Sumner M. Redstone, the billionaire media pioneer who built what is now ViacomCBS died Tuesday at age 97, CBS News reports.
What We Know:
- ViacomCBS confirmed in a statement released Wednesday that its Chairman Emeritus had passed. Though the cause of death is not yet known, Redstone’s health had been failing for years.
- Many ViacomCBS executives have issued their own statements on his death. CEO Bob Bakish said Wednesday that “Sumner was a true industry titan, a brilliant and driven pioneer whose influence on the media and entertainment landscape cannot be overstated.” His daughter, Shari Redstone, who currently serves as Chair of ViacomCBS said that her father “led an extraordinary life that not only shaped entertainment as we know it today, but created an incredible family legacy.”
ViacomCBS mourns the passing of Sumner M. Redstone, its Chairman Emeritus, & Chairman & CEO of National Amusements, the controlling shareholder of ViacomCBS. Mr. Redstone transformed a family-owned theater company into a preeminent global media portfolio. https://t.co/tc00iS6Je5 pic.twitter.com/RLZ3vC1cgA
— Paramount (@paramountco) August 12, 2020
- In 1954, Sumner joined his family’s small drive-in movie theater business which he later transformed into National Amusements, one of the country’s largest movie theater chains. He continued building the business, purchasing Viacom in 1987 and later Paramount in 1994. Today, ViacomCBS has its hand in almost every aspect of the media industry, including cable, film, and publishing.
- “Sumner astutely anticipated the ways in which the media industry would evolve, shaped by technological innovation and changing consumer tastes, and recognized the enormous potential of both Viacom and CBS,” Bakish added.
- Sumner said himself that when he purchased Viacom it was a struggling cable television company and stressed the importance of following “your own instincts”.
Today, ViacomCBS is one of the world’s premiere media corporations. At the time of his death, Redstone’s net worth was $3 billion.
