She battled her father’s former girlfriends as well as Viacom’s chief executive officer at the time, Philippe Dauman. In addition to her role at National Amusements, she is chairwoman of ViacomCBS -- the media conglomerate created when she recombined Viacom and CBS at the end of last year.Gaining control has taken her years. A ViacomCBS spokesman said, “We believe the complaint is without merit and intend to file a motion to dismiss.”Though the merger was part of Redstone’s long-term vision, board members had valid reasons to combine the two companies. By May 2018, the Redstone family was But the “relentless controlling shareholder” wouldn’t give up, according to the suit.She participated in meetings in which the merger was discussed and relied on a board member she was friendly with, Candace K. Beinecke, to do her bidding, the suit alleges.
In multiple interviews, he said he would never die.His tight-fisted grip on the National Amusements theater chain, which controlled CBS Corp. and Viacom Inc. through voting stock, was passed to his daughter, Shari Redstone, who battled top executives to re-merge the two entities that split in 2006.The elder Redstone's battles with his own family were as dramatic as his corporate maneuvers. Despite sagging TV ratings at Viacom, his vast shareholdings in Viacom and CBS led Forbes magazine to estimate his net worth at $4.6 billion.Besides being ruthless, Redstone was known for dogged determination. But Redstone enlisted the support of pliant board members and executives to orchestrate the deal, according to a 117-page lawsuit filed in Delaware Chancery Court, which was made public this week.
Redstone had an estimated fortune of $3.9 billion in November 2019, CNBC reported. "We don't think that someone who effectuates creative suicide and costs the company revenue should be on the lot," he told The Wall Street Journal in 2006. Bucks County initially sued in October and petitioned the judge for access to internal CBS documents. The appointment promises to be one of the most consequential of his political career, both in California and in regard to any ambitions he may have for White House.Joe Biden’s VP pick Kamala Harris cannot be tarred as a radical leftist, and she’s a strong, smart woman, Times readers write.Swarm of Salton Sea earthquakes sparks worry about the San Andreas faultJoe Biden has chosen California Sen. Kamala Harris as his running mate. He shepherded onto TV a show featuring a scantily-clad girl group, the Electric Barbarellas, over protests from within. Sumner Redstone, the hard-charging mogul who parlayed his father’s New England drive-in theater business into a media empire that now flows into … And he was right. She could be the first woman and first person of color to be vice president.TikTok announces the first 19 recipients of payments from its creators fund. And Cahall believes shareholders ultimately want Shari to be a dealmaker -- not a company builder: “We’d say most investors believe her legacy might be one of divestiture or exit.”With the pandemic ravaging advertising and the movie business -- and cord cutting already hurting ViacomCBS’s cable networks -- the company has been trimming it portfolio. ViacomCBS investors in a sweeping class-action lawsuit allege that controlling shareholder Shari Redstone used her “persistent influence” to push through a controversial merger and sideline those who stood in her way.CBS had fiercely resisted a merger with Viacom — until last year.
The merger, Shari Redstone argued, was the best way for the media companies controlled by the Redstones through their private theater chain, National Amusements, to …
ViacomCBS regulatory filings said his compensation in 2019 was $125.4 million.The head of Viacom, Bob Bakish, has built his own team with Viacom and CBS executives.“CBS massively overpaid for Viacom, causing the company substantial harm,” the suit said. Meg James is a corporate media reporter for the Los Angeles Times, covering the business of television and digital disruption in the entertainment industry. In May 2018, she sued CBS for trying to strip her of control in a series of maneuvers orchestrated by CBS CEO Les Moonves, who opposed the merger because it would be detrimental to non-Redstone CBS shareholders.Her aim was reportedly to re-unite the companies and then sell them off or merge them with a third company.Moonves was fired by the board after The New Yorker reported on allegations that he assaulted multiple women; Moonves denied the reports.CBS and Viacom agreed to merge in 2019, undoing the split Redstone carried out 13 years earlier. National Amusements gave unanimous approval to the deal, with Redstone among the directors voting in favor.Business Writer Seth Sutel in New York contributed to this report.Trump announced Israel and the United Arab Emirates have reached a historic peace agreement. He is survived by his children Shari Ellin Redstone and Brent Redstone. Another person in attendance was CBS’ then-chief legal officer, Lawrence Tu.Later that day, Tu abruptly resigned. Since the Dec. 4 merger, several high-level CBS executives have left. Instead, he expanded its reach, bringing it into Europe, Asia, Latin America and Russia.Redstone next went after Paramount Pictures, a four-year process that ended with a friendly offer from Viacom for $10 billion in 1993. Redstone famously turned his father's drive-in business into an empire that now includes Viacom, CBS, and Paramount. The day it aired, MTV Networks CEO Judy McGrath resigned. The judge agreed in late November, finding there was a The current lawsuit is a consolidation of three previous shareholder claims, including the earlier Bucks County case.
You may occasionally receive promotional content from the Los Angeles Times. Redstone continued to “insert herself into the process.” She attended part of the Feb. 22, 2019, meeting of CBS’ nominating and governance committee, even though she wasn’t on that committee.
He gave it up to join his father's drive-in movie business in 1954. The investors also assailed a $125-million payout to Ianniello.The suit contends the deal — to reunite the companies after 13 years apart — was forced through to protect the fortunes of the Redstone family and its investment vehicle National Amusements Inc., not rank-and-file CBS shareholders.
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