by Biography of Sumner Redstone
Sumner Murray Rothstein was born in Boston, Massachusetts, on May 27, 1923. After beginning with a single drive-in in Valley Stream, New York, his father, Michael Rothstein, founded National Amusements, a network of three drive-in theatres, in 1936. His family adopted the English pronunciation of the Yiddish surname Rothstein, “Redstone,” in 1940.
In World War II, when college years were accelerated so that graduates may serve in the military, Sumner joined Harvard College after earning the top honors in his class at the prestigious Boston Latin School. He earned his bachelor of arts degree in three years during that time. Redstone worked at the Pentagon decoding Japanese transmissions while serving in the army during World War II.
He stayed in Washington after being demobilized and enrolled at Georgetown University Law School before transferring to Harvard Law. After earning an LL.B. from Harvard Law, he moved back to Washington, DC.
Sumner Redstone Net Worth $2.6 Billion
The American media tycoon Sumner Redstone passed away in August 2020 at the age of 97 and had a net worth of $2.6 billion. His wealth peaked in 2015 at almost $5 billion.
Sumner was best recognized for being the principal shareholder in what is now Viacom/CBS. Through the holding company National Amusements, Sumner held a controlling interest in almost 80% of Viacom/CBS. He had authority over a number of businesses, such as MTV, BET, Showtime, Comedy Central, and Paramount Pictures.
Other Income Sources Sumner Redstone
In 2000, Redstone added CBS to his Viacom empire. Five years later, he broke it off as an independent business. Showtime and the publishing company Simon & Schuster were among its holdings. He claimed that his acquisition of Viacom was his greatest commercial success in a 2012 interview with CNBC.
The $37 billion Viacom-CBS merger, announced in 1999, had trouble getting off the ground. While CBS CEO Mel Karmazin was outlining his vision for the new media behemoth during a nationally broadcast news conference, Redstone interrupted and said, “I’m in control! Recall that I am in control.
Brent filed a lawsuit against his father in 2006, alleging a violation of fiduciary duty in relation to a stock buyback plan for National Amusements. According to Forbes, the lawsuit was resolved in 2007 and Brent received $240 million in exchange for giving up his board membership and selling back his National Amusements stock.
Educational Life of Sumner Redstone
graduated from Harvard University with a Bachelor of Arts in 1944 and a Bachelor of Laws in 1947.
attended the public prep school Boston Latin School, where he graduated top of his class in 1940.
He barely finished his third year at Harvard when he was hired by Professor Edwin O. Reischauer to decrypt Japanese communications during World War II. Reischauer eventually served as the U.S. ambassador to Japan. He received his bachelor’s degree from Harvard Corporation after serving in the US Army for his allotted time.
Success Career of Sumner Redstone
Sumner began working for his family’s drive-in theatre company in 1954, at the age of 31. He gave the business a new name, National Amusements, and over time, he began to grow across the nation. The idea of the “multi-plex,” a theatre that exhibited many films in one location, was an early innovation.
He invested in entertainment businesses with the money he made from the successful theatre chain. The amount of their investments kept expanding. He successfully purchased Viacom for $3.4 billion in 1987. The family offered $8.2 billion for Paramount in 1993. As competing bidders entered the auction, Sumner was ultimately compelled to raise his offer to $10 billion in order to close the acquisition. He combined Viacom and Blockbuster so he could afford the offer.
It was during this time that Redstone coined that somewhat famous phrase that “content is king.” Under Redstone, Paramount released blockbuster after blockbuster, including “Titanic” (which became the highest-grossing movie of all time up to that point and the “Mission Impossible” franchise.
The largest media merger in history at the time was the $37 billion acquisition of CBS that Sumner arranged in 1999. Later, this purchase would turn out to be less fruitful than his earlier endeavors. For several years, Viacom’s stock price declined. He divided CBS and Viacom into two distinct companies in 2006. Years later, Shari, his daughter, would blend the two once more.
Now in charge of the Redstone media business is Sumner’s daughter.
Redstone’s grandchildren would receive all of his stock, according to Variety, which was revealed during their divorce settlement.
Redstone addressed his daughter’s status in public and claimed in a letter to Forbes that his children had nothing to do with creating his empire in 2007, following allegations that he was rethinking his succession plan and wanted to retain his authority.
Shari declined Redstone’s $1 billion offer to buy out her 20% ownership in National Amusements. In the late 2010s, their bond seemed to mend as she gained more influence.
After a court-ordered evaluation by a geriatric psychiatrist, 92-year-old Redstone gave up his chairmanships at CBS and Viacom in February 2016.
Sumner Redstone’s Relationship
Sumner had two marriages. His first wife Phyllis bore him two children, Brent, and Shari Redstone. They were wed for 52 years until getting divorced in 1999. He married Paula Fortunato, a woman 39 years his younger, four years later. In 2008, they got divorced.
In 2016, it was discovered that Sumner had lavished cash on encounters with ex-girlfriends. He allegedly offered a flight attendant on the corporate jet of CBS $18 million once, and after having sex with her, he gave her sister $6 million. Additionally, Redstone provided $6 million and a job at Showtime to a friend of his grandson’s fiancée in addition to $21 million to an aspiring reality show producer.
King Lear’s disease
Sumner Redstone was a tenacious rival. “Starting in childhood. In a 2012 CNBC interview, he declared, “I always wanted to be Number One. “I’ve always desired success. Although it doesn’t imply that I always have or always will, this has always been my goal, whether it be in business or education.
Days after taking the legal test in 1947, Redstone wed Phyllis Gloria Raphael. Brent and Shari were born to them during their more than 50 years of marriage, which terminated in divorce in 1999.
Redstone struggled to get along with his relatives. In 1971, his younger brother Edward filed a lawsuit against him and his father, claiming they had marginalized him and caused him to resign suddenly from his position with National Amusements. Edward reached a $5 million settlement and left the family business.
Sumner Redstone’s first marriage came to an end three years later, and he then wed Paula Fortunato, a teacher who was about 40 years his junior. She apparently qualified for at least a $5 million reward under the provisions of a prenuptial agreement because that marriage lasted five years, according to the Los Angeles Times. or relatives.
Last stage of Sumner Redstone
Sumner Redstone, a movie theatre owner from New England who acquired Viacom Inc., Paramount Pictures, and CBS Corp. late in life to become a billionaire media mogul, has passed away. He was 97.
Redstone passed away on Tuesday afternoon at his Los Angeles home. His holding business, National Amusements Inc., released a statement on Wednesday confirming his passing.
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