National Amusements, the Redstone family’s private holding company that controls what is now ViacomCBS, confirmed that Redstone died Tuesday afternoon. After years of public battles with family members, Redstone had been in close contact over the past three years with his daughter, ViacomCBS chairman Shari Redstone, and others in his extended family.
The Boston-bred mogul who ruled his businesses with an iron fist was forced to step down as chairman of CBS and Viacom in early February 2016 amid pressure from shareholders and activists questioning his mental capacity. Redstone famously vowed he would live forever, so he wouldn’t bother picking his successor. He served as ViacomCBS chairman emeritus and chairman-CEO of National Amusements until the end.
Redstone was among the last of a breed, a strong-willed in the mold of William Randolph Hearst and William Paley, who may be remembered as much for the battles he fought as for the successes he achieved in the entertainment business. He amassed some of the best-known holdings in the industry, including CBS, Paramount Pictures, MTV, VH1, Nickelodeon, Comedy Central, BET and Showtime.
Redstone was a fighter by nature, and the tally of executives who battled with him, both from inside his companies and elsewhere, is extensive, including Wayne Huizenga, Frank Biondi, Mel Karmazin, Tom Freston, Jonathan Dolgen, Diller and finally Dauman, his longtime lawyer and business consiglieri. Redstone famously publicly dropped Tom Cruise from a lucrative deal at Paramount in 2006 because he felt the actor’s unusual behavior had hurt the ticket sales for “Mission: Impossible III.
Importantly, the Herzer case also cemented the reemergence of daughter Shari Redstone in her father’s life. After the court decision, Shari became an even more regular presence. Her camp said the rapprochement was possible because Redstone’s greedy and controlling female companions had finally been removed from his life.
In the digital era, he personally directed Viacom’s strategy to wage copyright infringement war against Google’s YouTube when he realized how widely and quickly clips and pirated programs from Viacom channels were popping up on the Internet giant’s archive. Viacom’s years-long fight helped spur YouTube to make concessions to copyright owners by taking down videos when informed of infringement violations.
But by 1954, Redstone returned to the family fold of what was then New England Drive In Theaters. He tackled the business with characteristic ambition, implementing an expansion plan by buying underlying property to the theaters he had acquired or built. In 1967, he joined the Massachusetts-based exhibitor National Amusements as president. He reorganized the company that grew in the following decade to become one of the 10 largest theater owners in the U.S., with more than 600 locations.
The most transformative deal of Redstone’s career, though, was his acquisition in 2000 of CBS from its parent Westinghouse. It was at the height of the era of the large media conglomerate. That same year, AOL purchased Time Warner to form the largest media company in the world by revenues. But the CBS network, its local TV and radio stations never made for a good fit with Viacom’s high-flying cable properties, in the eyes of Wall Street.
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Source: Variety - 🏆 108. / 63 Read more »