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Shari Redstone

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Shari Redstone
Redstone in 2022
Born
Shari Ellin Redstone

(1954-04-14) April 14, 1954 (age 70)
Washington, D.C., U.S.
EducationTufts University (BS)
Boston University (JD, LLM)
Occupations
Spouse
​
​
(m. 1980; div. 1992)​
[1][2]
Children3[3][4]
ParentSumner Redstone (father)
RelativesMichael Redstone (grandfather)
Brent Redstone (brother)

Shari Ellin Redstone (born April 14, 1954) is an American heiress, businesswoman, and media executive.[5] She is the non-executive chairwoman of Paramount Global (formerly known as ViacomCBS) and chairwoman, president and CEO of National Amusements, and a former vice chair of CBS Corporation[6] and Viacom.[7] Through National Amusements, Redstone and her family hold majority voting power over Paramount Global and its subsidiaries – CBS, Comedy Central, BET, Showtime Networks, Nickelodeon, MTV and the film studio Paramount Pictures.

In 2020, Redstone was named on Time's list of the 100 most influential people in the world.[8] In 2023, she ranked 37th in Forbes list of "World's 100 most powerful women".[9]

Early life

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Redstone is the daughter of Phyllis Gloria Raphael and Sumner Redstone, and the sister of Brent Redstone. Her grandfather was Michael Redstone, who was the original founder of National Amusements, the parent company that now owns the majority of the Redstone media empire. She graduated with a bachelor's degree from Tufts University in 1975. She later received her J.D. degree in 1978 and her LL.M. degree in 1980 from Boston University School of Law.

Redstone practiced corporate law, estate planning and criminal law in the Boston area before joining National Amusements.[10]

Career

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1990s–2016

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Since 1999, she has been president of National Amusements, one of the top ten movie exhibitors in the United States.[11] Redstone has expanded the company's international footprint and its exploration of new technologies.[12][13][14]

In 2007, Redstone and her father feuded publicly over issues of corporate governance and the future of the cinema chain.[15] Documents have been made public which verify that, as part of a settlement from Sumner's first divorce, all of Sumner's stock is in irrevocable trusts that will be left to his grandchildren.[16]

In 2010, Redstone and her partners purchased the theaters that they had built, and formed Rising Star Media,[17] of which she was chairman, and turned it into the country's top-grossing cinema chain.[18] Redstone and her partners then sold Rising Star Media to Russian theater operator Cinema Park in 2011.[19]

In 2011, Redstone became co-founder and managing partner of Advancit Capital LLC,[20] an investment platform focusing on early stage in media, entertainment and technology.[20] She was a co-chairman of MovieTickets.com (before being sold to Fandango Media in 2017),[21] Inc. and is a member of the board of directors and executive committee for the National Association of Theatre Owners (NATO).[21]

2016–present

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On February 3, 2016, her father resigned as CBS executive chairman after questions arose about his mental competency. CBS's board then offered Shari Redstone the position of non-executive chair, but she declined.[22] The CBS board announced that Les Moonves replaced Sumner Redstone as chairman.[23] In 2016, Redstone, who at the time was vice chairperson of CBS and Viacom and president of National Amusements (the controlling shareholder of CBS and Viacom), gave the following statement on succession: "my father's Trust states his intention that I succeed him as (non-executive) Chairman at CBS and Viacom, and also names me as a Trustee after his death." She stated that she wanted the chairs of each company to be "not a Trustee of my father's trust or otherwise intertwined in Redstone family matters," and she nominated Les as the CBS chair.[24]

In February 2016, against Shari Redstone's desires,[25][26][27] Viacom's board of directors named Philippe Dauman, already the CEO and president, the chairman, replacing Sumner Redstone.[23]

In January 2018, The Wall Street Journal reported that Shari Redstone was pushing for CBS to merge with Viacom, with Redstone also gathering names for new board members at CBS.[28]

In August 2019, the Associated Press reported that Shari Redstone had become the chair of the board for the reuniting of CBS and Viacom as ViacomCBS, today known as Paramount Global.[29]

In May 2020, she was named as a defendant in a lawsuit filed by the Bucks County Retirement Fund and the International Union of Operating Engineers, over the perceived "destruction of value" caused by the CBS and Viacom merger.[30] In January 2021, a Delaware judge said former CBS shareholders could sue Shari Redstone for pressuring the company to enter the merger,[31] and in 2022, Redstone and Viacom sued a group of insurers for refusing to cover legal bills incurred by the court battle.[32]

In July 2024, it was announced that Redstone would sell to independent film studio Skydance Media, founded by film producer David Ellison, her family's "controlling" interest in Paramount Global, in a merger agreement that would give birth to a corporation valued approximately $28 billion.[33]

Personal life

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Redstone married and later divorced Rabbi Ira A. Korff,[34] and they had three children:[1][35]

Her ex-husband was president and director of National Amusements until two years after they divorced.[1]

Philanthropy

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As of January 2018, Redstone is a member of the board of directors at Combined Jewish Philanthropies and the board of trustees at Dana Farber Cancer Institute.[21] She is also on the board of directors of The National Center on Addiction and Substance Abuse (CASA) at Columbia University[42] and the John F. Kennedy Library Foundation.[43] Redstone joined the board and executive committee of "Our Time", a mass-membership organization that stands for the economic interests and political inclusion of young Americans aged 18–30. She sits on the local advisory board and executive committee for BUILD, a nonprofit organization that uses entrepreneurship to propel low income youth through high school and into college.[44]

References

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  1. ^ a b c "Former Redstone Son-in-Law Quits Theater Chain". Los Angeles Times. 20 May 1994. Archived from the original on 25 June 2020. Retrieved 24 June 2020.
  2. ^ "Trouble in the House of Redstone". Boston Magazine. Archived from the original on 27 August 2017. Retrieved 4 February 2016.
  3. ^ Steel, Emily (June 2, 2016). "Inside the Battle for Sumner Redstone's $40 Billion Media Empire" – via NYTimes.com.
  4. ^ Prengel, Kate (July 27, 2018). "Shari Redstone: 5 Fast Facts You Need to Know". Archived from the original on March 9, 2021. Retrieved May 30, 2019.
  5. ^ "Shari Redstone". Forbes. 2012-04-18. Archived from the original on June 29, 2013. Retrieved 2014-01-15.
  6. ^ "Sumner M. Redstone". CBS Corporation. Archived from the original on 2015-12-06. Retrieved 2014-01-15.
  7. ^ "Viacom". January 20, 2008. Archived from the original on January 20, 2008.
  8. ^ "Shari Redstone: The 100 Most Influential People of 2020". Time. Retrieved 2020-09-23.
  9. ^ "The World's Most Powerful Women 2023". Forbes.
  10. ^ "List of Private Companies Worldwide, Letter - Businessweek". Investing.businessweek.com. Retrieved 2014-01-15.[dead link‍]
  11. ^ "statisticscircuits". natoonline.org. Archived from the original on 2013-07-01. Retrieved 2014-01-20.
  12. ^ "Shari Redstone Says U.S. Has Too Many Cinemas, 'Thousands' Should Close - Bloomberg". Mobile.bloomberg.com. 2011-07-08. Archived from the original on 2014-01-16. Retrieved 2014-01-15.
  13. ^ "Foxboro, MA: National Amusements Debuts New Upscale Cinema Concept at Patriot Place - The BigScreen Cinema Guide". Bigscreen.com. 6 August 2008. Archived from the original on 2014-01-16. Retrieved 2014-01-15.
  14. ^ "4/30/2002, The Bridge: Cinema De Lux - Almanac, Vol. 48, No. 32". Upenn.edu. 2002-04-30. Archived from the original on 2015-09-08. Retrieved 2014-01-15.
  15. ^ Abelson, Jenn (2007-09-19). "Redstone says he relies on his instinct". The Boston Globe. Archived from the original on 2014-01-16. Retrieved 2014-01-15.
  16. ^ Eller, Claudia (2007-08-02). "Redstone family rift may not be healed". Los Angeles Times. Archived from the original on 2023-09-20. Retrieved 2014-01-15.
  17. ^ Eller, Claudia (2010-01-08). "Shari Redstone buys Russian theaters from her family firm". Los Angeles Times. Archived from the original on 2020-06-25. Retrieved 2020-06-24.
  18. ^ "Shari Redstone's Rising Star Media sold to Russian theater chain". Los Angeles Times. 2011-06-06. Archived from the original on 2014-01-24. Retrieved 2014-01-15.
  19. ^ Lenzner, Robert (2011-09-06). "Shari Redstone Makes Huge Profit By Selling Russian Theaters For $190 Million". Forbes. Archived from the original on 2014-01-16. Retrieved 2014-01-15.
  20. ^ a b James, Meg (2011-08-27). "Shari Redstone launches investment firm Advancit Capital". Los Angeles Times. Archived from the original on 2020-06-27. Retrieved 2020-06-24.
  21. ^ a b c "Shari Redstone". CBS Corporation. Archived from the original on 2014-01-16. Retrieved 2014-01-15.
  22. ^ "Sumner Redstone Resigns as CBS Executive Chairman". Fortune. Reuters. 3 February 2016. Archived from the original on 6 February 2016. Retrieved 4 February 2016.
  23. ^ a b "Viacom names Philippe Dauman as new board chairman, replacing Sumner Redstone". USA Today. 4 February 2016. Archived from the original on 5 February 2016. Retrieved 4 February 2016.
  24. ^ "Shari Redstone | CBS Corporation". www.cbscorporation.com. Archived from the original on 2016-01-15. Retrieved 2016-02-11.
  25. ^ David Lieberman (4 February 2016). "Viacom Names Philippe Dauman Chairman Succeeding Sumner Redstone". Deadline Hollywood. Archived from the original on 5 February 2016. Retrieved 4 February 2016.
  26. ^ "Succession battle engulfs Sumner Redstone's media empire". Financial Times. 4 February 2016. Archived from the original on 11 December 2022. Retrieved 4 February 2016.
  27. ^ Chris Palmeri, Lucas Shaw (4 February 2016). "Viacom's Board Names Dauman Chairman, Replacing Aging Redstone". Bloomberg.com. Archived from the original on 5 February 2016. Retrieved 4 February 2016.
  28. ^ Hagey, Keath (January 17, 2018). "Shari Redstone Wants New CBS Directors, Renews Push for Merger With Viacom". The Wall Street Journal. New York City, New York. Archived from the original on January 18, 2018. Retrieved January 18, 2018.
  29. ^ "CBS, Viacom to reunite as media giants bulk up for streaming". Star-Advertiser. Honolulu. Associated Press. August 13, 2019. Archived from the original on August 13, 2019. Retrieved August 13, 2019.
  30. ^ "Lawsuit: Shari Redstone and National Amusements "Caused CBS to Massively Overpay for Viacom"". Vanity Fair. 2020-05-04. Retrieved 2023-01-10.
  31. ^ Stempel, Jonathan (2021-01-28). "Former CBS shareholders can sue Shari Redstone over ViacomCBS merger". Reuters. Archived from the original on 2023-01-10. Retrieved 2023-01-10.
  32. ^ "Shari Redstone, Viacom Sue Insurers Over Merger Suit's Coverage". news.bloomberglaw.com. Archived from the original on 2023-01-10. Retrieved 2023-01-10.
  33. ^ Hoskins, Peter (July 8, 2024). "Hollywood icon Paramount agrees $28bn merger deal". BBC. Retrieved July 8, 2024.
  34. ^ "The Jewish Post and Opinion, July 18, 1980, Page10". Archived from the original on February 15, 2016. Retrieved February 9, 2016.
  35. ^ William D. Cohan. "Sumner Redstone Shows Yet Another Ex-Girlfriend to the Door". Vanity Fair. Retrieved 4 February 2016.
  36. ^ James, Meg (2016-05-24). "Sumner Redstone trust shakeup: New members are allies of mogul's daughter". Los Angeles Times. Archived from the original on 2020-10-21. Retrieved 2020-10-19.
  37. ^ "ByGeorge!". www2.gwu.edu. Archived from the original on 2017-07-22. Retrieved 2020-10-19.
  38. ^ "Media Mogul's Scion Sees Emojis as Sign of Times | Los Angeles Business Journal". labusinessjournal.com. 6 September 2015. Archived from the original on 2020-10-20. Retrieved 2020-10-19.
  39. ^ "Tyler Korff". Dusenbery Law. Archived from the original on 2020-10-20. Retrieved 2020-10-19.
  40. ^ Borden, Taylor. "An estranged son, a legal battle with a live-in lover, and a mogul who wanted to 'live forever': Meet the heirs to the ViacomCBS empire". Business Insider. Archived from the original on 2020-10-20. Retrieved 2020-10-19.
  41. ^ "Korff continues family Rabbinic tradition". www.thejewishadvocate.com. 15 February 2017. Archived from the original on 2020-10-20. Retrieved 2020-10-19.
  42. ^ "Press Releases". CASAColumbia. Archived from the original on 2013-10-17. Retrieved 2014-01-15.
  43. ^ "Board of Directors - John F. Kennedy Presidential Library & Museum". Jfklibrary.org. Archived from the original on 2014-01-16. Retrieved 2014-01-15.
  44. ^ "Local Advisory Board". BUILD Greater Boston. Archived from the original on 2014-01-16. Retrieved 2014-01-15.

Further reading

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  • Stewart, James B.; Rachel Abrams (2023). Unscripted: The Epic Battle for a Media Empire and the Redstone Family Legacy. New York: Penguin Press. ISBN 9781984879424. OCLC 1365390478.
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