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BUSINESS
February 21, 1987 | PAUL RICHTER, Times Staff Writer
Continuing a tense takeover battle, two rival groups seeking to acquire Viacom International have each agreed to limit further purchases of the company's stock. In a filing with the Securities and Exchange Commission, an investor group led by Viacom managers disclosed Friday that it has agreed not to acquire further Viacom shares except through a tender offer for at least 50% of the company's stock.
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ENTERTAINMENT
April 11, 2014 | By Meg James
CBS Corp. Chief Executive Leslie Moonves remains the king of media compensation. The 64-year-old television executive and Beverly Hills resident was awarded a $66.9-million compensation package last year, according to a Securities and Exchange Commission filing on Friday. That was up nearly 8% from the $62.2-million package he got in 2012, a year that also kept Moonves ‎in a rarefied group of the nation's most handsomely compensated corporate executives. In 2011, Moonves' compensation was nearly $70 million.
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BUSINESS
June 8, 2004 | From Bloomberg News
Midway Games Inc., the money-losing maker of Mortal Kombat video games, said Sumner Redstone would buy 1.25 million shares from its departing chairman. Redstone, chairman of No. 3 U.S. media company Viacom Inc., will pay $11.33 a share, or $14.2 million, Midway said in a Securities and Exchange Commission filing. Redstone currently owns 71.4% of Chicago-based Midway. He's buying the shares from Neil Nicastro, who will step down this week. Shares of Midway rose 37 cents to $11.98 on the NYSE.
ENTERTAINMENT
January 24, 2014 | By Meg James
Although he rarely makes it into the office these days, Sumner Redstone continues to collect a handsome executive compensation package. The 90-year-old controlling shareholder of Viacom Inc. received a package valued at $36.2 million in 2013 in his role as executive chairman of the New York cable television and movie company, according to a filing Friday with the Securities and Exchange Commission. That represented a 50% increase over Redstone's 2012 Viacom compensation of $24.2 million.
NEWS
March 4, 1987 | From Reuters
Theater operator Sumner Redstone emerged victorious today in a bidding war for Viacom International Inc. as the large cable and broadcast company agreed to his complicated bid estimated at more than $3 billion. After being pursued for nearly a year by various investors, an independent committee of the Viacom board chose a bid by Redstone's privately held National Amusements Inc. over one submitted by company management. Redstone's group will pay cash of $42.75 a share, preferred stock of $7.
BUSINESS
December 20, 2008 | Bloomberg News
Blackstone Group, Shari Redstone's advisor, has expanded its role in recent weeks to assist National Amusements Inc. in restructuring $1.6 billion in debt, four people familiar with the discussions said. National Amusements is negotiating with its bankers to refinance two $800-million loans, one that was due Friday and another that is due next year.
BUSINESS
November 5, 1996 | From Bloomberg Business News
Viacom Inc. Chairman Sumner Redstone on Monday called "embarrassing" company documents that said its new TV Land channel plans to siphon viewers and advertisers from USA Network. The notes by Nickelodeon President Richard Cronin were introduced as evidence by lawyers for MCA Inc. in a trial over the firms' USA Network partnership.
BUSINESS
February 18, 1987 | PAUL RICHTER)
Viacom International has agreed to provide confidential company information to a firm that has challenged a management-led group's plan to buy out the cable, broadcast and television programming company. Viacom's agreement to disclose the information to National Amusements Inc. was made public in a filing with the Securities and Exchange Commission. National Amusements' filing provided no details on the purpose of the disclosures; neither Viacom nor National Amusements would comment.
ENTERTAINMENT
February 10, 2003 | Gayle Pollard-Terry, Times Staff Writer
When the hubby-to-be is a billionaire -- yes, with a b -- his bride-to-be can surely have anything she wants. Absolutely anything. So why bother registering for wedding gifts? Paula Fortunato, a third-grade teacher at a public school -- yes, public -- in Manhattan, is about to become the second Mrs. Sumner Redstone, the outrageously wealthy boss of Viacom Inc., owner of Paramount Pictures, CBS Television, MTV, Nickelodeon and on and on.
ENTERTAINMENT
August 25, 2006 | PATRICK GOLDSTEIN
I have to admit that when I first read Sumner Redstone's barbed remarks about Tom Cruise on the front page of the Wednesday Wall Street Journal -- especially that wonderfully tart "we don't think someone who effectuates creative suicide and costs the company revenue should be on the lot" -- there was only one person who instantly came to mind: George Steinbrenner.
ENTERTAINMENT
January 9, 2014 | By Joe Flint
After the coffee. Before the first of many trips to Pasadena. The Skinny: The winter version of the Television Critics Assn. press tour kicks off today in Pasadena. Are you as excited as I am? Actually, it's not so bad (good schmoozing and free food) and I love racing up and down the 110 Freeway (hope no traffic cops are reading this). Today's roundup includes Vince McMahon's plans for a WWE network. Also, Viacom and CBS chief talks business and pleasure and a review of IFC's miniseries parody "The Spoils of Babylon.
ENTERTAINMENT
December 3, 2013 | By Richard Verrier
The Sumner M. Redstone Charitable Foundation has made a $20 million gift to the Motion Picture & Television Fund, the nonprofit group that provides healthcare and social services to active and retired entertainment industry workers. The donation from Redstone, who is executive chairman of the board of CBS Corp. and Viacom Inc., brings to about $300 million the amount the fund has raised since February 2012. The fund's goal is to raise $350 million. "For me, it is a privilege to help provide essential services for those who truly drive this industry, so they can continue to focus on bringing entertainment magic to so many around the world," Redstone said.
ENTERTAINMENT
May 27, 2013 | By Meg James
Viacom Chairman Sumner Redstone celebrated his 90th birthday Monday. Friends, family and business associates had planned a surprise Memorial Day birthday party in Los Angeles for the media mogul, even though Redstone has never been a big fan of birthdays -- or surprises. Not to worry. Redstone has plenty of reasons to celebrate this year. Just last week, Viacom stock hit an all time high. Redstone also received an early birthday present from Viacom's board, of which he serves as chairman.
ENTERTAINMENT
May 1, 2013 | By Matthew Fleischer
Viacom Inc. and CBS Corp. Chairman Sumner Redstone may be a billionaire, but according to the U.S. Internal Revenue Service he's also a tax deliquent. Emphasis on the word delinquent. According to a U.S. tax court filing, first obtained by Bloomberg, the IRS says Redstone owes $1.1 million in back taxes, penalties and interest from a series of unreported taxable gifts to his family in 1972. PHOTOS: Hollywood Backlot moments More than four decades later, the IRS wants its money -- saying that Redstone failed to file a return after giving stock in the family's National Amusements Inc. to his son and daughter.
ENTERTAINMENT
February 27, 2013 | By Joe Flint
The more things change, the more they stay the same. On Tuesday, Viacom, parent of MTV, Nickelodeon and Comedy Central, was accused in a lawsuit filed by New York-based cable operator Cablevision Systems Corp. of engaging in anti-competitive and monopolistic business practices. The suit, filed in federal court in New York, charges that Viacom unfairly leverages the strength of its strong networks to get distribution for its weaker channels. "Viacom effectively forces Cablevision's customers to pay for and receive little-watched channels in order to get the channels they actually want," the suit said, adding that such behavior is an abuse of market power and does irreparable harm to the pay-TV industry.
ENTERTAINMENT
February 6, 2013 | By Meg James
Sumner Redstone has joined an elite group of Hollywood heavyweights in cementing his legacy with a prominent USC building named in his honor. The billionaire media mogul gave a $10-million gift to the USC School of Cinematic Arts this year. This week, the university christened a building in its expansive Cinematic Arts complex as the Sumner M. Redstone Production Building. The facility includes 2,600 square feet of production space, including two new soundstages called Redstone 1 and Redstone 2. Filmmakers Steven Spielberg and George Lucas, who both also have buildings in the School of Cinematic Arts complex named after them, USC leaders and other industry titans toasted the 89-year-old Redstone on Tuesday night.
BUSINESS
July 27, 2009 | Meg James and Claudia Eller
Sumner Redstone could soon learn whether the fire sale of much of his family's movie theater chain will raise enough cash to make a looming debt payment -- or force him to resort to a Plan B to salvage his shrinking media empire. Bids for the U.S. theaters owned by Redstone's family firm, National Amusements Inc.
BUSINESS
October 14, 2009 | Claudia Eller and Meg James
Billionaire Sumner Redstone is breathing easier. Although the 86-year-old media mogul faces a $500-million debt payment in the next two weeks, substantial gains recently in the value of his family's shares in Viacom Inc. and CBS Corp. have given Redstone some badly needed leverage with his lenders. Redstone's privately held family holding company, National Amusements Inc., had planned to sell most if not all of its theater circuit to cover the looming debt payment. But with an improvement in his financial position as well as a loosening of the credit markets, Redstone has decided to hold on to the cinemas -- at least for now -- and thus avoids a fire sale of those assets at the bottom of the market, according to people close to Redstone.
ENTERTAINMENT
January 17, 2013 | By Meg James
Billionaire Sumner Redstone has donated $10 million to the USC School of Cinematic Arts. The gift will be earmarked to help further the media production education programs at the school, including a state-of-the-art production facility. Redstone is executive chairman of media companies Viacom Inc. and CBS Corp. The facility will be named the Sumner M. Redstone Production Building. It will be part of the school's new Cinematic Arts Complex, which will be dedicated Feb. 5. Over the years, the 89-year-old mogul has contributed more than $100 million to various institutions and causes, including the Massachusetts General Hospital, USC Keck School of Medicine, Autism Speaks, Cambodian Children's Fund and the Global Poverty Project, among others.
BUSINESS
June 19, 2012 | By Meg James, Los Angeles Times
An anti-bullying initiative that will enable Los Angeles students to anonymously report threats of violence via text message to school officials is scheduled to be introduced next fall through a charitable donation by media mogul Sumner Redstone. The 89-year-old Redstone, chairman of Viacom Inc., which includes MTV Networks and Nickelodeon, and CBS Corp., donated $100,000 to the Safe to Talk Fund program. The money will be used to establish a service called SchoolTipline in the Los Angeles Unified School District.
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