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%.
August 24, 2006 |
Viacom Inc. Chairman Sumner Redstone was strutting Wednesday, the day after his harsh public dismissal of superstar Tom Cruise sent shivers through Hollywood and destroyed the feel-good spirit that had imbued his company's Paramount Pictures studio this summer. For Redstone, a slight bump in Viacom's stock price Wednesday outweighed any hangover that his blunt remarks may have caused.
October 14, 2008 |
Billionaire Sumner Redstone's National Amusements Inc. said Monday that it had sold $233 million worth of stock in Viacom Inc. and CBS Corp. to raise cash to comply with debt covenants -- $167 million less than the company said three days earlier that it would need.
March 14, 2007 |
CBS Corp. Chairman Sumner Redstone, bowing to shareholder complaints that company directors and top executives were overpaid, cut his salary and cash bonus for 2007 and linked his compensation to the stock's performance. CBS also said in a statement Tuesday that it resolved a case with shareholders who filed a complaint in 2005 charging the company with overpaying top executives.
January 30, 2002 |
The well-publicized clash of egos at the top of Viacom Inc. could come to a head today at a meeting of the board of directors in New York and set the stage for the departure of company's No. 2 executive Mel Karmazin, according to several sources close to the situation. The board hopes to resolve a standoff between Viacom Chairman and Chief Executive Sumner Redstone and his chief operating officer, Karmazin.
August 25, 2006 |
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.
September 26, 2006 |
Viacom Inc. Chairman Sumner Redstone might be a little poorer -- but just a little. The corporate parent of MTV, Comedy Central and Paramount Pictures announced Monday that Redstone's 2007 salary and bonus would not exceed $4.5 million, down from as much as $9.1 million. The pay cut is designed to make Redstone's compensation similar to packages awarded to Philippe Dauman and Thomas Dooley, two longtime Redstone confidants who replaced recently fired Chief Executive Tom Freston.
September 13, 1993 |
One grew up as a star athlete and scholar in suburban New Jersey, the son of a chemical engineer. The other went to swank private schools, with a big-time Hollywood producer and executive for a father. One is known for grace under pressure. The other has a pressure-cooker personality. Frank Biondi, the chief executive of Viacom Inc., and Stanley Jaffe, the president of Paramount Pictures, are a study in contrasts.
July 27, 2007 |
American presidents can serve only two terms. In baseball, even a great slugger is lucky to get a seven-year contract. But at Viacom, Sumner Redstone is apparently king for life.