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Sumner M Redstone

BUSINESS
September 28, 1993 | KATHRYN HARRIS, TIMES STAFF WRITER
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.
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BUSINESS
September 28, 1993 | ALAN CITRON and JOHN LIPPMAN
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.
BUSINESS
February 1, 2002 | SALLIE HOFMEISTER, TIMES STAFF WRITER
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.
BUSINESS
March 16, 2007 | Dawn C. Chmielewski, Times Staff Writer
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.
BUSINESS
April 23, 1997 | JAMES BATES, TIMES STAFF WRITER
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%.
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.
BUSINESS
August 24, 2006 | Meg James and Sallie Hofmeister, Times Staff Writers
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.
BUSINESS
October 14, 2008 | Meg James, Times Staff Writer
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.
BUSINESS
March 14, 2007 | From Bloomberg News
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.
BUSINESS
January 30, 2002 | SALLIE HOFMEISTER, TIMES STAFF WRITER
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.
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