October 22, 2008 |
Media magnate Sumner Redstone has filed for divorce from his wife of five years, Paula Fortunato, citing irreconcilable differences. The split comes as the 85-year-old chairman of Viacom Inc. and CBS Corp. faces financial difficulties. His family-owned holding company, National Amusements Inc., is scrambling to restructure $1.6 billion in debt after it violated the covenants of its bank agreements.
CALIFORNIA | LOCAL
April 19, 2007 |
Billionaire media mogul Sumner M. Redstone on Wednesday announced pledges totaling $105 million to three medical centers involved in the research and treatment of burns and prostate cancer -- ailments with which the Beverly Hills resident has had personal experience. The Viacom Inc. executive chairman said he would give $35 million apiece to the Cedars-Sinai Prostate Care Center in Los Angeles; FasterCures/The Center for Accelerating Medical Solutions, based in Washington, D.C.
February 14, 2006 |
An ugly feud has erupted in one of the media's reigning dynasties, with the son of mogul Sumner Redstone filing a lawsuit that seeks to dissolve his father's $8-billion company and cash out his own one-sixth stake. In a lawsuit filed last week in a Maryland Circuit Court, Brent Redstone accused his father and sister, Shari Redstone, of "self dealing" and "misappropriating millions of dollars" from National Amusements Inc. The Dedham, Mass.
July 30, 2007 |
Thirteen years ago, when Sumner Redstone was busy building Viacom Inc. into a media powerhouse and needed a helping hand to run the family's theater chain, he turned to his daughter, Shari Redstone, who was home raising her three children. When theater circuits began going belly up in the late 1990s, it was Shari who kept National Amusements Inc. on track. She expanded the company globally, taking National into Russia and Latin America.
September 11, 1993 |
When Sumner M. Redstone in 1986 first bought a small chunk of the cable television and programming giant Viacom, company executives ordered up a Dun & Bradstreet report on him. What they wanted to know was: Who is this guy? Whatever anonymity the billionaire New Englander enjoyed back then is surely gone now. Assuming a tentative $16.
October 5, 1993 |
Throwing extra weight behind its bid for Paramount Communications Inc., Viacom Inc. secured a $1.2-billion investment from Nynex Corp. on Monday in a move the companies hailed as an important "strategic relationship" between an entertainment giant and a telephone company. The deal, following a similar $600-million investment in Viacom by Blockbuster Entertainment last week, forms a unique three-way partnership as technology promises to reshape the entertainment industry.
July 23, 2007 |
In his twilight years, Sumner Redstone should be relaxed, fulfilled and enjoying the fruits of his labor. From a hardscrabble upbringing in a working-class neighborhood in Boston, Redstone has amassed a personal fortune of about $8 billion, making him one of America's richest men. The entertainment empire he built is among the world's largest, with CBS, Paramount Pictures, Showtime, MTV, Comedy Central and Nickelodeon.
September 8, 1999 |
Viacom Inc. Chairman Sumner Redstone could not keep it bottled up: Just as Mel Karmazin, chief executive of CBS Corp., was describing his strategic vision for the merged CBS and Viacom for a national television audience, Redstone blurted out: "I'm in control! Remember--I'm in control!"
September 16, 1993 |
Just when Paramount Pictures was beginning to stabilize under the 10-month reign of movie chairman Sherry Lansing, the studio was purchased this week by Viacom Inc. in a multibillion-dollar deal that will transform the studio's parent company into a mega-media giant.
July 29, 2009 |
As if a tough earnings report for Viacom Inc. and the looming debt issues of National Amusements Inc. weren't enough of a headache for Sumner Redstone this week, he's also dealing with the latest legal fight involving his fractious family. Today marks the third and final day of testimony in a lawsuit by the Viacom and CBS Corp. chairman's nephew Michael Redstone against his father, Edward, and uncle Sumner.