April 29, 1998 |
Viacom Inc. Chairman Sumner Redstone, who turns 75 next month and shows no signs of slowing down, controls one of the world's largest entertainment companies and is still regarded as one of the industry's shrewdest and most aggressive media moguls. A Harvard-educated lawyer, Redstone took over his family's Boston-based movie theater business in the mid-1950s, building it into the largest privately held chain in America, with more than 1,110 screens worldwide.
August 28, 2006 |
When Viacom Inc. Chairman Sumner Redstone belittled Tom Cruise last week by publicly evicting him from his company's Paramount Pictures studio, the 83-year-old Los Angeles billionaire dealt a body blow to the world's largest talent agency.
September 29, 2005 |
A few years ago, Paula Redstone was teaching third grade. Now she's going back to school -- at two of the TV networks run by her husband, billionaire Sumner Redstone. An entertainment neophyte who married Redstone in 2003, the former Paula Fortunato, 43, has lately been studying the business by spending a few days a week in the Los Angeles offices of UPN and Nickelodeon, two networks in the sprawling Viacom Inc. empire controlled by her 83-year-old husband.
October 15, 2009 |
A year after it looked like Sumner Redstone's media empire might collapse under a mountain of debt, the 86-year-old mogul found a way to keep his grip on Viacom Inc., CBS Corp. and other prized assets. On Wednesday, Redstone's privately held National Amusements Inc., the controlling shareholder of Viacom and CBS, said it would sell nearly $1 billion in stock in those companies to help retire $1.46 billion in debt. Redstone plans to sell all of his nonvoting shares in the two entertainment giants -- which could yield as much as $600 million from Viacom and as much as $345 million from CBS. The proceeds would allow Redstone to more than cover a $500-million debt payment due this month.
January 2, 2000 |
Who will make big news in the business world this year? Who will emerge from relative obscurity to become a major player? To start the new year, Times business reporters selected people from their beats who they believe will be among those to watch in 2000--in Southern California, across the country and around the world. Some are well known, having made big news in previous years. Others are not exactly household names but nevertheless are likely to make a major impact in their fields.
December 30, 2005 |
Sumner Redstone placed his stake in Midway Games Inc. into a new company controlled by his daughter, Shari Redstone, in an effort to free him from $425 million of debt. The shift will place the stake in Sumco Inc., according to a filing with the Securities and Exchange Commission. Sumco will assume shares that had been used as collateral by Redstone for a loan from Citigroup Inc.
December 25, 2003 |
Viacom Inc. Chief Executive Sumner Redstone's plan to purchase more shares in Midway Games Inc., the maker of Mortal Kombat and other video games, was cleared by the Federal Trade Commission. The FTC decision to end a review of the transaction may give Redstone, Midway's biggest shareholder, enough stock to take the company private.
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.