Sumner Redstone Net Worth

Sumner Redstone net worth:

Sumner Redstone was an American media mogul who had a net worth of $2.6 billion at the time of his death in August 2020 at the age of 97. His net worth peaked at around $5 billion in 2015.

Sumner was finest often called the bulk proprietor of what at present is called Viacom/CBS. Sumner managed roughly 80% of Viacom/CBS by means of the holding firm National Amusements. Some of the manufacturers he managed embody MTV, BET, Showtime, Comedy Central, and Paramount Pictures.

Early Life:

Sumner Murray Rothstein was born on May 27, 1923, in Boston, Massachusetts. His household was dust poor. They didn’t have a working restroom in their house. His grandfather ran a bakery provide firm and his father labored as a truck driver for the grandfather. During prohibition, the daddy made a profitable side income transporting liquor. When prohibition was repealed, Daddy began a wholesale liquor distribution firm. He used the proceeds to create one of many nation’s very first drive-in film theaters and a nightclub. Around this time, Sumner’s father modified the household’s final identity to “Redstone”. Sumner was in high school and in a future biography would later admit that the identity change was upsetting, as he believed the household was turning its again on their Jewish legacy.

Sumner attended Harvard University after which Harvard Law School. While at Harvard throughout World War II, he labored on a particular crew of hand-picked college students that tried to crack Japanese navy codes. After graduating from the regulation faculty he labored for the U.S. Government as a legal professional. The case resulted in the break-up of the old-school Hollywood studio system.

Success:

In 1954, when he was 31, Sumner joined the household drive-in theater enterprise. He re-named the corporate National Amusements and over time expanded throughout the nation. An early innovation was the idea of the “multi-plex”, a theater that confirmed a number of films in a single place.

He used the income from the thriving theater chain to put money into leisure corporations. The dimension of these investments continued to develop and develop. In 1987 he efficiently acquired Viacom for $3.four billion. In 1993 the household made an $8.2 billion bid for Paramount. Rival suitors joined the bidding course and finally, Sumner was compelled to up his bid to $10 billion to seal the deal. In order to afford the supply, he merged Viacom with Blockbuster.

It was throughout this time that Redstone coined that considerably well-known phrase that “content is king”. Under Redstone, Paramount launched blockbuster after blockbuster, together with “Titanic” (which turned the highest-grossing film of all time as much as that time and the “Mission Impossible” franchise.

In 1999 Sumner engineered a $37 billion acquisition of CBS, in what was the biggest media merger of all time as much as that time. This acquisition would later show much less profitable than his earlier efforts. Viacom’s inventory worth lagged for years. In 2006 he cut up CBS and Viacom up as separate entities. Years later his daughter Shari would re-combine the 2.

Awards

Here is an updated list of awards won by Adrian Grenier:

• Screen Actors Guild Awards:
  • Outstanding Performance by an Ensemble in a Comedy Series for “Entourage” (2007)
• Teen Choice Awards:
  • Choice TV Actor: Comedy for “Entourage” (2005)

Personal Life:

Sumner was married twice. He had two youngsters, Brent, and Shari Redstone, together with his first spouse Phyllis. They divorced in 1999 after being married for 52 years. Four years later he married Paula Fortunato, a girl 39 years his junior. They divorced in 2008.

He reportedly as soon as gave a flight attendant on the CBS company jet $18 million after which had intercourse together with her sister, whom he gave $6 million. Redstone additionally gave $21 million to an aspiring actuality present producer and $6 million and a job at Showtime to a buddy of his grandson’s girlfriend.