Billionaire and media tycoon Sumner Redstone has passed away. He was 97 years old. Redstone is known for his legacy of building a huge media empire like CBS from a simple family drive-in theater chain.
Life of leading an empire
According to a statement Wednesday morning from his company National Amusements, the American businessman died on Tuesday. The cause of death was not mentioned. Previously, he had always joked of him never dying.
During his leadership, he turned Viacom into a household name, with recognizable brands from pay TV channels like MTV to giant film production house Paramount Pictures. Redstone was popular for his outspoken personality.
He is also known for transforming their family business into a huge media company. Redstone joined his father’s movie theater chain in 1954, and rose to CEO in 1967, paving the way to his road to creating a multinational media empire.
Although, in the years leading to his death, he had sparked news about his journey in battling lawsuits. One is that he even had to prove his mental competency.
Sumner Redstone, Chairman Emeritus of ViacomCBS, has died at age 97.In the 1950s, Redstone took over his father's small chain of movie theaters in New England and built it into a media empire, making National Amusements one of the largest movie theatre chains in the country.
Posted by CBS This Morning on Wednesday, August 12, 2020
His daughter and ViacomCBS chairwoman, Shari Redstone, remembered her dad in a statement. “My father led an extraordinary life that not only shaped entertainment as we know it today, but created an incredible family legacy.”
Meanwhile, chief exec of ViacomCBS echoed the same respect to Redstone. Bob Bakish stated: “[Sumner Redstone] was a force of nature and fierce competitor, who leaves behind a profound legacy in both business and philanthropy.”
Bakish also mentioned: “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.”
Per CNBC, the media mogul owns about 80 percent of the stocks for Viacom and CBS through National Amusements, his private holding company. In 2012, a Hollywood Walk of Fame star was dedicated to him. During the pandemic, his estimated worth was said to be $3 billion in May.