The billion dollar US media mogul Sumner Redstone, feared by business partners, is dead. Redstone’s National Amusements company announced on Wednesday that he had died the day before at the age of 97.
Redstone, who was born in Boston, used an aggressive strategy to grow his father’s drive-in theater into one of the leading chains in the United States. He quickly realized that the production of films was more lucrative than their distribution, he participated in production companies and in 1987 finally became head of the media company Viacom.
Over the next 15 years Redstone bought rights to a number of TV stations such as MTV programs, production companies and also the publisher “Simon & Schuster”. Then in 1999 Viacom swallowed the national TV broadcaster CBS for 37 billion dollars – the largest takeover in the entertainment industry to date.
The Patriarch Redstone was also distinguished by the fact that he did not want to give up the scepter and continued to influence the business of his group well into old age – he fell out not only with many business partners, but also with his children. Recently, its businesses have increasingly suffered from competition from streaming providers. Redstone was forced to resign in 2016 after internal power struggles and allegations that he was no longer mentally capable of leading.
- Mourning candle flowers: © Printemps – Fotolia.com