Heir apparent: Shari and 'Daddy Dearest' Sumner Redstone

[Ian David]

Heir apparent: Shari and 'Daddy Dearest' Sumner Redstone

Posted Mar 21st 2008 10:10AM by Sarah Gilbert
Filed under: Management, Viacom (VIA), CBS Corp 'B' (CBS)

This post is one of several on business heirs apparent. Let us know in the comments whether you think Shari Redstone should take up the reigns of National Amusements, and be sure to check out the other heir apparent posts.

In no family-led company is the heir more apparent -- and, ironically, so far from being handed the reins -- as in Viacom, Inc. (NYSE: VIA). Sumner Redstone, chairtyrant and controlling shareholder, is so vastly old that he has become his own caricature. At the age of 84, Redstone is only that much more isolated and authoritative than he was at 83; since then, he's reportedly trying to force his daughter, Shari Redstone, off Viacom's board (as well as having divorced his wife of 55 years in 1999 and become embroiled in a lawsuit with his son, Brent). Lately, even his May-December marriage to Paula Fortunato has been rumored to be in trouble.

Though the trust documents are private, it seems to be general knowledge that Sumner's estate names his daughter as the company's chairman-to-be when he dies. He's certainly not making his twilight years pleasant for her. Not only is he irascible and uncommunicative, but he's given her a very difficult task -- running the worst bits of the business. As head of National Amusements, Shari oversees the movie theaters that were the source of the family's fortune, but which her father believes are relics of the past. (National Amusements, owned privately by Sumner and Shari Redstone, is not a division of Viacom, but holds a controlling voting interest in both Viacom and CBS.)

<snip>

It's too bad that Shari Redstone isn't more valued by her father. A workaholic known to go days on a few hours' sleep a night, Sumner calls her "relentless" and a "clone" of himself (when he's in a good mood). She practiced as a lawyer before raising the three children she had with ex-husband, Rabbi Ira Korff. She's a dealmaker and a creative force, though her struggles to revive a chain of movie theaters in a world of interactivity sometimes seem for naught -- the industry is not looking up.

Is it even worth the battle for Shari? It seems so; thus far she has fought tooth and nail to stay on the boards of CBS and Viacom, and to protect the company's assets against her dad's more personal endeavors. Despite all appearances, Daddy can't live forever, and perhaps the board that's left when he's gone will favor her efforts. One thing's for sure, though: this inheritance of political infighting and dysfunction is one I'm glad I don't have coming to me.

More:
http://www.bloggingstocks.com/2008/03/21/heir-apparent-shari-and-daddy-dearest-sumner-redstone/



See prior threads:

FRANK RICH: Patriots Who Love the Troops to Death
Topic started by kevinmc on Aug-04-07 10:05 PM (4 replies)
Last modified by IanDB1 on Aug-06-07 08:02 AM
http://www.democraticunderground.com/discuss/duboard.php?az=show_topic&forum=103&topic_id=298917

The Redstone Saga. Falling out puts future of cinema chains run from Dedham in doubt
Topic started by IanDB1 on Aug-06-07 07:58 AM (0 replies)
http://www.democraticunderground.com/discuss/duboard.php?az=show_topic&forum=389&topic_id=1524307

Relationship Between Sumner, Shari Redstone "Shattered"
Topic started by IanDB1 on Jul-30-07 09:56 AM (5 replies)
Last modified by IanDB1 on Jul-30-07 04:20 PM
http://www.democraticunderground.com/discuss/duboard.php?az=show_topic&forum=389&topic_id=1470494

[acmavm]

1. If you want to see something that'll just piss you off to no end, there

was a show on some channel last night named 'The World's Hottest Heiresses' of something very close to that. I had to make my son change the channel the gag factor was so high.