August 15, 2007 |
Media conglomerate Viacom Inc., which owns BET and MTV, announced a donation Tuesday valued at $1.5 million to help build a memorial to Martin Luther King Jr. on the National Mall in Washington. Viacom pledged $1 million in cash plus promotions for the memorial that will include public service announcements across the company's networks and its billboards in New York's Times Square, Chief Executive Philippe Dauman said.
August 3, 2007 |
Viacom Inc. posted a bigger-than-expected quarterly profit Thursday, boosted by DVD sales and the box-office hit "Shrek the Third," sending shares up 4%. Executives at the New York-based owner of MTV Networks, Paramount movie studios and the Nickelodeon cable channels also expected U.S. cable network advertising to improve in the third quarter, from a 4% gain in the second quarter. Viacom's second-quarter profit fell less than 1% to $434 million from $437.3 million a year earlier.
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 28, 2007 |
A Massachusetts state judge Friday dismissed a lawsuit brought against Viacom Inc. Chairman and Chief Executive Sumner Redstone by his nephew, ruling that the plaintiff's allegation that he was defrauded by his uncle "arrived more than two decades too late." Michael Redstone, 50, claimed that he and his late sister, Ruth Ann, were cheated out of their shares of the Redstone family business in two stock sales his uncle engineered in 1972 and 1984.
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.
July 20, 2007 |
Viacom Inc.'s BET Networks named Scott Mills president and chief operating officer. Mills, who joined BET in 1997, most recently served as chief financial officer and head of digital media. Michael Pickrum was named to replace him as CFO and Denmark West will become head of digital media, according to a company statement. The network is pushing for growth in its digital businesses, including websites and the sale of shows over mobile devices. Mills helped create BET Mobile.
July 20, 2007 |
Shari Redstone first got the impression that there might be a move afoot to force her out of her family's media empire last summer when she failed to receive notices of some board meetings. Now, it could happen. At a time when she's planning for what should be a joyous family event -- the September wedding of her 25-year-old daughter -- Redstone, 53, is immersed in a bitter feud with her media mogul father, Sumner. The dispute could see her sever ties to CBS Corp. and Viacom Inc.
July 14, 2007 |
Google Inc. Chief Executive Eric Schmidt says he plans to aggressively fight a $1-billion lawsuit from entertainment company Viacom Inc., saying the technology company has been obeying the law with its YouTube video-sharing service. Viacom has claimed that YouTube is a massive center of copyright infringement because it allows users to upload video clips from Viacom properties such as Comedy Central and Nickelodeon.