Media Mogul Sumner Redstone Dead At 97
• Sumner Redstone, Chairman Emeritus of ViacomCBS, who built his family’s modest drive-in theater chain into a multibillion-dollar media empire encompassing CBS and Viacom and later became the center of a jilted lover’s lawsuit that nearly cost his family his financial legacy died Tuesday, August 11 at his home in Los Angeles. Redstone, who often boasted that he would live forever, got close — he was 97.
Redstone’s passing was announced in a statement from his company, National Amusements, which described its founder as “the self-made businessman, philanthropist and World War II veteran who built one of the largest collections of media assets in the world.” The statement continued, “Over the course of his distinguished life and career, Sumner played a critical role in shaping the landscape of the modern media and entertainment industry. At National Amusements, he transformed a regional theater chain into a world leader in the motion picture exhibition industry. Sumner was also a keen investor who took stakes in a variety of companies, including Viacom Inc. and CBS Corporation — today merged as ViacomCBS — which he built into prominent, international and industry-leading conglomerates in the media industry.”
Redstone’s daughter Shari Redstone, Chair of ViacomCBS, said, “My father led an extraordinary life that not only shaped entertainment as we know it today, but created an incredible family legacy. Through it all, we shared a great love for one another and he was a wonderful father, grandfather and great-grandfather. I am so proud to be his daughter and I will miss him always.”
According to CNBC, Redstone’s health had been the focus of much speculation in his later years. With CBS and Viacom in merger talks in the spring of 2018, The Wall Street Journal reported that he was unable to speak much. Citing people who had been with him, the newspaper said the notoriously autocratic Redstone had an iPad connected to buttons to activate his recorded voice uttering “yes,” “no” and “f— you.”
ViacomCBS CEO Bob Bakish said of Redstone, “Sumner Redstone was a brilliant visionary, operator and dealmaker, who single-handedly transformed a family-owned drive-in theater company into a global media portfolio. He was a force of nature and fierce competitor, who leaves behind a profound legacy in both business and philanthropy. ViacomCBS will remember Sumner for his unparalleled passion to win, his endless intellectual curiosity, and his complete dedication to the company. We extend our deepest sympathies to the Redstone family today.” [Photo: Business Wire]
