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Sumner Redstone

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What Happens When a Billion Dollar Business Loses Their Leader

The name of billionaire media mogul Sumner Redstone may not mean anything to you. It is likely that the 92-year-old has never had his name spoken in your presence. Yet, it is almost certain that you know his work. Redstone built the CBS/Viacom empire.

CBS/Viacom is now controlled by the Redstone family's National Amusements holding company. Sumner Redstone is currently in control of the company, but his daughter Shari holds 20 percent of the voting rights and is vice chairman of both the Viacom and CBS boards.

The soap opera get interesting when you put all the characters in play. Sumner Redstone had a live-in girlfriend named Manuela Herzer. Redstone terminated the relationship in October and kicked her …show more content…
Granted, she sits on his boards, but their relationship was tainted by Herzer. Prior to the reunion, Shari received an offer from her father to buy out her voting rights in National Amusement. As part of the billion dollar deal, she would also have to agree that she "could not challenge the millions of dollars in gifts Sumner established for Herzer and another former girlfriend, Sydney Holland." Shari turned down the offer which puts Herzer and Holland in a questionable place when the will is finally read.

Les Moonves is the CEO of CBS. He and Dauman were being considered for the new head of National Amusements, but now Shari has her eye set on the position. Sumner Redstone's shares in the company will be held by a trust overseen by a board. Shari and Dauman are two of the seven members on the board along with Shari's son, Tyler Korff. When combined with four of Redstone's attorney's, they have 80 percent of the voting power for both CBS and Viacom.

Note that Moonves is not on the board. Moonves did, however, arrange a deal with Shari that he will become chairman of CBS once her father

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