Billionaire Media Mogul Sumner Redstone Dies At 97
Written by Huffingtonpost on August 12, 2020
Since 2016 Shari has pushed twice to merge CBS and Viacom. She’s additionally weathered a lawsuit aimed toward diluting her household’s management of CBS, and a sexual misconduct scandal at CBS, which resulted within the September 2018 resignation of CEO Les Moonves. Viacom and CBS re-merged in 2019.
After many years spent constructing his empire, Redstone’s participation at company occasions grew to become minimal in 2014 and he spoke just a few phrases on earnings calls. Fortune journal reported he attended his final board conferences that yr and cited a witness who mentioned he dozed and drooled throughout it, which raised the query about whether or not he was match to run the corporate.
Regardless of the considerations about his well being, Redstone held on to his chairmanship so long as potential. In June 2015, he advised Self-importance Truthful in an e mail correspondence, “You must know that I’m by no means retiring!!!”
Later that yr, the Wall Road Journal reported Redstone had suffered mini-strokes that made talking tough, though he remained mentally sharp.
Former girlfriend Manuela Herzer challenged Redstone’s psychological competence in a lawsuit filed in November 2015, referring to him as a “residing ghost.” Herzer, who had acted because the billionaire’s designated well being care agent, introduced the swimsuit in opposition to Redstone after he eliminated her from the function in addition to from his Los Angeles mansion in October 2015.
The swimsuit was thrown out in Might 2016 by a California decide who dominated that Redstone’s testimony had disproved Herzer’s claims. Herzer appealed the decide’s ruling, and the events settled in 2019.
Redstone’s demise, which comes at a time the media panorama is enduring wrenching modifications, thins the ranks of a bunch of media executives, together with Rupert Murdoch and Ted Turner, who modified the world of reports and leisure with the businesses they constructed.
Redstone displayed a specific penchant for forcing out prime executives, together with Viacom President Frank Biondi; Mel Karmazin, the CEO of CBS; and Tom Freston, who was famously canned as CEO of Viacom after shedding a deal to amass the social media community MySpace to Murdoch.