Sumner Redstone has been one of the great names shaping today's media, and the repercussions of his work in television and entertainment will undoubtedly continue into the future.
Sumner Redstone, who bought his family's cinema chain and built a media empire including CBS, Viacom Paramount Pictures, MTV, and Nickelodeon, and stated at every opportunity that he wanted to live forever, died on August 11, 2020, at the age of 97.
He left behind a personal fortune of $3 billion and companies worth $16 billion. The businessman had two children legally. However, among those who wanted to share the inheritance were an alienated son and two lovers whose legal struggle had been going on for years. Here is a brief history of Redstone's career and his potential successors...
THE HISTORY OF THE MEDIA EMPIRE EXTENDS TO THE 1950s
Sumner Redstone was born in 1923 in Boston, Massachusetts, USA. He enrolled at Harvard and graduated three years later, later becoming a cryptographer in the US Army during World War II. After the war, he returned to Harvard to study law.
He found success in his legal career, working as a special assistant to then-Attorney General Tom C Clark and as a partner in a law firm.
In 1954, Redstone took over National Amusements, a privately held movie theater chain run by his father. He expanded the business and in the 1980s used it as collateral to acquire cable, broadcast, and entertainment networks: Viacom, MTV, Showtime, and Nickelodeon.
Sumner Murray Redstone (May 27, 1923 – August 11, 2020) was an American billionaire businessman and media magnate. He was the founder and chairman of the second incarnation of Viacom, chairman of CBS Corporation (both companies merged in 2019, a year before Redstone's death), and the majority owner and chairman of the National Amusements theater chain.
A little more than a decade later, in 1999, Redstone also acquired CBS in a $37.3 billion deal.
In his early 90s, Redstone vowed to retain control of CBS and Viacom, telling CBS's Larry King, "I have no intention of retiring or dying. I can live and work forever."
He served as chief executive officer of CBS and Viacom until 2016 and served as chairman emeritus thereafter. He remained deeply involved in the business, especially in his old age.
Redstone died on August 11, 2020, at the age of 97.
Redstone's empire was worth $40 billion at its peak in the '90s. In 2020, it is worth 16 billion dollars. The company's holdings include MTV, Nickelodeon, Comedy Central, and Paramount Pictures.
SUMNER'S DAUGHTER SHARI REDSTONE IS NOW GUARDIAN OF THE REDSTONE MEDIA EMPIRE
Redstone was married twice throughout his life, the first to Phyllis Gloria Raphael (1947–1999) and the other to Paula Fortunato (2002–2009). However, according to the website Variety, he stated that in accordance with the decision taken during the divorce settlement, he will leave all Redstone shares to the children of Sahari Redstone, his daughter from his first wife.
In 2007, he announced that he was reconsidering his succession plan and stated that his children had no contribution to building his empire.
When Redstone offered to buy his daughter's 20 percent stake in National Amusements for $1 billion, Shari refused. After some time, the father and daughter's relationship improved and Sahari Redstone's status as a power player rose in the late 2010s.
IN 2016, REDSTONE LEFT HIS SEAT AFTER PSYCHIATRIC EXAMINATION
In February 2016, Redstone, 92, gave up his chairmanships of CBS and Viacom following a court-ordered evaluation by a psychiatrist.
Business Insider reported in August 2019 that the boards of CBS and Viacom announced a $12 billion deal for ViocamCBS, a new entity with Redstone's daughter Shari as chairman, reuniting the two companies.
Shari thus strengthened her position in the company and achieved a great victory.
Shari now owns 20 percent of National Amusements as president and was one of seven trustees who controlled Sumner's remaining 80 percent voting interest.
Shari Redstone has three children with her ex-husband, Rabbi Ira Korff. Each of her children is involved in the family business.
BRENT, REDSTONE'S OUTSIDE SON
Brent Redstone sued his father in 2006 for his share of the family fortune, saying that he preferred his daughter Shari. The lawsuit was settled and Redstone purchased his son's shares in the family business for approximately $240 million. Father and son had not seen each other since the lawsuit.
Sumner Redstone's son Brent has two daughters, neither of whom is involved in the family business. One of these children, Keryn Redstone, later testified against her grandfather in a lawsuit filed by one of his ex-boyfriends.
REDSTONE HAD TWO LOVERS AT THE SAME TIME
Redstone's final years were spent dealing with numerous lawsuits filed by his jilted lovers. He had two long-term girlfriends in the 2010s; Manuela Herzer and Sydney Holland. They were both at least 40 years younger than him.
FAMILY FILED A LAWSUIT DUE TO ELDER ABUSE
It was known that Redstone lived with these two women in his Beverly Park mansion after his divorce from his second wife, Paula Fortunato.
In 2015, after Herzer and Holland left Redstone, Redstone also fired Herzer, who also worked as a healthcare attorney at his company. However, Herzer filed a lawsuit to reinstate his former position.
According to Variety, Redstone had provided them with approximately $150 million in cash and assets over the past five years.
In Herzer's case, he called Redstone a "living ghost" and questioned his competence. The cause was also supported by Redstone's granddaughter, Keryn. However, Redstone and the rest of the family took turns suing Herzer for elder abuse.
PAID 3.25 MILLION DOLLARS IN COMPENSATION
Herzer was never reinstated and the cases were ultimately resolved. Herzer had to pay Redstone $3.25 million in damages.
In December 2018, Redstone was declared incapable of self-employment by the Los Angeles County Superior Court and a guardian was appointed to protect his legal interests.
The resolution of this legal case also marked the point at which Shari reemerged as a key figure in Sumner's life.
Sumner Redstone has been one of the great names shaping today's media, and the repercussions of his work in television and entertainment will undoubtedly continue into the future.