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.. Simply log into Settings & Account and select "Cancel" on the right-hand side. << /Length 5 0 R /Filter /FlateDecode >> The two often clashed over executive compensation and board member selection. 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. Anyone can read what you share. Since reentering her fathers life in late 2015, Redstone has vanquished more than a dozen men whom her father put in power. The case, brought to [], Master, Boston University; Bachelor of Arts/Science, Tufts University. Herzers lawsuit plunged National Amusements and Viacom into turmoil. Redstone has been president of National Amusements Inc. since 2000 and served as executive vice president of NAI from 1994 to 2000. None of the members of Viacoms board consented to be interviewed for this story. In an additional 14% of those S&P 100 firms, a woman was lead director another key board post. In early 2018, Redstone again tried to get CBS to entertain the Viacom merger. [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. How strong is Disneys 1st Amendment case against Ron DeSantis? 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. [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. 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. 2023 The Hollywood Reporter, LLC. 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. (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.) 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. His daughter, Shari Redstone, has effectively controlled Viacom and CBS for several years as Sumner Redstone has dealt with healthRead More and other data for a number of reasons, such as keeping FT Sites reliable and secure, Advertisements How old is Shari Redstone? 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 . Change the plan you will roll onto at any time during your trial by visiting the Settings & Account section. 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`. Shari Redstone - $93,300 in Political Contributions for 2012, Campaign Finance, Money, American politics, American political campaign contributions, presidential campaign contributions . 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. 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. % A month later, Sumner Redstone had his other former companion, Manuela Herzer, escorted from his Beverly Park mansion. Share sensitive information only on official, secure websites. . He refers to himself a "liberal Democrat . 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. Ad Choices. 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. But at a certain point, she may be able to do whatever she wants. As many of my most loyal readers know, I've been predicting this for years. Instead, he surrounded himself with younger girlfriends and business cronies. imagine this as a "let me see your hands " moment for the . 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. Its also unclear whether she will back off her request to have Bakish succeed Moonves when the time comes. And Sumner himself has been completely shielded from his longtime friends and the public, who have not seen or heard from him. He just settled this one. Shari Redstone fought to ensure she would succeed her father, Sumner Redstone, atop the family's media empire. The Sun has neither altered nor updated such articles but will seek to correct any errors, mis-categorizations or other problems introduced during transfer. May 20, 2019. A CBS suit against Ms. Redstone over control of the company was dismissed in May 2018 as CBS Chief Leslie Moonves was ousted due to sexual misconduct. In July 2007, Sumner faxed a letter to Forbes rejecting his daughters efforts to succeed him on the Viacom and CBS boards. She cast the sole vote against his plan to renegotiate $800 million in debt. You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. In his most consequential battle, he took on his daughter, Shari E. Redstone. I am so proud to be his daughter and I will miss him always.. . [21], On February 3, 2016, her father resigned as CBS executive chairman after questions arose about his mental competency. Redstones handpicked lieutenant, Bob Bakish, will oversee the new ViacomCBS as chief executive. They were hoping that would please Wall Street, but instead the stock dropped sharply. The ups and downs were complicated by his illness and his tabloid-fodder private life. A source says the idea for that network was in the works before the Pluto acquisition. 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. Shari Redstone is emerging from the long shadow of her larger-than-life father, Sumner Redstone. making contributions to political campaigns that could influence voting on issues other than those that directly affected that specific corporation. Redstone has been president of National Amusements Inc. since 2000 and served as executive vice president of NAI from 1994 to 2000. Redstone is the daughter of Phyllis Gloria Raphael and Sumner Redstone, and the sister of Brent Redstone. The two sides remain far apart on price, terms and, in particular, governance issues. Mr. Folta said the board has not discussed the forged-documents flap and is unlikely to do so. 6 0 obj 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.. Dan Rather is obviously an important person. 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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.. And now she is trying again, with even greater fervor. You can only have so many alphas in one room, she said. there is nothing more to be said. VIAC stock opens at about $40 today. The main trust owns controlling shares in National Amusements, which in turn controls about 80 percent of. We use Everybody wants Fox News money, but nobody wants to destroy their [existing] news brand, a source says. Instead, she will be integrally involved in steering the ship as it tries to compete with much larger media and technology companies. A $300-million (minimum) gondola to Dodger Stadium? Days before trial is set to begin, Dominion has been granted permission to conduct additional depositions. Javascript recommended: FEC.gov uses Javascript to provide the best possible user experience. The potential merger represents a thorny headache in both the Redstones personal and professional lives. What you missed at CinemaCon 2023. 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 . Shari Redstone 117 . 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. CBS trails far enough behind to be a relative afterthought. Though Shari Redstone is eager to sell a combined CBS-Viacom, finding a buyer may not be easy. Mr. Cohen, the former Republican senator from Maine and secretary of defense under President Clinton, has made modest donations to a few GOP candidates. [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. Five years later, Midway filed for bankruptcy, leaving the headstrong mogul and his headstrong daughter with one less thing to fight about. At Viacom, we just dont get involved in the news division.. You make it possible. 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. Explore current and historic federal campaign finance data on the new fec.gov. Viacom asked for an exchange ratio of .68, which would value Viacom at around $14 billion. She previously wrote for the Miami Herald and the Palm Beach Post. Viacom, first under Philippe Dauman and now Bob Bakish, has floundered, especially as children and young adults have reduced their viewership of Nickelodeon, MTV, and Comedy Central, three of its most well-known cable channels, or cut the cord entirely. Shari Redstone at the Sun Valley Conference in Idaho, 2017. 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 . This week's $12bn deal to reunite the two companies has been Ms Redstone's crowning victory. Paramount chief Shari Redstone attended alongside Neeraj Khelmani, Gayle King, Norah O'Donnell, Tony Dokoupil and Nate Burleson. The future leadership falls to Sumner Redstones daughter, Shari, with whom he has had on again, off again squabbles through the years. After fighting off two of the most powerful men in Hollywood Mr Moonves and her own father . She also is a director of NAI. Theres substantial risk to a major business operation for which they have ultimate oversight and responsibility.. Within six weeks, Moonves resigned. CBS first offered Viacom shareholders an exchange ratio of .55 a CBS share for each Viacom sharean offer worth around $11 billion today.
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