Sumner Redstone, who joined his family's drive-in movie chain in the 1950s and used it to build a vast media empire that included CBS and Viacom, has died. He was 97.
A lanky man with a thick Boston accent, Redstone often told interviewers that "content is king". And he was right. Despite sagging TV ratings at Viacom, his vast shareholdings in Viacom and CBS led Forbes magazine to estimate his net worth at $US4.6 billion . After three years in the Army, he went to Harvard Law School and became a partner at a Washington law firm. He gave it up to join his father's drive-in movie business in 1954. Redstone grew it into a major chain of multi-screen movie houses.
Redstone next went after Paramount Pictures, a four-year process that ended with a friendly offer from Viacom for $US10 billion in 1993. He scooped up the Blockbuster video rental chain for its then-healthy cash flow, not knowing then that videotape rentals would collapse. "We don't think that someone who effectuates creative suicide and costs the company revenue should be on the lot," he toldMission Impossible: Ghost ProtocolBy 2010, Redstone's hand in the business became unwelcome. He shepherded onto TV a show featuring a scantily-clad girl group, the Electric Barbarellas, over protests from within. The day it aired, MTV Networks CEO Judy McGrath resigned.
Source: Entertainment Trends (entertainmenttrends.net)
All that money and power yet sounds like it didn’t buy the ultimate happiness.
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