Experts in corporate governance say the directors of CBSs parent company, Viacom, are obliged to assume some role in resolving the fiasco over CBS Newss use of what appear to be fake documents about President Bushs military record. A native of Wyoming, she is a graduate of the University of Colorado and Columbia University. Its awesome. . << /Length 14 0 R /N 3 /Alternate /DeviceRGB /Filter /FlateDecode >> Their main sticking point was one that plagues many family businesses: succession. 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. 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. What seems to be driving Shari Redstone is familial score-settling, a quest for victory over her father, who never wanted her to have a role in either Viacom or CBS. Mr. Folta said the political contributions of board members were not unusual. Mr. Redstone with Ms. Redstone, when she received an award from the Boys and Girls Club of Queens in 2000. You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. For Shari Redstone, the 65-year-old daughter of ailing 96-year-old mogul Sumner Redstone, who had chafed for a dozen years living under the . Shari insisted on dissenting, Sumner told Forbes. . Will Shari Redstone Find A Buyer For A Combined CBS-Viacom? Sumner Redstone built his empire from a small regional chain of movie theaters. By. 1 status among viewers and the news demo of adults 25-54 for the last two decades. They were hoping that would please Wall Street, but instead the stock dropped sharply. A .gov website belongs to an official government organization in the United States. Key Points. Also known as a campaign committee. Instead, he surrounded himself with younger girlfriends and business cronies. The Wide Shot brings you news, analysis and insights on everything from streaming wars to production and what it all means for the future. As a journalism institution, CBS News boasts two of the most venerable titles in TV with 60 Minutes (regularly the most-watched news broadcast in all of TV, 12 million tuning in live to the most recent episode) and CBS Sunday Morning. There was almost willful destruction of MTV, VH1 and all of those iconic brands, said Jeffrey Sonnenfeld, a professor at Yale School of Management. CBS CEO Les Moonves was one of the 11. Ad Choices. She's now ready to close . She declined the role of non-executive chairman of both CBS and Viacom. 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. By Lisa Johnson Mandell. They shared an iron will that helped Ms. Redstone to succeed her father. New CNN Show Won't Be Political, Hosts . Shari Redstone 117 . She was the lone dissenting vote on the five-member National Amusements board of directors. Bakish and CBS acting chief, Joseph Ianniello, must fuse together two different cultures and navigate the shift to streaming services. 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 . According to The Hollywood Reporter on Tuesday,. [28], On August 13, 2019, the Associated Press reported that Shari Redstone had become the chair of the board for the reuniting of CBS and Viacom as ViacomCBS, today known as Paramount Global. % He communicates partly through an iPad programmed with his voice with, reportedly, three responses: yes, no, and fuck you. Washington, DC 20463, Federal Election Commission | United States of America. Standard Digital includes access to a wealth of global news, analysis and expert opinion. Currently, she serves as the chairperson of ViacomCBS after she oversaw the merging of CBS and Viacom Inc in 2019. Anyone can read what you share. [22] The CBS board announced that Les Moonves replaced Sumner Redstone as CBS Chairman. Redstone, as board chair, joins an elite group of women. His daughter, Shari Redstone, has effectively controlled Viacom and CBS for several years as Sumner Redstone has dealt with healthRead More 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. Days before trial is set to begin, Dominion has been granted permission to conduct additional depositions. Ms. Redstone holds the remaining 20 percent of National Amusements through a separate trust. [12][13][14], In 2007, Redstone and her father feuded publicly over issues of corporate governance and the future of the cinema chain. August 16, 2019. 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. 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. At Viacom, we just dont get involved in the news division.. The main trust owns controlling shares in National Amusements, which in turn controls about 80 percent of. 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Beneath the surface, they had a lot in common. In July, Mr. Freston and Mr. Moonves replaced Mel Karmazin, another prolific Democratic donor, who left the company after reportedly clashing with Mr. Redstone. In 2015, Vanity Fair published an article on Ms. Herzer and another of Mr. Redstones late-life paramours, Sidney Holland. She has, after all, threatened to replace recalcitrant members of the CBS board with directors who support her. 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 cast the sole vote against his plan to renegotiate $800 million in debt. . and other data for a number of reasons, such as keeping FT Sites reliable and secure, During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages. Before she joined the family business, Ms. Redstone went to law school at Boston University, got married, raised three children, baked cookies and worked as a criminal defense lawyer at a small Boston firm. He contributed $2,000 to Mr. Kerry and has given nearly $30,000 to Democratic groups and candidates in the past six years. Hes part of the brand, said the lawyer, Jeffrey Kaplan of Skillman, N.J. A boards duty in this situation is somewhat uncertain because the facts are so unique. You're using Internet Explorer, some features might not work. Sumner subsequently wrote one of his attorneys, Recent dealings with my daughter, Shari, have caused me to believe even more strongly that she does not have the requisite business judgment and abilities to serve as Chair of Viacom or CBS. Sumners two efforts to buy his daughters 20 percent stake in National Amusements, which she rejected, were, according to Herzers complaint, designed to permanently remove her from his business affairs and to prevent her from reversing his documented intentions that his media empire not fall into her hands after his death., Shari seemed to understand the extent of her fathers desire to keep her away from Viacom and CBS. *:XgQJBm1THt#b~$)cb87cBiQ1H45 Q[tg;:n6_)0' Todd Williamson/Invision, via Associated Press. . . [23], On January 17, 2018, The Wall Street Journal reported that Shari Redstone was pushing for CBS Corp. to merge with Viacom, with Redstone also gathering names for new board members at CBS. Receipts are reported periodically, according to the filer's reporting schedule. Theyve never gone against my wishes. In June 2014, Shari acknowledged this ongoing antipathy. Investors have enjoyed high market returns for decades, and if that trend might change going forward, smart planning becomes even more essential. Even when she was named its president in 1999, Mr. Redstone was unequivocally the boss. Shari Redstone won a round in her fight with . Shari is now vice chairman of the boards of both CBS and Viacom and the president of National Amusements. Shari Redstone faced down industry doubts and her father's public statements that he did not see her as capable of taking over the empire. If youd like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial. In 2008, Mr. Redstone announced that his daughter would leave the boards of Viacom and CBS. Things were rough before the coronavirus hit. 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. William D. Cohan. 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.. $100. Shari obtained her 20 percent interest in National Amusements through a 2002 divorce agreement with Sumners first wife and her mother, Phyllis. Explore current and historic federal campaign finance data on the new fec.gov. commentary and analysis you can trust. Herzer sued, claiming Redstone had lost his mental capacity. Tucker Carlson and Sean Hannity are expected to testify. She also pursued a degree in social work after volunteering at a trauma center for abused children. 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, who has emerged as the leader of ViacomCBS, in 2016. Redstones handpicked lieutenant, Bob Bakish, will oversee the new ViacomCBS as chief executive. Over the years, Shari Redstone would tell her tough-as-nails father that. 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. The investor community still seems to think that the right move could be to just . Shari Redstone Political Contributions in 2012. 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. [10], Since 1999, she has been president of National Amusements, one of the top ten movie exhibitors in the United States. The Sun has neither altered nor updated such articles but will seek to correct any errors, mis-categorizations or other problems introduced during transfer. 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. Shari Ellin Redstone (born April 14, 1954) is an American media executive. So when Dauman proposed selling Paramount to a Chinese company in early 2016, Shari Redstone dug in for a fight. Shari with Sumner Redstone at the LA Friendly House Luncheon in Beverly Hills, 2012. CBS first offered Viacom shareholders an exchange ratio of .55 a CBS share for each Viacom sharean offer worth around $11 billion today. The potential merger represents a thorny headache in both the Redstones personal and professional lives. Shari Redstone Chairman; ViacomCBS Shari E. Redstone joined the board of CBS in 2004. All rights reserved. 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 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. Paramount chief Shari Redstone attended alongside Neeraj Khelmani, Gayle King, Norah O'Donnell, Tony Dokoupil and Nate Burleson. and attorneys fees under ECPA, according to the filing. 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 Hollywood Reporter is a part of Penske Media Corporation. 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. But while the respective companies boards of directors grapple with exchange ratios, fairness opinions, the amount and timing of expected synergies, and which executives will lead the re-merged company, the months of deal-related floundering mask a more profound Oedipal struggle that has been raging within the Redstone family for years: the lengths a peeved Shari Redstone is willing to go to prove that, despite the desires of her physically and mentally slipping but very much still living father, 94-year-old Sumner Redstone, she is a player in Hollywood, in New York City media circles, and is the legitimate heir to his corporate empire. A receiving line of network executives and on-air stars lined up to greet her as trays of mini cheeseburgers and pinot noir circulated. n0%f|U9l 7?j`l7"tiNf]?uhgM Z4i[&LY_x I am really excited to see these two great companies come together so that they can realize the incredible power of their combined assets, Redstone said in a statement Tuesday. But some on CBS board were wary. 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. Shari Ellin Redstone (born April 14, 1954) is an American media executive. In the 2000 presidential campaign, Mr. Moonves, who oversees CBS, gave $1,000 each to Mr. Gore and Senator Lieberman of Connecticut. that brings together some of the most influential people in Hollywood to honor individuals who have made significant contributions to the entertainment industry and to society as a whole. [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. [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. [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. 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+. He just settled this one. Sumner Redstone has never been a particularly gracious husband, brother, or father to his two children. The elderly mogul was reeling from one of the womens betrayal and prone to crying spells. Even if you wanted to sabotage the company, it would be hard to do more damage than [previous management] did.. 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. . Rupert Murdoch May Be Forced to Testify in Dominion's Defamation Suit Against Fox. Sumner Redstone died Tuesday at age 97, National Amusements said in a statement Wednesday. The shotgun re-marriage of CBS and Viacom is proceeding apace. Learn how to enable Javascript in your browser. Tuesdays agreement, he said, vindicates the strategy that shes had.. Mr. Redstone ceded his role as executive chairman at Viacom and CBS in early 2016. 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 . Meanwhile, the media industry was rapidly consolidating. {xO$S]%&7g>r=g8` On March 21, another large CBS shareholder wrote in a widely circulated, anonymous letter that coming to the rescue of a weakly positioned, poorly executing, over-levered Viacom is not CBSs burden. The sentiment among CBS shareholders seems best summed up by Todd Juenger, the media analyst at AllianceBernstein, who wrote recently, that the defining question for investors is if CBS were an independent entity, not controlled by the Redstones, would it be pursuing a bid for Viacom? If you believe, like we do, Juenger wrote, the answer to that question is absolutely not, then how hard do you want to work to try and convince yourself this is good for CBS shareholders?. 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. 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.