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Sumner Redstone
built 230 days ago
Sumner Redstone, it appears, is in the mood to do his Donald Trump imitation. Redstone just hollered -- via the press -- "You're fired!" at wacko Tom Cruise. The Scientology star has been running around the world using his celebritude to try to get governments to be nice to Scientology, a notorious cult-racket.
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Sumner Redstone, chairman and controlling shareholder of both Viacom and CBS, is an 84-year-old man who refuses to acknowledge his own age. Unfazed by probing questions about his family feuds, stock price turmoil, and inconsistent ratings, the octogenarian remains bullish on his record and his future. Is he a study in feisty defiance or self-serving denial? It's almost painful to read his insistence about the mutual love between himself and his daughter. There's almost something childlike about him that renders almost pathetic the ruthlessness that he clearly revels in.
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If, from these comments, quoted verbatim, you get the impression that Sumner Redstone has more than a casual commitment to his company, then you'd be right. He is evangelically passionate and highly committed to Viacom, rattling off the statistics, and given his age (77) it is a remarkable performance. Redstone spoke to TBS in Dubai, during the middle of a whirlwind tour that included stops in London, Milan (to meet with Silvio Berlusconi), Kuwait (to meet with KIPCO's Faisal al-Ayyar, see Viacom in the Middle East), Dubai, and finally to Frankfurt.
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Sumner Redstone (Hon.’94), 84, grew up in Boston’s West End and is the majority owner of National Amusements and the chairman of the boards of Viacom, the CBS Corporation, and the MTVi Group. He taught a course in entertainment law at the School of Law throughout the 1980s, and sponsors, with Viacom, the annual Redstone Film Festival at the College of Communication. In 1993 he bought Paramount Communications, the parent company of Paramount Pictures. Redstone’s tenure marked the start of a highly successful decade of production, which saw the company release the Academy Award–winning films Titanic, Forrest Gump, and The Truman Show. In 2000, Viacom merged with the CBS Corporation, and although the companies split in 2005, Redstone remains chairman of both.
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Sumner Redstone knows what he is talking about. The reality of it is that traditional media still makes all of the money in this country. When you factor out a company like Google that has essentially invented a new form of advertising (keyword-based), major online players have trivial revenues compared to traditional media. For instance, if you take Facebook, this is a top 10 site in the entire world, it probably makes $250-300 million topline at a stretch estimate. Better Homes and Gardens makes more money than Facebook. So does Time Magazine.
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THE last time Sumner Redstone was conspicuously silent in a board meeting came in a brief cameo in the first Spider-Man movie in which he sacked an out-of-control superstar. Moments later the superstar blew the board to pieces.
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Sumner Redstone