Media Mogul Sumner Redstone Dies at 97

Sumner M. Redstone, chairman emeritus of ViacomCBS and chairman and CEO of National Amusements, the controlling shareholder of ViacomCBS, has passed away at the age of 97.

National Amusements released a statement: “It is with great sadness that we announce the passing of Sumner M. Redstone, the self-made businessman, philanthropist and World War II veteran who built one of the largest collections of media assets in the world. He passed away yesterday at the age of 97.

“Over the course of his distinguished life and career, Sumner played a critical role in shaping the landscape of the modern media and entertainment industry. At National Amusements, he transformed a regional theater chain into a world leader in the motion picture exhibition industry. Sumner was also a keen investor who took stakes in a variety of companies, including Viacom Inc. and CBS Corporation—today merged as ViacomCBS—which he built into prominent, international and industry-leading conglomerates in the media industry.

“Sumner was a man of unrivaled passion and perseverance, who devoted his life to his belief in the power of content. With his passing, the media industry he loved so dearly loses one of its great champions. Sumner, a loving father, grandfather and great-grandfather, will be greatly missed by his family who take comfort knowing that his legacy will live on for generations to come.”

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.”

For nearly 30 years, Redstone led Viacom as executive chairman of the board following National Amusements’ acquisition of a controlling stake in the company in 1987. He also held the position of CEO from 1996 until 2005, during which time Viacom merged with CBS Corporation in 2000. Upon the separation of the two companies in December 2005, Redstone served as executive chairman of the boards of CBS and Viacom. In February 2016, Redstone assumed the role of chairman emeritus for both companies.

Born Sumner Murray Rothstein in 1923 (his father changed the family name two decades later), the tycoon lived a life as dramatic and eventful as any of the movies and TV shows produced by his companies. A World War II vet who helped U.S. intelligence decrypt Japanese military codes, Redstone began his career in law before joining the family business in 1954, becoming CEO in 1967.

It was during this time that he began forming his instrumental media philosophy, coming to believe that content could become more important than the means of its distribution (the oft-heard industry phrase “content is king” has been attributed to Redstone). His instincts led him to invest in various studios, including Columbia Pictures and Twentieth Century Fox, setting him on the path to becoming one of the wealthiest businessmen in the country.

Redstone’s biggest coup, however, came in the mid-’80s with the Viacom takeover. He followed that play with several key acquisitions, including the CBS pickup and the 1994 purchase of Paramount Communications.

In a 1999 interview with World Screen—one of many with the publication in its 35-year history—Redstone said that following the CBS merger, “The new Viacom will be king not just in content, but in distribution, marketing and packaging. We will be global leaders in virtually every facet of the diverse media and entertainment industry. The marriage between Viacom and CBS represents more than a collection of great assets. We are truly the first 21st-century media company.”

In that extensive Q&A with World Screen’s group editorial director, Anna Carugati, Redstone also reflected on his early media career and his prescient approach to the global TV market. “At the very time banks were telling us to sell MTV and Nickelodeon, we decided to launch MTV International. I felt that the global economy was going to expand and that the role of American entertainment in that economy would escalate. To this day, I don’t think Wall Street sufficiently recognizes that the export of American entertainment and information is maybe the number one or two export of the United States. I saw it then, but for reasons that escape me, a lot of people still don’t get it.”

Redstone’s hold and influence on his vast media empire remained unshakable through the years, despite numerous high-profile tussles with family members over his assets and the very public dismissal of several CEOs.

Forbes listed the magnates’ net worth at $3 billion at the time of his death. Alongside a building named after him on the Paramount lot, Redstone also has a star on the Hollywood Walk of Fame.

When World Screen interviewed Redstone again in 2003, he spoke about his passion for the media industry. “I love what I do. In the first place, I love the entertainment industry because it’s a very exciting industry. And secondly, I like Viacom because we are the best. I would love it even if we weren’t, but we are! I have a passion for the company. And if I were to claim credit for anything, it would be for inspiring the same sense of passion in our management. And they have it.”