Sumner Redstone, a towering industry figure who built a business empire that included Viacom, Paramount Pictures and CBS, has died at the age of 97.
Confirming the news on Wednesday morning, National Amusements said: “It is with great sadness that we announce the passing of Sumner M. Redstone, the self-made businessman, philanthropist and World War II veteran who built one of the largest collections of media assets in the world. He passed away yesterday at the age of 97.
“Over the course of his distinguished life and career, Sumner played a critical role in shaping the landscape of the modern media and entertainment industry. At National Amusements, he transformed a regional theater chain into a world leader in the motion picture exhibition industry. Sumner was also a keen investor who took stakes in a variety of companies, including Viacom Inc. and CBS Corporation – today merged as ViacomCBS – which he built into prominent, international and industry-leading conglomerates in the media industry.
“Sumner was a man of unrivaled passion and perseverance, who devoted his life to his belief in the power of content. With his passing, the media industry he loved so dearly loses one of its great champions. Sumner, a loving father, grandfather and great-grandfather, will be greatly missed by his family who take comfort knowing that his legacy will live on for generations to come.”
ViacomCBS CEO Bob Bakish added: “Sumner Redstone was a brilliant visionary, operator and dealmaker, who single-handedly transformed a family-owned drive-in theater company into a global media portfolio.
“He was a force of nature and fierce competitor, who leaves behind a profound legacy in both business and philanthropy. ViacomCBS will remember Sumner for his unparalleled passion to win, his endless intellectual curiosity, and his complete dedication to the company. We extend our deepest sympathies to the Redstone family today.”
We hadn’t heard for some years from the ailing mogul, born Sumner Murray Rothstein on May 27, 1923 in Boston. But the executive, whom, whenever pressed on succession planning over the decades, joked that he would be around forever, always had a presence. It felt that way over the years as he took his family’s small movie theater business and built it into a colossus of film, television and publishing, collecting and shedding assets along the way as strategy dictated and merging his two core companies – CBS and Viacom – twice.
Redstone jumped into pioneering new content and distribution forms, buying MTV Networks in 1987 to bring MTV and its music videos into the fold as well a Nickelodeon’s creative kids programming renaissance. He even had a stint owning Blockbuster video.
He was highly litigious, the first to sue YouTube for piracy as that platform started to grow, and going after the equally tough John Malone. He was incredibly tough, well remembered for hanging out the window of the Copley Plaza Hotel in Boston to escape a fire. He survived with one hand permanently scarred and burned as a result.
And his personal life was tumultuous, with several acrimonious divorces, feuds with his children and ultimately with longtime associate Philippe Dauman, who was Redstone’s counsel early on and rose up to run Viacom. He focused largely on costs and led it into a bit of a downward spiral before being ousted as Redstone’ daughter Shari Redstone’s influence grew. His later years were marred by messy feuding between caretakers, girlfriends and his daughter as he grew increasingly incapacitated, although suits have been settled as has the structure of his beloved company, which since last December has been merged again and is running as a united ViacomCBS.
"Media" - Google News
August 12, 2020 at 07:13PM
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Sumner Redstone Dies: Giant Of The Media World Was 97 - Deadline
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