Shari Redstone

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Shari Redstone
Born
Shari Ellin Redstone

(1954-04-14) April 14, 1954 (age 67)
Washington, D.C., U.S.
EducationTufts University (B.S.)
Boston University (J.D.)
Occupation
Spouse(s)
Ira A. Korff
​
​
(m. 1980; div. 1992)​
[1][2]
ChildrenKimberlee Korff Ostheimer
Brandon Korff
Tyler Korff[3][4]
Parent(s)Sumner Redstone (father)
RelativesMichael Redstone (grandfather)
Brent Redstone (brother)

Shari Ellin Redstone (born April 14, 1954) is an American media executive with a background in numerous aspects of the entertainment industry and related ventures.[5] She currently serves as the non-executive chairwoman of Paramount Global (formerly known as ViacomCBS) and president of National Amusements; she formerly served as the vice-chairman of CBS Corporation[6] and Viacom.[7] Through National Amusements, Redstone and her family are majority owners of CBS, Comedy Central, BET, Showtime Networks, Nickelodeon, MTV and the film studio Paramount Pictures.

In 2020, Redstone was named on Time's list of the 100 most influential people in the world.[8]

Early life and education[]

Redstone was born into a Jewish family and is the daughter of Phyllis Gloria Raphael and Sumner Redstone and is the sister of Brent Redstone. Her grandfather was Michael Redstone, who was the original founder of National Amusements, the parent company that now owns the majority of the Redstone media empire. She graduated with a bachelor of science degree from Tufts University in 1975. She received her J.D. degree in 1978 and her LL.M. degree in 1980 from Boston University School of Law. She practiced corporate law, estate planning and criminal law in the Boston area before joining National Amusements.[9]

Career[]

1990s–2016[]

Since 1999, she has been president of National Amusements, one of the top ten movie exhibitors in the United States.[10] Redstone has expanded the company's international footprint and its exploration of new technologies.[11][12][13][14][15]

In 2000, while at National Amusements, Redstone entered the Russian theater market, giving patrons there the opportunity to experience high-end luxury theaters.[16] In 2010, Redstone and her partners purchased the theaters that they had built and formed Rising Star Media,[17] of which she was chairman, and turned it into the top grossing cinema chain in that country.[18] Redstone and her partners then sold Rising Star Media to Russian theater operator Cinema Park in 2011.[18][19]

In 2007, Redstone and her father feuded publicly over issues of corporate governance and the future of the cinema chain.[20] Documents have been made public which verify that, as part of a settlement from Sumner's first divorce, all of Sumner's stock is in irrevocable trusts that will be left to his grandchildren.[21]

In 2011, Redstone became co-founder and managing partner of Advancit Capital, LLC,[22] an investment platform focusing on early stage in media, entertainment and technology.[22] In addition, she is co-chairman of MovieTickets.com,[23] Inc. and is a member of the Board of Directors and Executive Committee for the National Association of Theatre Owners (NATO).[23]

2016–present[]

On February 3, 2016, her father resigned as CBS executive chairman after questions arose about his mental competency. CBS's board then offered Shari Redstone the position of non-executive chair, but she declined.[24] The CBS board announced that Les Moonves replaced Sumner Redstone as CBS Chairman.[25] In 2016, Redstone, who at the time was vice chairperson of CBS and Viacom and president of National Amusements (the controlling shareholder of CBS and Viacom), gave the following statement on succession: "my father's Trust states his intention that I succeed him as (non-executive) Chairman at CBS and Viacom, and also names me as a Trustee after his death." She stated that she wanted the chairs of each company to be "not a Trustee of my father's trust or otherwise intertwined in Redstone family matters," and she nominated Les as the CBS chair.[26]

On February 4, 2016, against Shari Redstone's desires,[27][28][29] Viacom's board of directors named Philippe Dauman, already the CEO and president, the chairman, replacing Sumner Redstone.[25]

On January 17, 2018, the Wall Street Journal reported that Shari Redstone was pushing for CBS Corp. to merge with Viacom, with Redstone also gathering names for new board members at CBS.[30]

On August 13, 2019, the Associated Press reported that Shari Redstone became the chair of the board for the reuniting of CBS and Viacom as ViacomCBS, today known as Paramount Global.[31]

Personal life[]

Redstone married and divorced Rabbi Ira A. Korff,[32] and they had three children:[1][33]

  • Kimberlee Korff Ostheimer, a lawyer who practiced at The Legal Aid Society. She is a 2004 graduate of the University of Pennsylvania who received her law degree from the Benjamin N. Cardozo School of Law.[34]
  • Brandon Korff, a 2006 George Washington University graduate and real estate developer.[35][36][37]
  • Tyler Korff, a lawyer and rabbi who graduated from Maimonides School and Columbia University in 2008, and received his law degree from Brooklyn Law School.[38][39][40]

Her ex-husband was president and director of National Amusements until two years after they divorced.[1]

Philanthropy[]

As of January 2018, Redstone is a member of the board of directors at Combined Jewish Philanthropies and the board of trustees at Dana Farber Cancer Institute.[23] She is also on the board of directors of The National Center on Addiction and Substance Abuse (CASA) at Columbia University[41] and the John F. Kennedy Library Foundation.[42] Redstone recently joined the board and executive committee of "Our Time", a mass-membership organization that stands for the economic interests and political inclusion of young Americans aged 18–30. She sits on the local advisory board and executive committee for BUILD, a nonprofit organization that uses entrepreneurship to propel low income youth through high school and into college.[43]

References[]

  1. ^ a b c "Former Redstone Son-in-Law Quits Theater Chain". Los Angeles Times. 20 May 1994. Retrieved 24 June 2020.
  2. ^ "Trouble in the House of Redstone". Boston Magazine. Retrieved 4 February 2016.
  3. ^ Steel, Emily (June 2, 2016). "Inside the Battle for Sumner Redstone's $40 Billion Media Empire" – via NYTimes.com.
  4. ^ Prengel, Kate (July 27, 2018). "Shari Redstone: 5 Fast Facts You Need to Know".
  5. ^ "Shari Redstone". Forbes. 2012-04-18. Archived from the original on June 29, 2013. Retrieved 2014-01-15.
  6. ^ "Sumner M. Redstone". CBS Corporation. Retrieved 2014-01-15.
  7. ^ "Viacom". January 20, 2008. Archived from the original on January 20, 2008.
  8. ^ "Shari Redstone: The 100 Most Influential People of 2020". Time. Retrieved 2020-09-23.
  9. ^ "List of Private Companies Worldwide, Letter - Businessweek". Investing.businessweek.com. Retrieved 2014-01-15.
  10. ^ "statisticscircuits". natoonline.org. Archived from the original on 2013-07-01. Retrieved 2014-01-20.
  11. ^ "Shari Redstone Says U.S. Has Too Many Cinemas, 'Thousands' Should Close - Bloomberg". Mobile.bloomberg.com. 2011-07-08. Archived from the original on 2014-01-16. Retrieved 2014-01-15.
  12. ^ "Foxboro, MA: National Amusements Debuts New Upscale Cinema Concept at Patriot Place - The BigScreen Cinema Guide". Bigscreen.com. Retrieved 2014-01-15.
  13. ^ "4/30/2002, The Bridge: Cinema De Lux - Almanac, Vol. 48, No. 32". Upenn.edu. 2002-04-30. Retrieved 2014-01-15.
  14. ^ "National Amusements Moves to a Digital Future with Sony 4K Digital Cinema... - PARK RIDGE, N.J., Oct. 7 /PRNewswire/". Prnewswire.com. Retrieved 2014-01-15.
  15. ^ "Sumner Redstone's Daughter Shari Launches Media, Tech Investment Firm". The Hollywood Reporter. 2011-08-26. Retrieved 2014-01-15.
  16. ^ [1][dead link]
  17. ^ Eller, Claudia (2010-01-08). "Shari Redstone buys Russian theaters from her family firm". Los Angeles Times. Retrieved 2020-06-24.
  18. ^ a b "Shari Redstone's Rising Star Media sold to Russian theater chain". Los Angeles Times. 2011-06-06. Retrieved 2014-01-15.
  19. ^ Lenzner, Robert (2011-09-06). "Shari Redstone Makes Huge Profit By Selling Russian Theaters For $190 Million". Forbes. Retrieved 2014-01-15.
  20. ^ Abelson, Jenn (2007-09-19). "Redstone says he relies on his instinct". The Boston Globe. Retrieved 2014-01-15.
  21. ^ Eller, Claudia (2007-08-02). "Redstone family rift may not be healed". Los Angeles Times. Retrieved 2014-01-15.
  22. ^ a b James, Meg (2011-08-27). "Shari Redstone launches investment firm Advancit Capital". Los Angeles Times. Retrieved 2020-06-24.
  23. ^ a b c "Shari Redstone". CBS Corporation. Retrieved 2014-01-15.
  24. ^ "Sumner Redstone Resigns as CBS Executive Chairman". Fortune. Reuters. 3 February 2016. Retrieved 4 February 2016.
  25. ^ a b "Viacom names Philippe Dauman as new board chairman, replacing Sumner Redstone". USA Today. 4 February 2016. Retrieved 4 February 2016.
  26. ^ "Shari Redstone | CBS Corporation". www.cbscorporation.com. Retrieved 2016-02-11.
  27. ^ David Lieberman. "Viacom Names Philippe Dauman Chairman Succeeding Sumner Redstone". Deadline Hollywood. Retrieved 4 February 2016.
  28. ^ "Succession battle engulfs Sumner Redstone's media empire". Financial Times. Retrieved 4 February 2016.
  29. ^ Chris Palmeri, Lucas Shaw (4 February 2016). "Viacom's Board Names Dauman Chairman, Replacing Aging Redstone". Bloomberg.com. Retrieved 4 February 2016.
  30. ^ Hagey, Keath (January 17, 2018). "Shari Redstone Wants New CBS Directors, Renews Push for Merger With Viacom". The Wall Street Journal. New York City, New York. Retrieved January 18, 2018.
  31. ^ "CBS, Viacom to reunite as media giants bulk up for streaming". Star-Advertiser. Honolulu. August 13, 2019. Retrieved August 13, 2019 – via Associated Press.
  32. ^ "The Jewish Post and Opinion, July 18, 1980, Page10".
  33. ^ William D. Cohan. "Sumner Redstone Shows Yet Another Ex-Girlfriend to the Door". Vanity Fair. Retrieved 4 February 2016.
  34. ^ James, Meg (2016-05-24). "Sumner Redstone trust shakeup: New members are allies of mogul's daughter". Los Angeles Times. Retrieved 2020-10-19.
  35. ^ "ByGeorge!". www2.gwu.edu. Retrieved 2020-10-19.
  36. ^ "About". Qorff Development. Retrieved 2020-10-19.
  37. ^ "Media Mogul's Scion Sees Emojis as Sign of Times | Los Angeles Business Journal". labusinessjournal.com. Retrieved 2020-10-19.
  38. ^ "Tyler Korff". Dusenbery Law. Retrieved 2020-10-19.
  39. ^ Borden, Taylor. "An estranged son, a legal battle with a live-in lover, and a mogul who wanted to 'live forever': Meet the heirs to the ViacomCBS empire". Business Insider. Retrieved 2020-10-19.
  40. ^ "Korff continues family Rabbinic tradition". www.thejewishadvocate.com. Retrieved 2020-10-19.
  41. ^ "Press Releases". CASAColumbia. Retrieved 2014-01-15.
  42. ^ "Board of Directors - John F. Kennedy Presidential Library & Museum". Jfklibrary.org. Retrieved 2014-01-15.
  43. ^ "Local Advisory Board". BUILD Greater Boston. Retrieved 2014-01-15.

External links[]

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