Sumner Redstone

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Viacom Has a Controversial New Chairman

Sumner Redstone takes another step back from media empire

(Newser) - Aging media mogul Sumner Redstone stepped down as executive chairman of Viacom on Thursday and was replaced by CEO Philippe Dauman, a move that immediately disappointed investors. Although the decision mimicked a similar move at sister company CBS , Thursday's action has the potential to set off a future board... More »

CBS Chief, 92, Quits Amid 'Living Ghost' Lawsuit

Battle for future of CBS, Viacom lies ahead

(Newser) - Big changes lie ahead at CBS and Viacom, where 92-year-old chairman Sumner Redstone is stepping down amid lawsuits and power struggles. CBS announced on Wednesday that Redstone has resigned to become "chairman emeritus" and that CBS CEO Leslie Moonves will take his place, the New York Times reports. A... More »

CBS Boss Les Moonves Makes $70M

Of that, $3.5M is base salary

(Newser) - Network TV struggling? Not enough to prevent CBS honcho Les Moonves from pulling in $69.9 million in total compensation last year, reports the Wall Street Journal . The president and CEO had a base salary of $3.5 million, with the rest coming in the form of a bonus, plus... More »

Redstone Sued Over Midway Games Sale

Stake in Mortal Kombat company sold for peanuts for tax writeoff

(Newser) - Creditors of the video-game company behind the Mortal Kombat series are suing Sumner Redstone and board members after Redstone, Midway’s former majority owner, sold the company in a “fraudulent transfer,” the Chicago Tribune reports. Creditors say the media mogul sold his 87% stake for just $100,000... More »

Debt-Laden Redstone May Sell Theaters

Media mogul may have to sell CBS stake, too, to placate bankers

(Newser) - With debts threatening to consume his media empire, Sumner Redstone is considering selling his family’s 1,500-screen movie theater chain, the New York Times reports. But even that may not be enough to satisfy his bankers, say people briefed on the negotiations. If things get bad enough, Redstone may... More »

Beverly Hills Turf War Splits Wealthy Residents

Residents of ritzy enclaves head to court over access, upkeep fees

(Newser) - A turf war has broken out between two upscale Beverly Hills enclaves, home to the likes of movie mogul Sumner Redstone and basketball legend Magic Johnson, the Los Angeles Business Journal reports. Residents of North Beverly Park got fed up with nannies and other employees of their South Beverly Park... More »

Redstone to Divorce (Again)

Couple of 5 years splits 'amicably' as Viacom, CBS chief tackles $1.6B debt

(Newser) - Media magnate Sumner Redstone is calling it quits with his wife of 5 years, the Los Angeles Times reports, even as the Viacom and CBS chairman tries to maneuver his family company through a debt crisis. Though the 85-year-old cited irreconcilable differences in ending his marriage to Paula Fortunato, the... More »

Claims Chucked in Rather's Suit Against CBS

$70M action can go forward, but without charges against execs

(Newser) - A judge dismissed today some claims of fraud, breach of good faith, and fair dealing in a lawsuit filed against CBS top brass by former anchor Dan Rather, Variety reports. The $70 million suit charges CBS made Rather a scapegoat in the firestorm following revelations “Sixty Minutes” used dubious... More »

Hard Work Has Cruise's Studio Poised to Strike

Now, a big hit would complete resuscitation of United Artists

(Newser) - Tom Cruise and longtime producing partner Paula Wagner, 15 months after being publicly bounced from Paramount, have a line of high-end films ready to roll as they attempt to rejuvenate the United Artists studio. A hit would solidify the pair's rebuilding effort, Business Week reports, and first up is Cruise... More »

MySpace, MTV Team Up to Grill Candidates

Rivals unite to offer individual chats with presidential contenders

(Newser) - MySpace and MTV will team up to host a series of live discussions with individual presidential contenders, Reuters reports. Held on college campuses, the hour-long sessions will offer questions from the audience as well as those submitted during the event by IM or text message. John Edwards will be the... More »

Shari Redstone Weighs Bolting From Viacom

Angry with her father, heir apparent looks to leave family business

(Newser) - Viacom chairman Sumner Redstone is involved in a bitter spat with his daughter and heir apparent, Shari Redstone, that may lead to her splitting from the Viacom board. Negotiations for her separation from the media empire that counts CBS, MTV, and Paramount among its many holdings are under way, the... More »

Google Stares Down Viacom, Copyright

How do the boys keep YouTube from turning into Napster?

(Newser) - With Viacom incubating "the biggest copyright lawsuit in history" against YouTube, the video-sharing site is beginning to smell a bit like Napster. Which leads Clive Thompson to ponder in New York why the Google boys decided to acquire YouTube—and its looming crisis—last year. And why, once they... More »

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