Sumner Redstone net worth: Sumner Redstone was an American media mogul who had a net worth of $2.6 billion on the time of his dying in August 2020 on the age of 97. His net worth peaked at round $5 billion in 2015.
Sumner was finest often called the bulk proprietor of what at present is called Viacom/CBS. Sumner managed roughly 80% of Viacom/CBS by means of the holding firm National Amusements. Some of the manufacturers he managed embody MTV, BET, Showtime, Comedy Central and Paramount Pictures.
Early Life: Sumner Murray Rothstein was born on May 27, 1923 in Boston, Massachusetts. His household was dust poor. They didn’t have a working rest room of their house. His grandfather ran a bakery provide firm and his father labored as a truck driver for the grandfather. During prohibition, the daddy made a profitable side-income transporting liquor. When prohibition was repealed, the daddy began a wholesale liquor distribution firm. He used the proceeds to create one of many nation’s very first drive-in film theaters and a nightclub. Around this time, Sumner’s father modified the household’s final identify to “Redstone”. Sumner was in highschool and in a future biography would later admit that the identify change was upsetting, as he believed the household was turning its again on their Jewish legacy.
Sumner attended Harvard University after which Harvard Law School. While at Harvard throughout World War II, he labored on a particular crew of hand-picked college students that tried to crack Japanese navy codes. After graduating from regulation faculty he labored for the U.S. Government as an legal professional. One of his early circumstances was an anti-trust swimsuit introduced in opposition to Paramount. The case resulted within the break-up of the old-school Hollywood studio system.
Success: In 1954, when he was 31, Sumner joined the household drive-in theater enterprise. He re-named the corporate National Amusements and over time expanded throughout the nation. An early innovation was the idea of the “multi-plex”, a theater that confirmed a number of films in a single place.
He used the income from the thriving theater chain to put money into leisure corporations. The dimension of these investments continued to develop and develop. In 1987 he efficiently acquired Viacom for $3.four billion. In 1993 the household made an $8.2 billion bid for Paramount. Rival suitors joined the bidding course of and finally Sumner was compelled to up his bid to $10 billion to seal the deal. In order to afford the supply, he merged Viacom with Blockbuster.
It was throughout this time that Redstone coined that considerably well-known phrase that “content is king.” Under Redstone, Paramount launched blockbuster after blockbuster, together with “Titanic” (which turned the highest-grossing film of all-time as much as that time and the “Mission Impossible” franchise.
In 1999 Sumner engineered a $37 billion acquisition of CBS, in what was the biggest media merger of all time as much as that time. This acquisition would later show much less profitable than his earlier efforts. Viacom’s inventory worth lagged for years. In 2006 he cut up CBS and Viacom up as separate entities. Years later his daughter Shari would re-combine the 2.
Personal Life: Sumner was married twice. He had two youngsters, Brent and Shari Redstone, together with his first spouse Phyllis. They divorced in 1999 after being married for 52 years. Four years later he married Paula Fortunato, a girl 39 years his junior. They divorced in 2008.
In 2016 it was revealed that Sumner had spent a unprecedented sum of money on ex-girlfriends and hookups. He reportedly as soon as gave a flight attendant on the CBS company jet $18 million after which had intercourse together with her sister, whom he gave $6 million. Redstone additionally gave $21 million to an aspiring actuality present producer and $6 million and a job at Showtime to a buddy of his grandson’s girlfriend.