Sumner Redstone, Billionaire Media Mogul Behind ViacomCBS, Dead at 97
Frazer Harrison/Getty Sumner Redstone
Sumner Redstone, the mogul behind mass media conglomerate ViacomCBS, has died. He was 97.
The prominent businessman died on Tuesday at his home in Los Angeles, according to a statement Wednesday morning from National Amusements, of which Redstone served as chairperson and CEO. Redstone was the controlling shareholder of ViacomCBS, which encompasses networks and studios like MTV, Comedy Central, BET, Paramount Pictures, Showtime and Simon & Schuster.
"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," read a statement from Redstone's National Amusements.
"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."
Redstone's daughter, ViacomCBS chairperson Shari Redstone, told Variety in a statement that her father "created an incredible family legacy."
“My father led an extraordinary life that not only shaped entertainment as we know it today, but created an incredible family legacy,” she said. “Through it all, we shared a great love for one another and he was a wonderful father, grandfather and great-grandfather. I am so proud to be his daughter and I will miss him always.”
According to Forbes, Redstone was worth an estimated $3 billion.
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Alberto E. Rodriguez/Getty Sumner Redstone in 2012
ViacomCBS mourns the passing of Sumner M. Redstone, its Chairman Emeritus, & Chairman & CEO of National Amusements, the controlling shareholder of ViacomCBS. Mr. Redstone transformed a family-owned theater company into a preeminent global media portfolio. https://t.co/tc00iS6Je5 pic.twitter.com/RLZ3vC1cgA
— ViacomCBS (@ViacomCBS) August 12, 2020
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In a statement, president and CEO of ViacomCBS Bob Bakish called Redstone 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," said Bakish. "ViacomCBS will remember Sumner for his unparalleled passion to win, his endless intellectual curiosity, and his complete dedication to the company."
In his 2001 memoir A Passion to Win, Redstone reflected on his career and mused about aging in the cutthroat business he helped shape.
"Chronological age has little to do with intellectual capacity, the ability to work, the ability to lead," he wrote, according to Variety. "In fact, I often surprise my younger colleagues by being the first to accept and, indeed, suggest new ideas and new agendas when the assumption is I will hold on to the old ones like a bulldog. ... I still want to be No. 1."
