permission to conduct additional depositions. Do Not Sell or Share My Personal Information, Musk said hed never settle an unjust legal case against him. As a condition of the September 2018 settlement, she agreed to not try to orchestrate a merger with Viacom for at least two years. 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. Sumner Redstone, who built National Amusements into a media empire, died Tuesday at 97. 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. 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 . 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. Redstone has been president of National Amusements Inc. since 2000 and served as executive vice president of NAI from 1994 to 2000. In early 2018, Redstone again tried to get CBS to entertain the Viacom merger. If lower growth and sticky inflation hang around, ways to grow your portfolio or at least stretch it become even more important. This article is from the archive of The New York Sun before the launch of its new website in 2022. March 16, 2022. The potential merger represents a thorny headache in both the Redstones personal and professional lives. In July 2007, Sumner faxed a letter to Forbes rejecting his daughters efforts to succeed him on the Viacom and CBS boards. Moonves, on the other hand, supports his handpicked successor Joseph Ianniello. The Redstone family investment firm, National Amusements Inc., controls nearly 80% of CBS' and Viacom's voting shares. We support credit card, debit card and PayPal payments. 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. . [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. 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. 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. He gave the maximum $2,000 to Mr. Kerry's presidential campaign and supported Vice President Gore's 2000 presidential bid as well. Mr. Redstone also made donations to a Viacom political action committee that splits its donations fairly evenly between the parties. For a full comparison of Standard and Premium Digital, click here. or Sumner Redstone died Tuesday at age 97, National Amusements said in a statement Wednesday. Two other members of the board, Joseph Califano and William Cohen, held cabinet posts under Democratic presidents. commentary and analysis you can trust. Mr. Redstones death has bolstered his daughters influence over National Amusements. You look at Sumner Redstones political contributions, said Cliff Kincaid of the conservative press watchdog group Accuracy in Media. You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. In the 2000 presidential campaign, Mr. Moonves, who oversees CBS, gave $1,000 each to Mr. Gore and Senator Lieberman of Connecticut. The future leadership falls to Sumner Redstones daughter, Shari, with whom he has had on again, off again squabbles through the years. Advertisements How old is Shari Redstone? 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Redstone in 2012. Fox News mints money for owner Fox Corp. and the Murdoch family, estimated at north of $1 billion in profit annually. Simply log into Settings & Account and select "Cancel" on the right-hand side. Premium access for businesses and educational institutions. The deal is subject to regulatory approvals, but the new company is already taking shape. Shari, however, always wanted to keep them together. 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,. Vanity Fair may earn a portion of sales from products that are purchased through our site as part of our Affiliate Partnerships with retailers. 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. Donate Today. Why is Frank McCourt really pushing it? Shari has been pretty adamant about this combination, said Daniel A. Lyons, a professor at Boston College Law School. CBS CEO Les Moonves was one of the 11. 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. 1050 First Street, NE Dana Bash will succeed him, Comcast CEO Brian Roberts calls Jeff Shell departure a tough moment. With the messy Succession-like storyline laid to rest with her father, Shari Redstone still has to prove she can keep the familys $3 billion fortune intact. Please try searching for a donor or recipient name. Redstone's father, Michael (Mickey), was a liquor wholesaler, nightclub owner . And then, on October 12, 2015, with Sharis help, Sumner evicted Herzer from his house, which the latter described as a critical step in [Sharis and Tylers] larger conspiracy to take control of Sumners media empire. In an e-mail days later to Tyler, Shari explained the true underlying purpose for this conspiracy, according to Herzer: to undue [sic] all of the legal documents, letters and affidavits that he done against me.. They also shared an iron will that helped Ms. Redstone to succeed her father as the leader of the family empire. Scarlett Johansson. If youd like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial. endobj Javascript recommended: FEC.gov uses Javascript to provide the best possible user experience. making contributions to political campaigns that could influence voting on issues other than those that directly affected that specific corporation. Norah O'Donnell, among other stars, held court until 2 a.m. Stay informed and spot emerging risks and opportunities with independent global reporting, expert offers FT membership to read for free. Receipts are reported periodically, according to the filer's reporting schedule. What you missed at CinemaCon 2023. All rights reserved. Shari Redstone, who has emerged as the leader of ViacomCBS, in 2016. !CF`Bb3uwp#9 e_JVk|3$dN fd7)u=tncQT_v"`UguwE)U^/HICGjK>0pawBW=suLH.j}J,5l#e96 ^0a(B:@/L*0519P2a~,uV(g:`GaHv1 ^'_B^J ^FQ'?p./{3HJj$pLV.OH!Cp(P;SS@' t],;4z`V ?DNtx_%~,S)-p^pPG:WM1m8ZY:mbf@A.cW$b.04+QkJoi#iY)+6Ak"p94[f?OAbg(K{ -fMpbSf0;IS]&! 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. . [22] The CBS board announced that Les Moonves replaced Sumner Redstone as CBS Chairman. 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. . But her path to power, like most things involving the Redstone family, was contentious. She also pursued a degree in social work after volunteering at a trauma center for abused children. The Sun has neither altered nor updated such articles but will seek to correct any errors, mis-categorizations or other problems introduced during transfer. % 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. Does the fate of a potential $14 billion Wall Street merger all come down to Shari Redstones feud with her father? [11] Redstone has expanded the company's international footprint and its exploration of new technologies. Since the split, of course, the companies have followed very different trajectories. Alex Ben Block. He invested in programming and made acquisitions to broaden Viacoms reach. 48, No. In his most consequential battle, he took on his daughter, Shari E. Redstone. Under the nearly $12-billion deal, CBS will absorb the smaller Viacom, which owns such brands as MTV, Nickelodeon, Comedy Central and Paramount Pictures. Shari Redstone Chairman; ViacomCBS Shari E. Redstone joined the board of CBS in 2004. For good measure, he said she isnt qualified to fill his shoes. Judge Joseph Slights had ruled in February that shareholders could pursue their claims, saying doubts about the fairness of the merger process are reasonable. By Todd Williamson/Invision/AP/REX/Shutterstock. ), Layoffs hit Amazon Studios and Prime Video, with about 100 jobs cut, New Netflix data shows diversity gains, but does not factor recent job cuts, John King exits CNNs Inside Politics for new role. 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. It might depend on where the stock goes over the next year or two, Matthews said. 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. As The Wall Street Journal recently reported, Shari Redstone would like to ensure that Bakish will succeed Moonves, who is 68. At one point, the media reported that they were communicating by fax and were refusing to speak with each other in person. Shari Redstone won a round in her fight with . But by the summer of 2015, those relations had frayed. 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. 2023 Forbes Media LLC. Redstone holds the remaining 20 percent of National Amusements through a separate trust. All three are involved with National Amusements. Moonves erroneously blamed Redstone's daughter Shari, the CBS vice chairman and an increasingly powerful corporate rival, for his mushrooming PR troubles, and met, texted and socialized again . Shari Headley. [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. She has gotten it to the point where the bid and the ask spread is down to around $3 billion. Meanwhile, the media industry was rapidly consolidating. Sign up for THR news straight to your inbox every day. But Redstone pre is increasingly out of the picture. CBS first offered Viacom shareholders an exchange ratio of .55 a CBS share for each Viacom sharean offer worth around $11 billion today. Shari tried once before to effect a merger between Viacom and CBS, in 2016, but that effort went nowhere. In the last three years, she has proved herself as a worthy successor to her 96-year-old father, known for his stubborn streak and ability to outlast opponents. Also known as a campaign committee. They shared an iron will that helped Ms. Redstone to succeed her father. [10], Since 1999, she has been president of National Amusements, one of the top ten movie exhibitors in the United States. and attorneys fees under ECPA, according to the filing. 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. Shari Redstone fought to ensure she would succeed her father, Sumner Redstone, atop the family's media empire. He gave the maximum $2,000 to Mr. Kerrys presidential campaign and supported Vice President Gores 2000 presidential bid as well. She halted a plan to sell the storied Melrose Avenue movie studio, Paramount Pictures, and now she has corrected what she long considered a mistake her fathers separation of CBS and Viacom in 2006. Shari with Sumner Redstone at the LA Friendly House Luncheon in Beverly Hills, 2012. [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. . Earlier this decade, two women had ensconced themselves in Sumner Redstones life and he lavished them with gifts valued at $150 million. 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. Shari Redstone's scorching rise to become the family's second media billionaire has come to crashing halt. The media heiress, who defeated a series of rivals to win control of ViacomCBS in. 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. Herzers lawsuit plunged National Amusements and Viacom into turmoil. Shari Redstone is a well-known American media executive who comes from a Redstone family that has a huge stake in the media industry in America. One member of the Viacom board who has attracted considerable attention in recent months is Mr. Redstones daughter and possible successor, Shari. Shari Redstone is a media executive with wide-ranging experience in the entertainment industry and related ventures. stream In late 2016, Bakish was named Viacoms CEO and he began working to rebuild the company. 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. Their strong working relationship ensures that Redstone no longer will be the subject of boardroom resistance. 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. Mr. Cohen, the former Republican senator from Maine and secretary of defense under President Clinton, has made modest donations to a few GOP candidates. Paramount head Shari Redstone and CEO Bob Bakish put big energy into their announcements, touting big subscriber numbers for Paramount+, and a firehose of content into streaming. Before that, she was the vice-chairperson of Viacom and CBS Corporation. -. April 21, 2023 4:53pm. Though Shari Redstone is eager to sell a combined CBS-Viacom, finding a buyer may not be easy. You may occasionally receive promotional content from the Los Angeles Times. (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.) . The Hollywood Reporter is a part of Penske Media Corporation. [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. 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. 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As many of my most loyal readers know, I've been predicting this for years. A business professor at Columbia, Meyer Feldberg, said he doubted the Viacom board members would jeopardize the company to advance their own political views. When you find what you need, export results and save custom links. Around Wall Street these days, there is consensus that Shari Redstone has been keen to sell or to merge what she is now calling Paramount Global, and what many think of as the ill-fated re-combination of CBS and Viacom. If she refused, he wrote, he would not allow her or her children to attend his funeral or in any way be involved in his burial arrangements. Eleven of the 14 board members supported a proposal to issue a dividend that would dilute Shari Redstone's controlling stake in the broadcaster. None of the members of Viacoms board consented to be interviewed for this story. As a subscriber, you have 10 gift articles to give each month. Explore current and historic federal campaign finance data on the new fec.gov. August 16, 2019. 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. She pushed for the union, believing the two companies would be stronger together during a turbulent time. 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. In 2015, Vanity Fair published an article on Ms. Herzer and another of Mr. Redstones late-life paramours, Sidney Holland. How strong is Disneys 1st Amendment case against Ron DeSantis? 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.. Shari Redstone is board chair. 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. . As a recently released, unredacted complaint in a lawsuit against Shari makes clear, Sumner Redstone never wanted his daughter to be involved in the family businesses, twice tried to buy out her stock in the family holding company, National Amusements Inc., for around $1 billion. Learn how to enable Javascript in your browser. Tucker Carlson and Sean Hannity are expected to testify. Shari Redstone is an American media executive with a diverse history in the entertainment industry and related businesses. Compare Standard and Premium Digital here. Met Gala 2023 Red Carpet: See All the Fashion, Outfits & Looks, Get Him Out of Here: Donald Trump Tossed NBC Reporters Phones During Tirade Aboard Campaign Plane, How to Watch the 2023 Met Gala Live Stream. 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. Despite their political differences, employees at National Amusements seem to be happy. In a December 2015 letter purported to have been sent by Sumner, according to Herzers filing, Sumner wrote that it was now his intention that Shari succeed him as non-executive chairman of both CBS and Viacom after my death. A month later, another Sumner missive to Shari surfaced. Redstone herself has agitated for an even bolder streaming strategy through Paramount Plus, the company's flagship streaming service, according to company insiders. The two men who act as co-chief operating officers of Viacom, Leslie Moonves and Thomas Freston, also favor Democrats. 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. The Wide Shot brings you news, analysis and insights on everything from streaming wars to production and what it all means for the future. A native of Wyoming, she is a graduate of the University of Colorado and Columbia University. Shari Redstone - $5,400 in Political Contributions for 2016, Campaign Finance, Money, American politics, American political campaign contributions, presidential campaign contributions . A former Verizon executive who is on Viacoms board, Frederic Salerno of Rye, could offer some solace to supporters of President Bush looking for a friendly face at Viacom. When an unflattering 2015 Vanity Fair profile highlighted her father's declining health and influence of two of . Currently, she serves as the chairperson of ViacomCBS after she oversaw the merging of CBS and Viacom Inc in 2019. Shari is now vice chairman of the boards of both CBS and Viacom and the president of National Amusements. She was the lead reporter for The Times coverage of the deadly Rust shooting on a New Mexico film set in 2021, work recognized by the Pulitzer Prize board as a finalist in breaking news. Other nonlinear TV competitors include Breitbart News, The Daily Caller (co-founded by Tucker Carlson) and Salem Media Group, a publicly traded company that is considered the industry leader in talk radio, and Ben Shapiros Daily Wire. (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.) In its most recent fiscal quarter, Viacom hit a milestone when it reported that domestic advertising had increased for the first time in five years. Hace slo unos aos, Shari Redstone estaba al margen del imperio meditico de su familia. She was the lone dissenting vote on the five-member National Amusements board of directors.