Sumner Redstone

$2.60 B

Ranked #804 in World

About Sumner Redstone

Sumner Murray Redstone, an illustrious American billionaire businessman and media magnate, best known as the founder and chairman of the iconic Viacom and CBS Corporation, passed away at age 97 on August 11, 2020. Born in Boston in 1923, Redstone's remarkable journey began as a Harvard-educated World War II cryptographer, transitioning into a legal career that catalyzed his acquisition of National Amusements. His strategic investments and hostile takeovers reshaped the media landscape, with Paramount Pictures and ViacomCBS under his helm, reflecting a net worth of $2.6 billion by April 2020. Redstone's life, punctuated by an ardent passion for cinema and a contentious succession plan, left an indelible mark on global media and entertainment.

Born

May 27, 1923 in Boston, Massachusetts, US

Died

August 11, 2020 (aged 97)

Source Of Wealth

Media

Industries

Media & Entertainment

Citizenship

United States

Education

Bachelor of Arts/Science, Harvard University; Doctor of Jurisprudence, Harvard University

Spouse

Phyllis Gloria Raphael (Married: 1947; Divorced: 1999), Paula Fortunato (Married: 2002; Divorced: 2009)

Children

Brent Redstone, Shari Redstone

Parent

Belle Ostrovsky, Michael Redstone

Sumner Murray Redstone, born Sumner Murray Rothstein in Boston in 1923, was a second-generation Bostonian. His father, Michael Rothstein, was born in Boston to Galician Jewish parents, while his mother, Bella, was an American-born child of Jewish immigrants from Kyiv. At Sumner's behest, the family surname was changed from "Rothstein" to "Redstone" in 1940.

Redstone attended Boston Latin School and graduated first in his class in 1940. He was accepted to Harvard College on scholarship, where he studied Japanese under Professor Edwin O. Reischauer. His academic pursuits were interrupted when he enlisted in the United States Army during World War II, becoming a second lieutenant and later promoted to first lieutenant.

Redstone worked with a team at the Signals Intelligence Service, decoding Japanese messages. Despite his military service, he managed to complete enough credits at Harvard to earn a Bachelor of Arts in classics and government in 1944. He then attended Georgetown University Law Center before transferring to Harvard Law School, where he received his Bachelor of Laws degree in 1947.

Sumner Redstone: Legal Career

After graduating from law school, Redstone moved to San Francisco to become a clerk with the United States Court of Appeals for the Ninth Circuit. He also taught labor law courses in the evenings at the University of San Francisco School of Law. In 1948, he joined the United States Department of Justice Tax Division as a staff attorney.

Redstone followed his supervisors to private practice in 1950 and became a partner of the firm Ford, Bergson, Adams, Borkland, & Redstone in 1951. He represented plaintiffs in the U.S. Supreme Court case Holland v. United States, which established a policy on the government's burden of proof in tax evasion cases.

Sumner Redstone: Northeast Theatre Corporation (later National Amusements)

In 1954, Redstone joined his father's theater chain, Northeast Theatre Corporation, which had 14 drive-in theaters in five eastern states.

The company was re-incorporated as National Amusements in 1959 to facilitate expansion. Redstone became president of National Amusements in 1967 and increased the company's theater screens from 93 to nearly 250 within 10 years.

Redstone's successful investments in film ventures, such as Star Wars, Columbia Pictures, Orion Pictures, and Paramount Pictures, further boosted the company's growth.

Sumner Redstone: Viacom

In 1985, Redstone began buying stock in Viacom International as a hedge against slow growth in movie theaters. Viacom, which had been spun off from CBS in 1971, owned MTV Networks, Showtime, and The Movie Channel. Redstone gained voting control of Viacom in a hostile takeover for $3.4 billion in 1987.

Sumner Redstone: Paramount Pictures

In 1994, Redstone acquired Paramount Communications (previously Gulf+Western), the parent company of Paramount Pictures. He engaged in a bidding war with QVC and TCI, ultimately raising his bid from $7.5 billion to $10.1 billion. To improve Viacom's financial position, Redstone sold certain assets and replaced the management team at Paramount Pictures.

Under Redstone's leadership, Paramount Pictures produced successful films such as Saving Private Ryan, Titanic, Braveheart, Forrest Gump, and Mission: Impossible. He revitalized the studio with successful franchises like Transformers, Star Trek, and Paranormal Activity. In 2006, Redstone acquired DreamWorks SKG.

Sumner Redstone: CBS

Redstone acquired CBS Corporation in 2000 and spun it off as a separate company in 2005. He served as chairman of both CBS and Viacom after the split. In 2019, CBS and Viacom merged again.

Sumner Redstone: Succession

Redstone's trusts indicated that his daughter, Shari Redstone, would assume his role upon his death. However, public disagreements arose between them over corporate governance and the future of the cinema chain. In 2010, Redstone announced that all of his stock would be left for his five grandchildren.

Sumner Redstone: Holdings

At the time of his death, Redstone owned over 70% of the voting interest of ViacomCBS and controlled the company through National Amusements.

He sold his holdings of Midway Games in 2008.

Sumner Redstone: Books

Redstone published his autobiography, "A Passion to Win," in 2001, detailing his life and business ventures. Another book, "Unscripted: The Epic Battle for a Hollywood Media Empire" by James B. Stewart and Rachel Abrams, tells the story of the Redstone dynasty.

Sumner Redstone: Political Views

Redstone was a longtime Democratic supporter but endorsed Republican George W. Bush in the 2004 presidential election. He donated to various political campaigns and causes.

Sumner Redstone: Philanthropy

Redstone contributed over $150 million to various philanthropic causes. He supported cancer research, burn recovery, poverty alleviation, children's welfare, autism research, and education.

Sumner Redstone: Personal Life

Redstone married Phyllis Gloria Raphael in 1947, and they had two children: Brent and Shari Redstone. The couple divorced in 1999, and Redstone married Paula Fortunato in 2002, only to divorce her in 2009.

Redstone suffered severe burns in a hotel fire in 1979 but made a remarkable recovery. He was involved in a controversial incident involving an attempt to find the source of an embarrassing leak within MTV. In 2015, he split with his live-in girlfriend Sydney Holland, and in 2019, he settled with former live-in companion Manuela Herzer.

Sumner Redstone: Death

Sumner Redstone passed away at the age of 97 on August 11, 2020, in Los Angeles. The cause of death was not disclosed. The film Mission: Impossible – Dead Reckoning Part One is dedicated to his memory.

Wealth History

Timeline

1923

Sumner Murray Rothstein is born in Boston.

1940

Family surname changed from "Rothstein" to "Redstone" at Sumner's behest.

1944

Completes enough credits at Harvard to earn a Bachelor of Arts in classics and government.

1947

Receives Bachelor of Laws degree from Harvard Law School.

1948

Joins the United States Department of Justice Tax Division as a staff attorney.

1950

Follows supervisors to private practice.

1951

Becomes a partner of the firm Ford, Bergson, Adams, Borkland, & Redstone.

1954

Joins his father's theater chain, Northeast Theatre Corporation.

1959

Northeast Theatre Corporation re-incorporated as National Amusements for expansion.

1967

Redstone becomes president of National Amusements.

1971

Viacom spun off from CBS after FCC regulations prohibited television networks from syndicating their own programs.

1979

Suffered severe burns in a hotel fire but made a remarkable recovery.

1985

Began buying stock in Viacom International as a hedge against slow growth in movie theaters.

1987

Redstone won voting control of Viacom in a hostile takeover for $3.4 billion.

1994

Acquired Paramount Communications (previously Gulf+Western), parent of Paramount Pictures.

1999

Divorced Phyllis Raphael.

2000

Acquired CBS Corporation.

2001

Published autobiography, "A Passion to Win," detailing his life and business ventures.

2002

Married Paula Fortunato.

2005

CBS Corporation spun off as a separate company.

2006

Acquired DreamWorks SKG.

2008

Sold holdings of Midway Games.

2009

Divorced Paula Fortunato.

2010

Announced that all of his stock would be left for his five grandchildren.

2015

Split with live-in girlfriend Sydney Holland.

2019

CBS and Viacom merged again.

2019

Settled with former live-in companion Manuela Herzer.

August 11, 2020

Passed away at the age of 97 in Los Angeles.

Sumner Redstone : FAQs

What is Sumner Redstone's net worth?

As of 2020, Sumner Redstone's net worth was $2.60 billion.

What are Sumner Redstone's main sources of wealth?

Sumner Redstone's main source of income comes from Media.

In which industry does Sumner Redstone primarily operate?

Sumner Redstone is primarily involved in the Media & Entertainment industry.

What is Sumner Redstone educational background?

Sumner Redstone holds a Bachelor of Arts/Science from Harvard University and a Doctor of Jurisprudence from Harvard University.

Is Sumner Redstone dead?

Yes, Sumner Redstone died on August 11, 2020 (aged 97).

How many children does Sumner Redstone have?

Sumner Redstone has 2 children.

Who was Sumner Murray Redstone and what was his impact on the media industry?

Sumner Murray Redstone was an American billionaire businessman and media magnate, known for being the founder and chairman of Viacom and CBS Corporation. He played a pivotal role in shaping the entertainment landscape by controlling a wide array of media networks, movie studios, and broadcasting companies, including Paramount Pictures and various cable networks. His leadership transformed ViacomCBS into a global media powerhouse.

How did Sumner Redstone begin his career and eventually lead Viacom and CBS?

Sumner Redstone began his career in the legal field before joining his father's theater chain, National Amusements. He then strategically invested in Viacom International in 1985 and took control in a hostile takeover in 1987. His business acumen also led him to acquire CBS Corporation and merge it with Viacom, creating a significant force in the media industry.

What key acquisitions did Sumner Redstone make to expand Viacom's portfolio?

Sumner Redstone made numerous strategic acquisitions to expand Viacom's portfolio, including the hostile takeover of Viacom itself, the purchase of Paramount Communications, the acquisition of CBS Corporation, and the negotiation to acquire DreamWorks SKG. These moves were crucial in establishing Viacom as a leading entertainment company.

What were some of Sumner Redstone's contributions to philanthropy?

Sumner Redstone was deeply committed to philanthropy, contributing over $150 million to various causes such as cancer research, burn recovery, poverty alleviation, children's welfare, autism research, and education, showcasing his dedication to giving back to the community and supporting vital research and aid projects.

What was the legacy of Sumner Redstone following his death in 2020?

Following his death in 2020, Sumner Redstone's legacy was remembered as that of a visionary media mogul who significantly impacted the entertainment industry. He left his mark through the transformative growth of ViacomCBS, philanthropic contributions, and a leadership style that both challenged and defined modern media conglomerates. His influence continues through the works of ViacomCBS and the charitable endeavors he supported.