Find elections. One member of the Viacom board who has attracted considerable attention in recent months is Mr. Redstones daughter and possible successor, Shari. The rulingabbreviated a trial that had made headlines with thepersonaldetails it exposed and questions it posed for Redstones media empire. Rupert Murdoch May Be Forced to Testify in Dominion's Defamation Suit Against Fox. [10], Since 1999, she has been president of National Amusements, one of the top ten movie exhibitors in the United States. making contributions to political campaigns that could influence voting on issues other than those that directly affected that specific corporation. 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. But investors are unconvinced . or The Hollywood Reporter: Shari Redstone to be Honored with Simon Learn how to enable Javascript in your browser. [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. A receiving line of network executives and on-air stars lined up to greet her as trays of mini cheeseburgers and pinot noir circulated. [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. CBS trails far enough behind to be a relative afterthought. The media heiress, who defeated a series of rivals to win control of ViacomCBS in. She also is a director of NAI. 4 0 obj Shari Redstone Political Contributions in 2016. Standard Digital includes access to a wealth of global news, analysis and expert opinion. The other 10 . As Fox and family insiders tell it, this could just be the beginning. Viacom asked for an exchange ratio of .68, which would value Viacom at around $14 billion. Advertisements How old is Shari Redstone? When you find what you need, export results and save custom links. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Cond Nast. They have not had any deliberations on this, board deliberations, and as a board are not handling the situation, which is being handled totally at the news level by CBS, he said. :I << /Length 14 0 R /N 3 /Alternate /DeviceRGB /Filter /FlateDecode >> Despite CBS News clout for the weekday broadcasts see Gayle Kings headline-generating March interview with disgraced musician R. Kelly the ratings for mainstays CBS This Morning and CBS Evening News lag behind the competition. 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. 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. Just a few years ago, Shari Redstone was on the outs of her familys far-flung media empire. In late 2016, Bakish was named Viacoms CEO and he began working to rebuild the company. In 1999, another board member, investor Jan Leschly, gave $350 to a former New Jersey governor, Christine Todd Whitman, for a Senate bid. The case, brought to [], Master, Boston University; Bachelor of Arts/Science, Tufts University. Leadership | Paramount Beneath the surface, they had a lot in common. Keep abreast of significant corporate, financial and political developments around the world. 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 . The Redstones operated more like a wolf pack, Ms. McGrath said. As the merger of Viacom and CBS awaits regulatory approval, a Redstone spokesperson confirms that she quietly visited President Donald Trump in the White House recently but denies any plan to launch a conservative TV network (as does a spokesperson for Viacom). She cast the sole vote against his plan to renegotiate $800 million in debt. Mr. Folta said the political contributions of board members were not unusual. Simply log into Settings & Account and select "Cancel" on the right-hand side. [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. He invested in programming and made acquisitions to broaden Viacoms reach. 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. This spring, independent members of CBS and Viacoms boards began discussing a merger. Share sensitive information only on official, secure websites. She has, after all, threatened to replace recalcitrant members of the CBS board with directors who support her. Though Shari Redstone is eager to sell a combined CBS-Viacom, finding a buyer may not be easy. Daughter and father at a charity dinner in 2005. 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. /F4.1 12 0 R /F2.0 9 0 R /F3.0 10 0 R >> >> Under the nearly $12-billion deal, CBS will absorb the smaller Viacom, which owns such brands as MTV, Nickelodeon, Comedy Central and Paramount Pictures. Search by state or ZIP code, Look up contributions from specific individuals, Find and contact your committee's analyst. Roy Wood Jr. Roasts POTUS, VP Harris "Scandal," Tucker Carlson & "A* As The Wall Street Journal recently reported, Shari Redstone would like to ensure that Bakish will succeed Moonves, who is 68. By Todd Williamson/Invision/AP/REX/Shutterstock. Tyler, 34 . As private citizens, board members at Viacom and others make donations to political parties and candidates all the time, he said. March 16, 2022. 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. . sumner redstone political affiliation EVER!! But she was here, trying to fix these media platforms.. . His voting stock in the company an 80 percent share will transfer to a seven-member trust that includes Ms. Redstone and her son, Tyler Korff, along with Jill Krutick, a longtime family friend, and four lawyers with ties to the Redstones. That's a market cap of $25.4 billion, less than this year's expected sales of $26 billion. 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. Why is Frank McCourt really pushing it? Tuesdays agreement, he said, vindicates the strategy that shes had.. 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. A source says the idea for that network was in the works before the Pluto acquisition. 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.. An official website of the United States government. Sumner Redstone built his empire from a small regional chain of movie theaters. Vin Diesel goes off script. Father-daughter duos are rare in the upper echelons of corporate America, and combative ones even more so, said Rita McGrath, a professor at Columbia Business School and the head of its Women in Leadership program. Shari Redstone, who has emerged as the leader of ViacomCBS, in 2016. We will establish a world-class, multi-platform media organization that is well-positioned for growth in a rapidly transforming industry.. Shari Ellin Redstone (born April 14, 1954) is an American media executive. Only 7% of the largest U.S. companies in Standard & Poors top index have a woman as a board chair, according to Fenwick & West, a Mountain View, Calif., law firm. 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. [21], On February 3, 2016, her father resigned as CBS executive chairman after questions arose about his mental competency. [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. Sumner Redstone's media empire dates back to the 1950s. - Business Insider 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. Shari Redstone's $30 Billion Triumph at CBS and Viacom - Intelligencer 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. 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Mr. Redstone with Ms. Redstone, when she received an award from the Boys and Girls Club of Queens in 2000. 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 . Does the fate of a potential $14 billion Wall Street merger all come down to Shari Redstones feud with her father? It Was Business, It Was Personal: The Redstones' Father-Daughter Feud Redstone's father, Michael (Mickey), was a liquor wholesaler, nightclub owner . The shotgun re-marriage of CBS and Viacom is proceeding apace. Donate Today. [24], On February 4, 2016, against Shari Redstone's desires,[25][26][27] Viacom's board of directors named Philippe Dauman, already the CEO and president, the chairman, replacing Sumner Redstone. [20] She was also a co-chairman of MovieTickets.com (before being sold to Fandango Media in 2017),[21] Inc. and is a member of the Board of Directors and Executive Committee for the National Association of Theatre Owners (NATO). {xO$S]%&7g>r=g8` Ad Choices. . 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. 2023 The New York Sun Company, LLC. Norah O'Donnell, among other stars, held court until 2 a.m. She also is a director of NAI. You make it possible. Official websites use .gov All Rights Reserved. Judge Joseph Slights had ruled in February that shareholders could pursue their claims, saying doubts about the fairness of the merger process are reasonable. Popular term for a political committee that is neither a candidates authorized committee nor a party committee. 1050 First Street, NE The ups and downs were complicated by his illness and his tabloid-fodder private life. Will Newly-Merged ViacomCBS Boldly Go After Other Media Assets? Shari Redstone - $5,400 in Political Contributions for 2016, Campaign Finance, Money, American politics, American political campaign contributions, presidential campaign contributions . Over the years, Shari Redstone would tell her tough-as-nails father that. They also shared an iron will that helped Ms. Redstone to succeed her father as the leader of the family empire. Theres substantial risk to a major business operation for which they have ultimate oversight and responsibility.. A political committee that makes only independent expenditures and does not make contributions to candidates, parties or other political committees unless they are also independent expenditure committees. Mr. Redstone also made donations to a Viacom political action committee that splits its donations fairly evenly between the parties. After fighting off two of the most powerful men in Hollywood Mr Moonves and her own father . 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. Shari Redstone is emerging from the long shadow of her larger-than-life father, Sumner Redstone. I was never a great proponent of the split of the two companies, I think the path each company took could have been different under different leadership and this is why a combination should be explored now, she said at the November 2016 DealBook conference. The argument for the deal seems to be beside the point. stream Herzer claims Shari and Tyler orchestrated her removal from Sumners Los Angeles home in October 2015, barred her from seeing him, and have effectively taken control of his business empire. Shari has definitely proven herself as an effective strategist, someone who is willing to go to whatever lengths she needs to get something done, said Jordan Matthews, an entertainment attorney with Weinberg Gonser in Los Angeles. With the $1.6 billion Dominion lawsuit threatening to hobble Fox News, the ink on his divorce to Jerry Hall still wet, and his broken engagement to Ann Lesley Smith even fresher, its been a chaotic 12 months for the 92-year-old conservative media baron. In 2008, Mr. Redstone announced that his daughter would leave the boards of Viacom and CBS. endobj Dec 1 (Reuters) - ViacomCBS Inc (VIAC.O) Chair Shari Redstone, who in the past has hinted at more deals to bulk up the media empire, said on Wednesday the company will focus on organic growth. None of the members of Viacoms board consented to be interviewed for this story. The changing economics have created a sense of urgency among major Hollywood studios to fortify themselves by bulking up. These committees may solicit and accept unlimited contributions from individuals, corporations, labor organizations and others. [18] Redstone and her partners then sold Rising Star Media to Russian theater operator Cinema Park in 2011. 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. 2023 Forbes Media LLC. It Was Business, It Was Personal: The Redstones Father-Daughter Feud, https://www.nytimes.com/2020/08/12/business/media/shari-redstone-sumner-redstone-viacomcbs.html. Shari Redstone will play a key role in what happens to Paramount, MTV Shari Redstone 117 . 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. Shari Redstone Political Contributions in 2012. Browse Individual contributions | FEC [43], list of the 100 most influential people in the world, list of the World's 100 Most Powerful Women, International Union of Operating Engineers, National Center on Addiction and Substance Abuse, "Former Redstone Son-in-Law Quits Theater Chain", "Inside the Battle for Sumner Redstone's $40 Billion Media Empire", "Shari Redstone: 5 Fast Facts You Need to Know", "Shari Redstone: The 100 Most Influential People of 2020", "The World's 100 Most Powerful Women 2022", "List of Private Companies Worldwide, Letter - Businessweek", "Shari Redstone Says U.S. Has Too Many Cinemas, 'Thousands' Should Close - Bloomberg", "Foxboro, MA: National Amusements Debuts New Upscale Cinema Concept at Patriot Place - The BigScreen Cinema Guide", "4/30/2002, The Bridge: Cinema De Lux - Almanac, Vol. 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. (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.) 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. We need more women in leadership positions.. She has gotten it to the point where the bid and the ask spread is down to around $3 billion. [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. 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. The high-profile trial, expected to start Monday, was postponed a day, a development that the Judge called not unusual but has nevertheless prompted buzz about a last-minute settlement. 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 . [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. 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