December 3, 2013 |
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.
May 27, 2013 |
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.
May 1, 2013 |
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.
February 27, 2013 |
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.
February 6, 2013 |
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.
January 17, 2013 |
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.