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Viacom: Sumner Redstone
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How will high-powered members of Viacom's corporate family like Sumner Redstone and Les Moonves be spending some of the days freed up by not having to deal with the boring details of a contract negotiation with the WGA? By heading off for some much-needed head-clearing time early next week at Boulders Resort and Golden Door Spa, an executive-pampering Xanadu located in picturesque, improbably named Carefree, Arizona. And when they finally return from their well-earned post-holiday break, they'll hardly even remember why all those rude people in red T-shirts are walking in circles in front of their studios. [United Hollywood]
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In the digital world, "Viacom has a tremendous opportunity to become the leading creator of entertainment content on television, in film and on the Internet," Redstone said. Dauman, who has long been an influential figure in the background, will be a "highly aggressive and entrepreneurial (CEO) who will let no opportunities pass and let no company ever beat us to the trophy," he added.
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Weakened by the $2 billion debt load it incurred, in part, to scare off unfriendly buyers, Viacom lost $9.9 million on sales of $919.2 million in 1986 and, ironically, became a takeover target. First Carl Icahn made an attempt to buy the company, and then a management buyout led by Terrence Elkes failed. Finally, after a six-month battle, Sumner M. Redstone, president of the National Amusements Inc. movie theater chain, bought Viacom for about $3.4 billion in March 1986. Some industry analysts felt that he had vastly overpaid, but Redstone believed Viacom had strong growth potential. Aside from its cable properties and syndication rights that now included the popular series The Cosby Show, Viacom owned five television and eight radio stations in major markets.
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The deposition request lists are out for Viacom's $1 billion lawsuit against Google. Viacom wants the YouTube and Google founders on the stand. Google wants to depose Viacom Chairman Sumner Redstone, CEO Philippe Dauman, Stephen Colbert and Jon Stewart.
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Redstone ... led Viacom to a $39.8 billion reunion with CBS in 2000. The merger gave Viacom a majority interest in Infinity Broadcasting, CBS’s radio giant, and added TNN and CMT to the cable family. Then, at the close of 2005, Redstone reinstated the split, grouping cable and film entities under the Viacom banner and network and radio divisions under CBS. Redstone guessed the separation would free Viacom from CBS’s stagnant growth. He was right; by the end of Viacom’s second quarter after the split, the company’s stock was up 24 percent.
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“Dauman's elevation -- and the installation of another Redstone ally and former Viacom executive Tom Dooley -- may give great comfort to the chairman. But it's bad news for shareholders who, naturally, should want Viacom to attract the best managers in the industry. With Redstone's grip intensified and on full public exhibition in the Cruise affair, only his cronies would be silly enough to take the job.”
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