January 18, 1996 |
Viacom Chairman Sumner Redstone's decision to oust his right-hand man and heir apparent, Frank Biondi Jr., and take over his duties as chief executive of the company is a puzzle to industry observers and Wall Street analysts. Whether the 72-year-old billionaire is suited to running the day-to-day operations of one of the world's largest entertainment companies remains to be seen.
January 19, 1996 |
Sumner Redstone has proven his staying power time and time again. There's the well-worn classic of how he escaped a fire at a Boston hotel by hanging from the ledge of a third-story window, later undergoing 60 hours of skin graft surgery. There are the two bruising bidding wars that built his chain of family movie theaters into the nation's third-largest media company--winning Viacom in 1987 and beating out mogul Barry Diller for Paramount Communications Inc. in 1994.
March 5, 1994 |
Redstone to Make Paramount Tour: Executives on the Paramount Pictures lot are referring to Monday morning as "stand tall time." That's because Viacom Chairman Sumner Redstone and Chief Executive Frank Biondi will pay their first visit to the studio since acquiring its parent company in a brutal takeover battle. The Redstone-Biondi wake-up call comes at 9 a.m., roughly an hour earlier than business usually commences.
October 23, 1993 |
Viacom Inc. Chairman Sumner Redstone, under pressure from Wall Street to raise his bid for Paramount Communications Inc., has told his directors that he will not bring any additional investors into the Viacom camp, knowledgeable sources said Friday. Redstone's position, reportedly outlined at Viacom's Thursday board meeting, led analysts to question whether Redstone is willing to match or better a rival bid from QVC Network Inc.
September 28, 1993 |
The drama over Paramount Communications Inc. took a new turn Monday, as Viacom Chairman Sumner Redstone said he will make another strategic move within days and the Paramount board continued to hold QVC at bay over the issue of financing. Redstone's comments came as he and Paramount Chairman Martin S. Davis intensified the defense of their friendly deal against QVC's challenge. "In the next 72 hours, we expect some of our plans to become evident," the Viacom chief said. He refused to elaborate.
September 28, 1993 |
For people watching the Paramount Communications circus, one of the best sideshows is the battle of the investment banking stars. It's got chills (reputations are on the line), thrills (what's the strategy?) and even some well-known animal acts (names withheld for obvious reasons). Representing Paramount are Felix G. Rohatyn and Steven Rattner of Lazard Freres & Co. Viacom's friendly bid is being handled by Smith Barney Shearson's Robert Greenhill and Bear Stearns' Alan (Ace) Greenberg.
February 1, 2002 |
A day after Viacom Inc.'s board of directors ordered Chief Executive Sumner Redstone and second-in-command Mel Karmazin to reconcile their differences and work as a team, many company executives and money managers doubted the truce would hold. One source close to the company predicted that "Sumner will bite his thumb off in frustration" if he has to watch from the sidelines as Karmazin continues to run the company's daily operations.
March 16, 2007 |
Media mogul Sumner Redstone has had a love-hate affair with YouTube Inc. this week. No sooner had one company he controls, Viacom Inc., sued the online video site for $1 billion than CBS Inc., which he also controls, struck a major deal with it. Under an agreement announced Thursday, YouTube will show CBS clips from the March Madness NCAA basketball tournament.
April 23, 1997 |
Bill Fields, the much-touted retailing executive recruited by Viacom Inc. last year to turn around its ailing Blockbuster Entertainment video chain, abruptly resigned Tuesday amid worsening results that Viacom Chairman Sumner Redstone said blindsided him. The Fields disclosure came in a three-part announcement that shook Wall Street. Viacom also disclosed that Blockbuster's critical cash-flow results would be off by as much as 20%.
February 10, 2003 |
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.