Sumner Redstone, Billionaire Media Magnate, Dies At 97

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Sumner Redstone, the billionaire who built a media empire that counted CBS and Viacom among its holdings, died Tuesday at 97, according to aSumner Redstone at a Hollywood movie premiere.“Sumner was a man of unrivaled passion and perseverance, who devoted his life to his belief in the power of content. With his passing, the media industry he loved so dearly loses one of its great champions,” National Amusements said in itsestimated to be $3 billion, was No.

Redstone was the controlling shareholder for ViacomCBS, which merged in December 2019, and served as executive chairman of both companies until 2016, at the age of 92,Redstone, who infamously said he would never retire and would live forever, amassed his empire through business deals, lawsuits and other negotiation tactics that, along with ViacomCBS, included Paramount’s television and movie studios, the publisher Simon & Schuster, video rental chain Blockbuster and cable channels like MTV,...

In addition to stepping down from ViacomCBS, Redstone’s life was marked with a series of legal and public relations battles connected to his media empire, and his ferocity was by Warner Brothers distributor Barry Reardon in 1994: “Being a competitor of Sumner Redstone’s is a fate worse than death.”In 2006, at age 83, Redstone notably axed Paramount’s deal with A-list actor Tom Cruise’s production company. Redstone made it clear that Cruise’s couch-jumping antics on Oprah Winfrey’s television show, along with his stumping for Scientology, were the reasons for severing the relationship.

 

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