Billionaire Media Mogul Sumner Redstone Has Died In The US
American billionaire and media mogul Sumner Redstone has died at the age of 97 in Los Angeles, according to a statement published on the website of ViacomCBS on Wednesday.
Redstone was Chairman Emeritus of the global entertainment company ViacomCBS, and Chairman and Chief Executive Officer of the movie theater company National Amusements.
"Sumner Redstone was a brilliant visionary and businessman who single-handedly managed to transform the family-owned car movie theater company into a global media company. He was a driving force and a strong competitor who left a great legacy in business and philanthropy," said ViacomCBS chief Executive Bob Bakish.
Redstone was Chairman of Viacom from 1987 to 2016 and served as Chief Executive officer from 1996 to 2005. Under his leadership, Viacom acquired the media company MTV and the film studio Paramount Pictures. In 2000, Redstone initiated the merger of Viacom and CBS, which was valued at $39.8 billion. In 2006, the companies were separated, and in 2019, a new merger took place. Redstone was active in charity work, and in 1986 he founded his Foundation. During his life, he donated about $260 million to various causes.
ViacomCBS includes MTV, Nickelodeon, Comedy Central, Showtime, and several others. The combined company also controls Paramount's film and television studios. According to ViacomCBS experts, The company has the largest audience of TV viewers in the United States.
Bob Bakish, President and CEO of ViacomCBS, said: “Sumner Redstone was a brilliant visionary, operator and dealmaker, who single-handedly transformed a family-owned drive-in theater company into a global media portfolio. He was a force of nature and fierce competitor, who leaves behind a profound legacy in both business and philanthropy. ViacomCBS will remember Sumner for his unparalleled passion to win, his endless intellectual curiosity, and his complete dedication to the company. We extend our deepest sympathies to the Redstone family today.”