October 15, 2008 |
The bitter feud between billionaire Sumner Redstone and his daughter, Shari, erupted again Tuesday over the murky circumstances surrounding the sale of $233 million in non-voting Viacom Inc. and CBS Corp. shares by the family's privately held National Amusements Inc. Friday, National Amusements disclosed that it needed to raise cash to comply with debt covenants on a $1.6-billion loan. The purpose of the loan is unclear, and the firm has declined to provide an explanation.
October 11, 2008 |
Billionaire Sumner Redstone got caught in the credit crunch Friday. The 85-year-old mogul, who has long bragged about his financial savvy and competitive drive, was forced to sell a fifth of his family's stake in his two media companies -- Viacom Inc. and CBS Corp. -- on a day when the companies' shares were trading at record lows. It shows that even the wealthiest people are not immune to the meltdown in the markets and are being thrust into once-unimaginable situations.
June 24, 2008 |
CBS Corp., the broadcaster controlled by billionaire Sumner Redstone, acquired about 78% of CNet Networks Inc. through a tender offer after the companies agreed to a $1.8-billion takeover in May. About 119.2 million CNet shares were tendered as of Friday, CBS said. The firm will acquire CNet's remaining shares through an offer expiring at midnight Wednesday.
August 2, 2007 |
Was Sumner Redstone's obsession with the creator of the video game "Mortal Kombat" the root of the unfolding family drama that has pitted the media mogul against his daughter and onetime heir apparent, Shari Redstone? People who know them both suggest that the billionaire's dealings in the second-tier video game company Midway Games Inc. was a flashpoint in their ruptured relationship.
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.
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.
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.
July 21, 2007 |
The conflict between media mogul Sumner Redstone and his daughter, Shari, broke into open warfare Friday when he publicly disparaged her as having made "little or no contribution" to the entertainment empire he built, which includes Viacom Inc. and CBS Corp. Redstone's comments, in a letter to Forbes magazine, and a subsequent statement issued on behalf of his daughter provide new insights into the mounting family feud over control of the media empire.
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.
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.