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Today's Thought-The BIG Entertainer |
Wednesday, February 18, 2009 |
Sumner Murray Redstone (born Sumner Murray Rothstein; May 27, 1923) is majority owner and Chairman of the Board of the National Amusements theater chain. Through National Amusements, Sumner Redstone and his family are majority owners of CBS Corporation, Viacom, and MTV Networks, BET, and movie production and distribution Paramount Pictures and DreamWorks movie studios, and are equal partners in MovieTickets.com.
Sumner was born in Boston, Massachusetts to Belle (née Ostrovsky) and Michael Redstone.His family's name was changed from Rothstein to Redstone, when Sumner was 17. His father was the owner of the Northeast Theater Corporation in Dedham, Massachusetts--the forerunner of National Amusements.He also owned the Boston branch of the Latin Quarter Nightclub.
Redstone attended the prestigious Boston Latin School, where he graduated first in his class. He then attended Harvard College, where he completed his B.A. in three years. Later, Redstone served in World War II, serving with the team that decoded Japanese messages for the United States Army.[4] Upon completion of his Army service, he worked in Washington, D.C. and attended Georgetown University Law School. He transferred into Harvard Law School and received his LL.B., later amended to a Juris Doctor, from that institution.
After completing law school, Redstone worked for the U.S. Department of Justice in Washington, D.C. and San Francisco, and then went into private practice. After a few years in practice, he joined his father's theater chain.
As National Amusements grew, Redstone believed that content would become more important than distribution mechanisms. There would always exist channels of distribution (albeit in varied forms), but content was always going to be necessary (his famous quote is "content is king!"[citation needed]). He then made investments in Columbia Pictures, Twentieth Century Fox, Orion Pictures, and Paramount Pictures (the latter of the four of which Redstone's Viacom would buy in the 1990s-see below), all of which turned over huge profits when he chose to sell the stock in the early 1980s.
In 1979, he almost died in the Boston Copley Hotel fire. He crawled out of a window onto a ledge. He was not expected to survive and underwent 30 hours of intense surgery.
Looking for a new business venture, he set his sights on Viacom International, a company which he had already been buying stock in as an investment and was a spin-off of CBS in 1971 after the FCC ruled that television networks could not syndicate programs they produced. Viacom syndicated most of CBS's programs, but also made a lot of money from syndicating other programs, including most of Carsey-Werner Productions' shows (The Cosby Show, Roseanne, and A Different World), as well as syndicating shows for other companies (Columbia Pictures Television's All in the Family was one notable example), and cable channels (Nickelodeon's Double Dare and Finders Keepers (co-syndicated with 20th Television) were two examples).
Viacom also owned MTV Networks (formerly known as Warner-AMEX Satellite Entertainment), which owned MTV and Nickelodeon. In addition, other included properties included Showtime Networks (a similar pay-television network to HBO and Cinemax) and The Movie Channel. Viacom acquired MTV Networks in 1985 for $550 million from Steve Ross' Warner Communications. (WCI bought American Express' share and then sold the entire entity to Viacom, as they felt that they could not make a lot of money from the venture and the bias of a studio owning cable channels would be a conflict of interest. The studio's stance changed in 1995, when as Time Warner it bought Turner Broadcasting.
WYD Team
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posted by Win Your Dreams @ 9:16 AM |
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