shari redstone political contributions

The media heiress, who defeated a series of rivals to win control of ViacomCBS in 2019, found herself caught up in a stunning stock reversal that almost overnight has shaved about $670 million from her personal net worth. $100. He has made how he feels about me perfectly clear., In September 2014, according to Herzers complaint, Sumner was briefly hospitalized, resulting in a major dispute with Shari about his treatment. ! and she noted that her father thinks the threat of not being allowed to go to his funeral will motivate me. In July 2015, after she met with her father in Los Angeles, she wrote Tyler that your grandfather says I will be chair over his dead body., Herzers lawsuit alleges that Shari had the nurses around her father spy on Herzer and turn Sumner against her, in an effort to eliminate her and Holland from his life. Meanwhile, the media industry was rapidly consolidating. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy. Currently, she serves as the chairperson of ViacomCBS after she oversaw the merging of CBS and Viacom Inc in 2019. Change the plan you will roll onto at any time during your trial by visiting the Settings & Account section. Meg James is a senior entertainment industry writer for the Los Angeles Times. The political affiliations of Viacoms board and senior management, however, could undercut the credibility of any action the board may take. 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CBS's board then offered Shari Redstone the position of non-executive chair, but she declined. Redstone is the daughter of Phyllis Gloria Raphael and Sumner Redstone, and the sister of Brent Redstone. Sumner and Shari E. Redstone in 2012. Shari Redstone is a media executive with wide-ranging experience in the entertainment industry and related ventures. A .gov website belongs to an official government organization in the United States. Donate Today. 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. The only Republican candidates the Viacom chief has supported directly are Senator Hatch of Utah, whom he gave $2,000, and Senator McCain of Arizona, who got $1,000 from him. Sumner Redstone, executive chairman of CBS and Viacom, pulled in $93.4 million this past fiscal year. EVER!! The merger will reunite the companies Sumner Redstone broke apart in 2006 and create a company with more than $28 billion in revenue to better compete with the entertainment world's behemoths. A $300-million (minimum) gondola to Dodger Stadium? The changing economics have created a sense of urgency among major Hollywood studios to fortify themselves by bulking up. Fox's best efforts to keep the 92-year-old media moguland his son Lachlan off the stand appear to be faltering, with the judge saying he wouldn't stand in the way of Dominion subpoenaing the Murdochs. So when Dauman proposed selling Paramount to a Chinese company in early 2016, Shari Redstone dug in for a fight. Any changes made can be done at any time and will become effective at the end of the trial period, allowing you to retain full access for 4 weeks, even if you downgrade or cancel. All Rights Reserved. We need more women in leadership positions.. The price to earnings ratio is 7. Herzer is seeking $100 million in compensatory damages as well as treble and punitive damages under RICO Bakish and CBS acting chief, Joseph Ianniello, must fuse together two different cultures and navigate the shift to streaming services. None of the members of Viacoms board consented to be interviewed for this story. Advertisement Sumner Redstone handed a media empire to his daughter, Shari, who now controls its fate. One large CBS investor, Franklin Templeton, sold its longtime stake in the network, rather than stick around to see whether Shari can force a deal to be done. As many of my most loyal readers know, I've been predicting this for years. In July, Mr. Freston and Mr. Moonves replaced Mel Karmazin, another prolific Democratic donor, who left the company after reportedly clashing with Mr. Redstone. Its the story of a person who was mistreated by her father, said the source who recently noted Sumners physical condition, and has known the father and daughter for an extensive period of time. % Shari Redstone Chairman; ViacomCBS Shari E. Redstone joined the board of CBS in 2004. His daughter, Shari Redstone, has effectively controlled Viacom and CBS for several years as Sumner Redstone has dealt with healthRead More Paramount chief Shari Redstone attended alongside Neeraj Khelmani, Gayle King, Norah O'Donnell, Tony Dokoupil and Nate Burleson. Rupert Murdoch May Be Forced to Testify in Dominion's Defamation Suit Against Fox. Shari Redstone has spent much of this year trying to re-merge CBS and Viacom over the objections of CBS CEO Les Moonves, who has stepped down over accusations of sexual harassment. The main trust owns controlling shares in National Amusements, which in turn controls about 80 percent of the voting rights in ViacomCBS, the company that resulted from a 2019 merger led by Ms. Redstone. The board needs to be involved, so to speak, prophylactically, a business ethics specialist at the Conference Board, Ronald Berenbeim, said. Name & Location: Employer/Occupation: Dollar Amount: Date: Primary/ General: Contibuted To: REDSTONE, SHARI E . By then, a new combatant had entered the fray: Brent Redstone, Shari Redstones brother, who sued their father in 2006, seeking to break up National Amusements while claiming that he had been cast aside in favor of his sister. That's a market cap of $25.4 billion, less than this year's expected sales of $26 billion. As a condition of the September 2018 settlement, she agreed to not try to orchestrate a merger with Viacom for at least two years. Shari Redstone won a round in her fight with . Shari Redstone has three children: Kimberlee, Brandon, and Tyler. university Kimberlee, 38, is a lawyer. CBS independent board members filed suit to strip the Redstones of their voting control. One member of the Viacom board who has attracted considerable attention in recent months is Mr. Redstones daughter and possible successor, Shari. . Redstone herself has agitated for an even bolder streaming strategy through Paramount Plus, the company's flagship streaming service, according to company insiders. Most referred questions to a Viacom spokesman, Carl Folta. Wrote Herzer in her complaint, Sumner soon began making clear through public statements that he did not want Shari to exert influence over Viacom or CBS or to replace him as the head of Viacom or CBS. In February 2007, Sumner wrote the trustees of one of his trusts that Shari does not have the requisite business judgment and abilities to serve as chairman of the three companies: National Amusements, Viacom, or CBS. Around that time, Ms. Redstone and Mr. Redstone made peace. Mr. Redstone, who once told a reporter that his daughter was the love of my life, dangled the possibility of her winning control of his empire only to pull back when she seemed to be gaining power and influence. Even when she was named its president in 1999, Mr. Redstone was unequivocally the boss. She's now ready to close . According to federal records, she has given exclusively to Democrats in recent years, though not as prolifically as her father. In 2006, Ms. Redstone became nonexecutive vice chairwoman of both CBS and Viacom. In the 2000 presidential campaign, Mr. Moonves, who oversees CBS, gave $1,000 each to Mr. Gore and Senator Lieberman of Connecticut. The Redstone family investment firm, National Amusements Inc., controls nearly 80% of CBS and Viacoms voting shares. Learn how to enable Javascript in your browser. endobj How Work Marketplace Site Upwork Makes Life More Accessible For Freelance Worker Shari Stephens, Hedge Fund Stock Dump Crushes The Soaring Fortunes Of ViacomCBS Shari Redstone, To Boldly Go Where All Have Gone Before: ViacomCBS Bets On Star Trek To Launch Paramount+, End Of The Drama: Sumner Redstones Death Leaves Only One Intrigue For ViacomCBS, ViacomCBSs Downward Spiral Is Accelerating As Talk Of Unraveling Grows, From Newcomer Ava DuVernay To Veteran Oprah, Meet 2019s Most Powerful Women In Entertainment, MacKenzie Bezos Makes Forbes 400 Debut; Shari Redstones Forbes Exclusive: Your ForbesWomen Updates, Exclusive: For the First Time Shari Redstone Tells Her Side Of The Battle To Merge Viacom And CBS, The Labors Of Shari Redstone: Reclaiming A Family Legacy, Shari Redstones Dream Fulfilled; Why Your Business Vision Needs Support; Alexis Ohanian Pushes For Parental Leave: Your ForbesWomen Updates, CBS And Viacom Announce Plans To Merge, Finally Fulfilling Shari Redstone's Dream On 3rd Try, Shari Redstone And The Living Legacy Of Her Father's Media Empire. Explore current and historic federal campaign finance data on the new fec.gov. Shari Redstone's scorching rise to become the family's second media billionaire has come to crashing halt. Its awesome. But her path to power, like most things involving the Redstone family, was contentious. Su padre, Sumner Redstone, la haba considerado pblicamente como una 'don nadie', que contribua. If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for 65 per month. The Sun has neither altered nor updated such articles but will seek to correct any errors, mis-categorizations or other problems introduced during transfer. {xO$S]%&7g>r=g8` All rights reserved. But Shari Redstone has managed to hang on to her 20% stake in the family business. So far, Sharis latest effort to force the merger of CBS and Viacomboth of which Sumner still controls through his voting shareshas cost the Redstone family some $600 million, and CBSs other shareholders another $6.5 billion, as the price of the networks stock has sunk from around $70 a share to around $50 as investors anticipate a deal. In 1999, another board member, investor Jan Leschly, gave $350 to a former New Jersey governor, Christine Todd Whitman, for a Senate bid. 48, No. I am so proud to be his daughter and I will miss him always.. Redstone's father, Michael (Mickey), was a liquor wholesaler, nightclub owner . In his most consequential battle, he took on his daughter, Shari E. Redstone. She has gotten it to the point where the bid and the ask spread is down to around $3 billion. Paramount head Shari Redstone and CEO Bob Bakish put big energy into their announcements, touting big subscriber numbers for Paramount+, and a firehose of content into streaming. According to Herzers lawsuit, and the documents she has obtained as a result of filing it, the feuding between Shari and Sumner began in 2007 after Shari voted to block a $105 million charitable gift that Sumner wanted to make to hospitals in Massachusetts and California. Sources familiar with the pending merger of CBS and Viacom have said that majority owner Shari Redstone is eyeing a possible channel dedicated to conservative news, a move that could mean a . Javascript recommended: FEC.gov uses Javascript to provide the best possible user experience. Under the nearly $12-billion deal, CBS will absorb the smaller Viacom, which owns such brands as MTV, Nickelodeon, Comedy Central and Paramount Pictures. As a journalism institution, CBS News boasts two of the most venerable titles in TV with 60 Minutes (regularly the most-watched news broadcast in all of TV, 12 million tuning in live to the most recent episode) and CBS Sunday Morning. Will Newly-Merged ViacomCBS Boldly Go After Other Media Assets? The future of Viacom and its film studio, Paramount, hinge on the battle between Shari Redstone and Philippe Dauman for control of Sumner Redstones trust, (Photo credit by Frazer Harrison/Getty Images) In a Los Angeles court today, a judge dismissed the lawsuit that challenged billionaire Sumner Redstone's mental capacity to make healthcare decisions. She previously wrote for the Miami Herald and the Palm Beach Post. William D. Cohan. Please switch to another browser like Chrome, Firefox, or Edge for a better experience. The two sides remain far apart on price, terms and, in particular, governance issues. A full body orgasm at the L.A. Phil? Redstone has been president of National Amusements Inc. since 2000 and served as executive vice president of NAI from 1994 to 2000. And then, on October 12, 2015, with Sharis help, Sumner evicted Herzer from his house, which the latter described as a critical step in [Sharis and Tylers] larger conspiracy to take control of Sumners media empire. In an e-mail days later to Tyler, Shari explained the true underlying purpose for this conspiracy, according to Herzer: to undue [sic] all of the legal documents, letters and affidavits that he done against me.. [42] Redstone recently 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 1830. A source says the idea for that network was in the works before the Pluto acquisition. The top three on the list are all Democratic donors. Redstone has been president of National Amusements Inc. since 2000 and served as executive vice president of NAI from 1994 to 2000. Hes part of the brand, said the lawyer, Jeffrey Kaplan of Skillman, N.J. A boards duty in this situation is somewhat uncertain because the facts are so unique. These committees may solicit and accept unlimited contributions from individuals, corporations, labor organizations and others. . He refers to himself a "liberal Democrat . An official website of the United States government. [5] She currently serves as the non-executive chairwoman of Paramount Global (formerly known as ViacomCBS) and president of National Amusements, and is a former vice-chairman of CBS Corporation[6] and Viacom. You're using Internet Explorer, some features might not work. organisation As the merger of Viacom and CBS awaits regulatory approval, a Redstone spokesperson confirms that she quietly visited President Donald Trump in the White House recently but denies any plan to launch a conservative TV network (as does a spokesperson for Viacom). If my father wants me to drop dead he doesnt need to do anything else, she wrote in an e-mail to her three children, among others. They have not had any deliberations on this, board deliberations, and as a board are not handling the situation, which is being handled totally at the news level by CBS, he said. [28], On August 13, 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. She currently serves as the non-executive chairwoman of Paramount Global (formerly known as ViacomCBS) and president of National Amusements, and is a former vice-chairman of CBS Corporation and Viacom. Within six weeks, Moonves resigned. Shari Redstone, in blue, and other VicaomCBS executives applauded the opening bell at Nasdaq Dec. 5, 2019, in celebration of the company's merger. Alex Ben Block. personalising content and ads, providing social media features and to Changes needed to be made to the Stephens lifestyle in order to make things manageable Because of [her husbands condition], and all of the different things we were dealing with, I really needed an opportunity [for change], Stephens said to me in an interview via videoconference in early December. [20] She was also 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). Despite CBS News clout for the weekday broadcasts see Gayle Kings headline-generating March interview with disgraced musician R. Kelly the ratings for mainstays CBS This Morning and CBS Evening News lag behind the competition. Viacom has faced headwinds in the transforming media environment as Redstone worked to wrest control from former chairman Philippe Dauman and then to push through a merger with CBS. Search by state or ZIP code, Look up contributions from specific individuals, Find and contact your committee's analyst. Those were largely symbolic moves, since his stake in the companies gave him firm command. Dan Rather is obviously an important person. Vin Diesel goes off script. She has, after all, threatened to replace recalcitrant members of the CBS board with directors who support her. The shotgun re-marriage of CBS and Viacom is proceeding apace. Shari Redstone Political Contributions in 2012. So far, Shari's latest effort to force the merger of CBS and Viacomboth of which Sumner still controls through his voting shareshas cost the Redstone family some $600 million, and CBS's other. The deal is subject to regulatory approvals, but the new company is already taking shape. For a full comparison of Standard and Premium Digital, click here. But investors are unconvinced . During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages. Herzer claims Shari and Tyler orchestrated her removal from Sumners Los Angeles home in October 2015, barred her from seeing him, and have effectively taken control of his business empire. Mr. Folta said the board has not discussed the forged-documents flap and is unlikely to do so. They shared an iron will that helped Ms. Redstone to succeed her father. The company also boasts this summers top cable series, Yellowstone., Shari Redstone could have taken her wealth and gone on her merry way, investing in Facebook or elsewhere, without worrying about the destruction of these iconic enterprises, Sonnenfeld said. And they announced that Shari Redstone would become chairwoman of the new entity, ViacomCBS Inc., joining a small number of women overseeing a major U.S. company. xXMoFWLoE,-z`UVj According to insiders, Redstone could rebrand one of the existing Viacom channels and presumably would insulate CBS News from the new offering. Other. CBS, under the leadership of Les Moonves, has performed well and its stock has appreciated. Shari Redstones appointment to lead the remerged Viacom and CBS was unexpected by almost anyone who has followed the battles within this family media business. How strong is Disneys 1st Amendment case against Ron DeSantis? The potential merger represents a thorny headache in both the Redstones personal and professional lives. She halted a plan to sell the storied Melrose Avenue movie studio, Paramount Pictures, and now she has corrected what she long considered a mistake her fathers separation of CBS and Viacom in 2006. In the midst of closing a merger between CBS and Viacom, Shari Redstone is quietly exploring a plan to launch a conservative TV outlet meant to square off with the Fox News Channel, The Hollywood Reporter has learned. Things got messier when Mr. Redstone took Ms. Herzer and Ms. Holland to court, accusing them of elder abuse, and the two women countered by suing Ms. Redstone, claiming she had turned her father against them. Eleven of the 14 board members supported a proposal to issue a dividend that would dilute Shari Redstone's controlling stake in the broadcaster. and other data for a number of reasons, such as keeping FT Sites reliable and secure, For many years, she stayed away from National Amusements, a company that started as a string of drive-in theaters. According to The Hollywood Reporter on Tuesday,. [7] Through National Amusements, Redstone and her family are majority owners of CBS, Comedy Central, BET, Showtime Networks, Nickelodeon, MTV and the film studio Paramount Pictures. Redstone sees an opening as the audience for TV news grows older and more conservative and Trump and some of his fans express disenchantment with ratings giant Fox News, which lost its top news anchor Friday when Shepard Smith announced his departure amid conflict with some of the networks opinion hosts. But while the respective companies boards of directors grapple with exchange ratios, fairness opinions, the amount and timing of expected synergies, and which executives will lead the re-merged company, the months of deal-related floundering mask a more profound Oedipal struggle that has been raging within the Redstone family for years: the lengths a peeved Shari Redstone is willing to go to prove that, despite the desires of her physically and mentally slipping but very much still living father, 94-year-old Sumner Redstone, she is a player in Hollywood, in New York City media circles, and is the legitimate heir to his corporate empire. By Lisa Johnson Mandell. . Shari is now vice chairman of the boards of both CBS and Viacom and the president of National Amusements. Challengers of state and local bans on assault weapons in Illinois asked Justice Amy Coney Barrett and the Supreme Court on Monday to block the bans, saying that courts are ignoring last year's . Viacom asked for an exchange ratio of .68, which would value Viacom at around $14 billion. 4 0 obj . In the midst of closing a merger between CBS and Viacom, Shari Redstone is quietly exploring a plan to launch a conservative TV outlet meant to square off with the Fox News Channel, sources tell The Hollywood Reporter. After Viacom purchased Paramount Pictures in 1994, Sumner Redstone hailed the moment as his arrival in the media big leagues. or [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." VIAC stock opens at about $40 today. She also is a director of NAI. Redstones handpicked lieutenant, Bob Bakish, will oversee the new ViacomCBS as chief executive. In the last three years, she has proved herself as a worthy successor to her 96-year-old father, known for his stubborn streak and ability to outlast opponents. Keep abreast of significant corporate, financial and political developments around the world. Premium access for businesses and educational institutions. Less than a quarter of the S&P 100 companies have a woman as their chair or a lead director, and that puts Shari in a notable position, said Dawn Belt, a partner and coauthor of Fenwick & Wests Gender Diversity Study. Before that, she was the vice-chairperson of Viacom and CBS Corporation. You may change or cancel your subscription or trial at any time online. Sumner Redstone, who built National Amusements into a media empire, died Tuesday at 97. Daring to challenge the bigwigs in front of him and their business model, including Shari Redstone and several of his Paramount Global bosses, the veteran stand-up comic gave the media some advice . She successfully facilitated the 2019 $12 billion merger deal between CBS Corp. and Viacom Inc.. He invested in programming and made acquisitions to broaden Viacoms reach. Shari Redstone faced down industry doubts and her father's public statements that he did not see her as capable of taking over the empire. Compare Standard and Premium Digital here. Ms. offers FT membership to read for free. Shari obtained her 20 percent interest in National Amusements through a 2002 divorce agreement with Sumners first wife and her mother, Phyllis. You can only have so many alphas in one room, she said. [32], Redstone married and divorced Rabbi Ira A. Korff,[33] and they had three children:[1][34], Her ex-husband was president and director of National Amusements until two years after they divorced. Name & Location: Employer/Occupation: Dollar Amount: Date: Primary/ General: Contibuted To: REDSTONE, SHARI . Special committees of each board have been appointed to try to negotiate a deal. (A judge eventually ruled in favor of Redstone.). Also known as a campaign committee. Two other members of the board, Joseph Califano and William Cohen, held cabinet posts under Democratic presidents. Given how far she has already come in reversing her fathers desire to keep her away from the oversight of CBS and Viacom, Shari may be willing to sacrifice that demand in order to get Moonvess support.

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