Shari Redstone

Shari Redstone
Born (1954-04-14) April 14, 1954
Washington, D.C., US
Education Tufts University (B.S.) Boston University (J.D.)
Spouse(s) Ira A. Korff (also known as Yitzhak Aharon Korff; divorced; 3 children)[1][2]
Children Kimberlee Korff
Brandon Korff
Tyler Korff
Parent(s) Sumner Redstone and Phyllis Gloria Raphael
Relatives Michael 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.[3] She currently serves as the president of National Amusements as well as vice-chairwoman of CBS Corporation[4] and Viacom.[5] Through National Amusements, Shari Redstone and her family are majority owners of CBS Corporation, Viacom, MTV Networks, BET, and the film studio Paramount Pictures.

Early life and education

Redstone is the daughter of Sumner Redstone and Phyllis Gloria Raphael and 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. He also changed the family name from Rothstein to Redstone in 1940. She holds a Bachelor of Science from Tufts University, graduating in 1975. She received her law degrees at Boston University School of Law in 1978 (J.D.) and in 1980 (LLM). She practiced corporate law, estate planning and criminal law in the Boston area before joining National Amusements.[6]

Career

Since 1999, she has been President of National Amusements, one of the top 10 movie exhibitors in the United States.[7] Ms. Redstone has expanded the company's international footprint and its exploration of new technologies.[8][9][10][11][12]

In 2000, while at National Amusements, Redstone entered the Russian theater market, giving patrons there the opportunity to experience high-end luxury theaters.[13] In 2010, Redstone and her partners purchased the theaters that they had built and formed Rising Star Media,[14] of which she was Chairman, and turned it into the top grossing cinema chain in that country.[15] Redstone and her partners sold Rising Star Media in 2011[15][16]

In 2011, Redstone became Co-Founder and Managing Partner of Advancit Capital, LLC,[17] an investment platform focusing on early stage in media, entertainment and technology.[17] In addition, she is Co-Chairman of MovieTickets.com,[18] Inc. and is a member of the Board of Directors and Executive Committee for the National Theatre Owners Association (NATO).[18]

In 2007, Redstone and her father feuded publicly over issues of corporate governance and the future of the cinema chain.[19] 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.[20] The trusts are said to make it clear that Shari Redstone, Vice-Chairwoman of the Board of Viacom and CBS, is to assume her father's role upon his death.

In 2016, Redstone gave the statement on Succession. Los Angeles, CA – “As Vice Chair of CBS Corp. and Viacom, Inc., and as President of National Amusements, Inc. (the controlling shareholder of CBS and Viacom), my singular focus is to act in the companies’ best interests by ensuring that each company has a strong Chair, a Board of Directors which diligently oversees management, and an outstanding leadership team.

As has been accurately reported, my father’s Trust states his intention that I succeed him as (non-executive) Chair at CBS and Viacom, and also names me as a Trustee after his death. However, it is my firm belief that whoever may succeed my father as Chair at each company should be someone who is not a Trustee of my father’s trust or otherwise intertwined in Redstone family matters, but rather a leader with an independent voice. I was honored to nominate Les as the CBS Chair and am delighted to congratulate him on his new position. He follows in the visionary tradition of my father, and I know that Les will successfully lead CBS into the digital future.”[21]

After the resignation of Sumner Redstone

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.[22] The CBS board announced that Les Moonves replaced Sumner Redstone as CBS Chairman.[23]

On February 4, 2016, against Shari Redstone's desires,[24][25][26] Viacom's board of directors named Philippe Dauman, already the CEO and President, the Chairman, replacing Sumner Redstone.[23]

Personal life

Redstone married Rabbi Ira A. Korff,[27] also known as Grand Rabbi Yitzhak Aharon Korff, and had three children but later divorced.[1][28] Her ex-husband was president and director of National Amusements until two years after they divorced.[1]

Philanthropy

Shari Redstone is currently a member of the Board of Directors at Combined Jewish Philanthropies and the Board of Trustees at Dana Farber Cancer Institute.[18] She is also on the Board of Directors of The National Center on Addiction and Substance Abuse (CASA) at Columbia University[29] and the John F. Kennedy Library Foundation.[30] Ms. 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 non-profit organization which uses entrepreneurship to propel low income youth through high school and into college.[31]

References

  1. 1 2 3 "Former Redstone Son-in-Law Quits Theater Chain". Los Angeles Times. 20 May 1994. Retrieved 4 February 2016.
  2. ↑ "Trouble in the House of Redstone". Boston Magazine. Retrieved 4 February 2016.
  3. ↑ "Shari Redstone". Forbes. 2012-04-18. Archived from the original on November 23, 2013. Retrieved 2014-01-15.
  4. ↑ "Sumner M. Redstone". CBS Corporation. Retrieved 2014-01-15.
  5. ↑
  6. ↑ "List of Private Companies Worldwide, Letter - Businessweek". Investing.businessweek.com. Retrieved 2014-01-15.
  7. ↑ "statisticscircuits". natoonline.org. Retrieved 2014-01-20.
  8. ↑ "Shari Redstone Says U.S. Has Too Many Cinemas, 'Thousands' Should Close - Bloomberg". Mobile.bloomberg.com. 2011-07-08. Retrieved 2014-01-15.
  9. ↑ "Foxboro, MA: National Amusements Debuts New Upscale Cinema Concept at Patriot Place - The BigScreen Cinema Guide". Bigscreen.com. Retrieved 2014-01-15.
  10. ↑ "4/30/2002, The Bridge: Cinema De Lux - Almanac, Vol. 48, No. 32". Upenn.edu. 2002-04-30. Retrieved 2014-01-15.
  11. ↑ "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.
  12. ↑ "Sumner Redstone's Daughter Shari Launches Media, Tech Investment Firm". The Hollywood Reporter. 2011-08-26. Retrieved 2014-01-15.
  13. ↑
  14. ↑ Eller, Claudia (2010-01-08). "Shari Redstone buys Russian theaters from her family firm - Los Angeles Times". Articles.latimes.com. Retrieved 2014-01-15.
  15. 1 2 "Shari Redstone's Rising Star Media sold to Russian theater chain - latimes.com". Latimesblogs.latimes.com. 2011-06-06. Retrieved 2014-01-15.
  16. ↑ Lenzner, Robert (2011-09-06). "Shari Redstone Makes Huge Profit By Selling Russian Theaters For $190 Million". Forbes. Retrieved 2014-01-15.
  17. 1 2 James, Meg (2011-08-27). "Shari Redstone launches investment firm Advancit Capital - Los Angeles Times". latimes.com. Los Angeles Times. Retrieved 2014-01-15.
  18. 1 2 3 "Shari Redstone". CBS Corporation. Retrieved 2014-01-15.
  19. ↑ Abelson, Jenn (2007-09-19). "Redstone says he relies on his instinct - The Boston Globe". Boston.com. Retrieved 2014-01-15.
  20. ↑ Eller, Claudia (2007-08-02). "Redstone family rift may not be healed - Los Angeles Times". Latimes.com. Retrieved 2014-01-15.
  21. ↑ "Shari Redstone | CBS Corporation". www.cbscorporation.com. Retrieved 2016-02-11.
  22. ↑ Reuters (3 February 2016). "Sumner Redstone Resigns as CBS Executive Chairman". Fortune. Retrieved 4 February 2016.
  23. 1 2 "Viacom names Philippe Dauman as new board chairman, replacing Sumner Redstone". USA Today. 4 February 2016. Retrieved 4 February 2016.
  24. ↑ David Lieberman. "Viacom Names Philippe Dauman Chairman Succeeding Sumner Redstone - Deadline". Deadline. Retrieved 4 February 2016.
  25. ↑ "Succession battle engulfs Sumner Redstone's media empire". Financial Times. Retrieved 4 February 2016.
  26. ↑ Chris Palmeri, Lucas Shaw (4 February 2016). "Viacom's Board Names Dauman Chairman, Replacing Aging Redstone". Bloomberg.com. Retrieved 4 February 2016.
  27. ↑ "The Jewish Post and Opinion, July 18, 1980, Page10".
  28. ↑ William D. Cohan. "Sumner Redstone Shows Yet Another Ex-Girlfriend to the Door". Vanity Fair. Retrieved 4 February 2016.
  29. ↑ "Press Releases". CASAColumbia. Retrieved 2014-01-15.
  30. ↑ "Board of Directors - John F. Kennedy Presidential Library & Museum". Jfklibrary.org. Retrieved 2014-01-15.
  31. ↑ "Local Advisory Board | BUILD Greater Boston". Buildinboston.org. Retrieved 2014-01-15.
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