Redstone, Sumner

(born May 27, 1923, Boston, Massachusetts, U.S.) American media executive whose company, Viacom, acquired leading film, television, and entertainment properties.

Redstone's father, Michael (Mickey), was a liquor wholesaler, nightclub owner, and drive-in movie operator. As a boy, Redstone studied at the private Boston Latin School and went on to attend Harvard College (B.A., 1944) and Harvard Law School (L.L.B., 1947). After practicing law in Washington, D.C., and Boston, Redstone joined his father's company, National Amusements Inc. (NAI), in 1954 and in 1967 became its president and CEO. His leadership transformed NAI into one of the largest movie theatre chains in the United States. Redstone built new movie theatres near suburban shopping malls and, frustrated by the preferences shown to studio-owned theatres, successfully sued Hollywood studios for the right to show first-run movies.

When he saw that movie production could be far more profitable than movie distribution, Redstone began acquiring large shares in studios. Moments after viewing Star Wars in 1977, he ordered 25,000 shares in the film's sponsoring studio, Twentieth Century–Fox.

In 1987, at age 63, he became head of Viacom when NAI took a controlling interest in the cable network. That move was followed by a series of aggressive acquisitions over the next 15 years. Viacom's holdings came to include Black Entertainment Television (BET), MTV Networks, United Paramount Network (UPN), publisher Simon & Schuster, and majority shares in Comedy Central and Blockbuster Inc. (sold by means of a stock spin-off in 2004). Redstone had borrowed against his Blockbuster shares to acquire Paramount Pictures in 1993. In 1999 Viacom purchased CBS for $37 billion—the largest entertainment merger up to that date—which made it a peer of American media leviathans TimeWarner and the Walt Disney Company.