Sumner Redstone
Sumner Redstone: A Media Mogul's Rise to Power
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Full Name and Common Aliases
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Sumner Murray Rothstein, commonly known as Sumner Redstone, is an American businessman and media mogul.
Birth and Death Dates
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Born on October 27, 1931
Still active in business, no death date to report
Nationality and Profession(s)
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American, entrepreneur, and former executive chairman of CBS Corporation and Viacom.
Early Life and Background
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Sumner Redstone was born in Boston, Massachusetts, to a Jewish family. His father, Michael Rothstein, owned a chain of movie theaters, which would later influence Sumner's entry into the media industry. Redstone grew up with an interest in business and entertainment, attending Harvard University, where he graduated with a degree in economics.
Redstone began his career as a lawyer before entering the film industry, eventually buying and merging several small film companies to form National General Corporation. He sold this company to MGM in 1967 for $90 million.
Major Accomplishments
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Acquired CBS in 2000 for $37 billion, expanding its media presence through Viacom's acquisition of Paramount Pictures and MTV Networks.
Led the creation of MTV (Music Television), Nickelodeon, Comedy Central, and Spike TV through Viacom's innovative programming strategy.
* Developed a reputation as a shrewd businessman, known for his strategic decisions and ability to adapt to changing market conditions.
Notable Works or Actions
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Redstone oversaw significant changes in the media landscape, navigating the shift from traditional broadcasting to digital platforms. He also made headlines with high-profile disputes over succession planning at CBS and Viacom, as well as allegations of mental incapacity and conflicts of interest.
Under Redstone's leadership, Viacom (now Paramount Global) expanded its reach through strategic partnerships and acquisitions. The company played a pivotal role in shaping popular culture through programming like "I Love Lucy" and "The Simpsons."
Impact and Legacy
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Redstone's influence on the media industry is undeniable. His innovative approach to entertainment and strategic business decisions helped shape the modern media landscape. He has been credited with transforming CBS into one of the largest media companies in the world.
However, his legacy is also marked by controversy, including allegations of mistreatment of employees and a contentious succession process at ViacomCBS (now Paramount Global). Despite these challenges, Redstone remains an influential figure in the entertainment industry, known for his business acumen and vision.
Why They Are Widely Quoted or Remembered
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Sumner Redstone's quotes on business strategy, leadership, and innovation have made him a widely quoted source. His experiences as a media mogul offer valuable insights into the ever-changing landscape of the entertainment industry. As a shrewd businessman and entrepreneur, Redstone continues to inspire discussion among industry professionals and executives.
Quotes by Sumner Redstone
The newspaper is dying. I'm not sure there will be newspapers and its one business I'd never be in.
We understand that the real market value of Blockbuster may never be fully realized as a wholly owned part of Viacom.
I think we’re in the beginning of a bull market. When a bull market begins, nine months later the economy turns around.
It was always tough, but today we are in the throes of something we have never seen in our history. It’s clear in recent times the market is looking for a bottom.
Murdoch paid too much for the Wall Street Journal even when he didn’t have any competition.
The newspaper is dying. I’m not sure there will be newspapers and its one business I’d never be in.
At the time we acquired Viacom, everyone said I had overpaid. But even at today’s depressed prices, that investment is worth billions. Everyone was saying MTV was a fad. I knew better.