Shari Ellin Redstone (born April 14, 1954) is an American media executive with a background in numerous aspects of the entertainment industry and related ventures.[1] She currently serves as the non-executive chairwoman of Paramount Global (formerly known as ViacomCBS) and president of National Amusements; she formerly served as the vice-chairman of CBS Corporation[2] and Viacom.[3] Through National Amusements, Redstone and her family are majority owners of CBS, Comedy Central, BET, Showtime Networks, Nickelodeon, MTV and the film studio Paramount Pictures.
In 2020, Redstone was named on Time's list of the 100 most influential people in the world.[4]
Early life and education[]
Redstone was born into a Jewish family and is the daughter of Phyllis Gloria Raphael and Sumner Redstone and is the sister of Brent Redstone. Her grandfather was Michael Redstone, who was the original founder of National Amusements, the parent company that now owns the majority of the Redstone media empire. She graduated with a bachelor of science degree from Tufts University in 1975. She received her J.D. degree in 1978 and her LL.M. degree in 1980 from Boston University School of Law. She practiced corporate law, estate planning and criminal law in the Boston area before joining National Amusements.[5]
Career[]
1990s–2016[]
Since 1999, she has been president of National Amusements, one of the top ten movie exhibitors in the United States.[6] Redstone has expanded the company's international footprint and its exploration of new technologies.[7][8][9][10][11]
In 2000, while at National Amusements, Redstone entered the Russian theater market, giving patrons there the opportunity to experience high-end luxury theaters.[12] In 2010, Redstone and her partners purchased the theaters that they had built and formed Rising Star Media,[13] of which she was chairman, and turned it into the top grossing cinema chain in that country.[14] Redstone and her partners then sold Rising Star Media to Russian theater operator Cinema Park in 2011.[14][15]
In 2007, Redstone and her father feuded publicly over issues of corporate governance and the future of the cinema chain.[16] Documents have been made public which verify that, as part of a settlement from Sumner's first divorce, all of Sumner's stock is in irrevocable trusts that will be left to his grandchildren.[17]
In 2011, Redstone became co-founder and managing partner of Advancit Capital, LLC,[18] an investment platform focusing on early stage in media, entertainment and technology.[18] In addition, she is co-chairman of MovieTickets.com,[19] Inc. and is a member of the Board of Directors and Executive Committee for the National Association of Theatre Owners (NATO).[19]
2016–present[]
On February 3, 2016, her father resigned as CBS executive chairman after questions arose about his mental competency. CBS's board then offered Shari Redstone the position of non-executive chair, but she declined.[20] The CBS board announced that Les Moonves replaced Sumner Redstone as CBS Chairman.[21] In 2016, Redstone, who at the time was vice chairperson of CBS and Viacom and president of National Amusements (the controlling shareholder of CBS and Viacom), gave the following statement on succession: "my father's Trust states his intention that I succeed him as (non-executive) Chairman at CBS and Viacom, and also names me as a Trustee after his death." She stated that she wanted the chairs of each company to be "not a Trustee of my father's trust or otherwise intertwined in Redstone family matters," and she nominated Les as the CBS chair.[22]
On February 4, 2016, against Shari Redstone's desires,[23][24][25] Viacom's board of directors named Philippe Dauman, already the CEO and president, the chairman, replacing Sumner Redstone.[21]
On January 17, 2018, the Wall Street Journal reported that Shari Redstone was pushing for CBS Corp. to merge with Viacom, with Redstone also gathering names for new board members at CBS.[26]
On August 13, 2019, the Associated Press reported that Shari Redstone became the chair of the board for the reuniting of CBS and Viacom as ViacomCBS, today known as Paramount Global.[27]
Personal life[]
Redstone married and divorced Rabbi Ira A. Korff,[28] and they had three children:[29][30]
- Kimberlee Korff Ostheimer, a lawyer who practiced at The Legal Aid Society. She is a 2004 graduate of the University of Pennsylvania who received her law degree from the Benjamin N. Cardozo School of Law.[31]
- Brandon Korff, a 2006 George Washington University graduate and real estate developer.[32][33][34]
- Tyler Korff, a lawyer and rabbi who graduated from Maimonides School and Columbia University in 2008, and received his law degree from Brooklyn Law School.[35][36][37]
Her ex-husband was president and director of National Amusements until two years after they divorced.[29]
Philanthropy[]
As of January 2018, Redstone is a member of the board of directors at Combined Jewish Philanthropies and the board of trustees at Dana Farber Cancer Institute.[19] She is also on the board of directors of The National Center on Addiction and Substance Abuse (CASA) at Columbia University[38] and the John F. Kennedy Library Foundation.[39] Redstone recently joined the board and executive committee of "Our Time", a mass-membership organization that stands for the economic interests and political inclusion of young Americans aged 18–30. She sits on the local advisory board and executive committee for BUILD, a nonprofit organization that uses entrepreneurship to propel low income youth through high school and into college.[40]
References[]
- ↑ "Shari Redstone", Forbes, 2012-04-18.
- ↑ "Sumner M. Redstone". CBS Corporation.
- ↑ "Viacom" (January 20, 2008).
- ↑ "Shari Redstone: The 100 Most Influential People of 2020". Time.
- ↑ "List of Private Companies Worldwide, Letter - Businessweek". Investing.businessweek.com.
- ↑ "statisticscircuits". natoonline.org.
- ↑ "Shari Redstone Says U.S. Has Too Many Cinemas, 'Thousands' Should Close - Bloomberg", Mobile.bloomberg.com, 2011-07-08.
- ↑ "Foxboro, MA: National Amusements Debuts New Upscale Cinema Concept at Patriot Place - The BigScreen Cinema Guide". Bigscreen.com.
- ↑ "4/30/2002, The Bridge: Cinema De Lux - Almanac, Vol. 48, No. 32". Upenn.edu (2002-04-30).
- ↑ "National Amusements Moves to a Digital Future with Sony 4K Digital Cinema... - PARK RIDGE, N.J., Oct. 7 /PRNewswire/". Prnewswire.com.
- ↑ "Sumner Redstone's Daughter Shari Launches Media, Tech Investment Firm", The Hollywood Reporter, 2011-08-26.
- ↑ [1] [dead link]
- ↑ Eller, Claudia. "Shari Redstone buys Russian theaters from her family firm", Los Angeles Times, 2010-01-08.
- ↑ 14.0 14.1 "Shari Redstone's Rising Star Media sold to Russian theater chain", Los Angeles Times, 2011-06-06.
- ↑ Lenzner, Robert. "Shari Redstone Makes Huge Profit By Selling Russian Theaters For $190 Million", Forbes, 2011-09-06.
- ↑ Abelson, Jenn. "Redstone says he relies on his instinct", The Boston Globe, 2007-09-19.
- ↑ Eller, Claudia. "Redstone family rift may not be healed", Los Angeles Times, 2007-08-02.
- ↑ 18.0 18.1 James, Meg. "Shari Redstone launches investment firm Advancit Capital", Los Angeles Times, 2011-08-27.
- ↑ 19.0 19.1 19.2 "Shari Redstone". CBS Corporation.
- ↑ "Sumner Redstone Resigns as CBS Executive Chairman" (3 February 2016).
- ↑ 21.0 21.1 "Viacom names Philippe Dauman as new board chairman, replacing Sumner Redstone" (4 February 2016).
- ↑ "Shari Redstone | CBS Corporation". www.cbscorporation.com.
- ↑ David Lieberman. "Viacom Names Philippe Dauman Chairman Succeeding Sumner Redstone". Deadline Hollywood.
- ↑ "Succession battle engulfs Sumner Redstone's media empire".
- ↑ Chris Palmeri, Lucas Shaw (4 February 2016). "Viacom's Board Names Dauman Chairman, Replacing Aging Redstone".
- ↑ Hagey, Keath. "Shari Redstone Wants New CBS Directors, Renews Push for Merger With Viacom", The Wall Street Journal, January 17, 2018.
- ↑ "CBS, Viacom to reunite as media giants bulk up for streaming", August 13, 2019.
- ↑ "The Jewish Post and Opinion, July 18, 1980, Page10".
- ↑ 29.0 29.1 "Former Redstone Son-in-Law Quits Theater Chain" (20 May 1994).
- ↑ William D. Cohan. "Sumner Redstone Shows Yet Another Ex-Girlfriend to the Door".
- ↑ James, Meg (2016-05-24). "Sumner Redstone trust shakeup: New members are allies of mogul's daughter" (en-US). Los Angeles Times.
- ↑ "ByGeorge!". www2.gwu.edu.
- ↑ "About" (en-US). Qorff Development.
- ↑ "Media Mogul’s Scion Sees Emojis as Sign of Times | Los Angeles Business Journal". labusinessjournal.com.
- ↑ "Tyler Korff". Dusenbery Law.
- ↑ Borden, Taylor. "An estranged son, a legal battle with a live-in lover, and a mogul who wanted to 'live forever': Meet the heirs to the ViacomCBS empire". Business Insider.
- ↑ "Korff continues family Rabbinic tradition". www.thejewishadvocate.com.
- ↑ "Press Releases". CASAColumbia.
- ↑ "Board of Directors - John F. Kennedy Presidential Library & Museum". Jfklibrary.org.
- ↑ "Local Advisory Board". BUILD Greater Boston.
External links[]
- The Talented Ms. Redstone (2002)
- Tufts E-News: Media Mogul In Training (May 2, 2002)
- Redstone Split Bears On Future Of Viacom, CBS (July 19, 2007)
- A father-daughter rift at Viacom (2007-07-19)
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