Sumner Redstone, a towering figure in media who built his father’s drive-in theater business into an empire that included Viacom, Paramount Pictures and CBS Corp., only to see his legacy tarnished in his final years by corporate battles and sordid allegations by former girlfriends, died Aug. 11 at his home in Los Angeles. He was 97.
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.
“My father led an extraordinary life that not only shaped entertainment as we know it today, but created an incredible family legacy,” Shari Redstone told Variety in a statement. “Through it all, we shared a great love for one another and he was a wonderful father, grandfather and great-grandfather. I am so proud to be his daughter and I will miss him always.”
National Amusements noted Sumner Redstone’s role in shaping the modern media landscape with his early career in the exhibition business, followed by his acquisitions of Viacom, Paramount Pictures and CBS Corp. He famously coined the phrase “content is king” to emphasize his interest in programming and production assets.
“Sumner was a man of unrivaled passion and perseverance, who devoted his life to his belief in the power of content,” National Amusements said. “With his passing, the media industry he loved so dearly loses one of its great champions. Sumner, a loving father, grandfather and great-grandfather, will be greatly missed by his family who take comfort knowing that his legacy will live on for generations to come.”
The question of Sumner Redstone’s legacy is much clearer than it would have been just a few years ago when Shari Redstone was embroiled in legal battles with some of her father’s longtime business associates over control of his business interests. Upon his death, Sumner Redstone’s assets will formally be taken over by the Redstone family trust that will manage his controlling stake in ViacomCBS. Shari Redstone and other family members are among the trustees.
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.
“Sumner Redstone was a brilliant visionary, operator and dealmaker, who single-handedly transformed a family-owned drive-in theater company into a global media portfolio,” said ViacomCBS president-CEO Bob Bakish. “He was a force of nature and fierce competitor, who leaves behind a profound legacy in both business and philanthropy. ViacomCBS will remember Sumner for his unparalleled passion to win, his endless intellectual curiosity, and his complete dedication to the company. We extend our deepest sympathies to the Redstone family today.”
(Excerpt) Read more in: Variety