Sumner Redstone, Hollywood Brawler – The New York Times

Sumner M. Redstone belonged to the Age of the Media Mogul, a time earlier than Apple, Facebook, Amazon and Google, when avenue-sensible executives like Rupert Murdoch, Barry Diller and John Malone brawled in a bid to dominate the world’s display time.

That period is all however achieved. The swashbucklers have basically ceded the Hollywood stage to a gaggle of coolheaded executives who like to present the impression that they earn their billions extra by means of their data of algorithms than with the brutal ways of company warfare.

But the executives who run the digital companies which have come to dominate the leisure world wouldn’t have gotten very far with out the applications and movies that have been dropped at market by ferocious moguls like Mr. Redstone, who died on Tuesday at age 97.

He wasn’t a lot an innovator as he was a most opportunist. He didn’t invent new types of leisure; he used cagey maneuvers to construct an empire. He had the gall to borrow ungodly sums to shut a deal. He beloved to purchase issues. He beloved to sue his rivals.

Mr. Redstone began with a string of drive-in film theaters and have become the primary architect of ViacomCBS, the media big that features the CBS broadcast community, the cable channels Showtime and MTV, and the Paramount movie studio.

The former Army officer with flame-pink hair (in later years it was dyed carrot) favored to say he was self-made, however he had a substantial head begin, due to his father, who based the drive-in chain within the 1930s. By the time the youthful Redstone joined the household enterprise in 1954, automobile tradition was king and drive-ins have been all the fashion.

Even his father, Mickey Redstone, had assist, having began his profession with $50,000 furnished by a Boston mobster, Harry Sagansky, referred to as “Doc.” “It was my father’s money,” Mr. Sagansky’s son Robert Sage recalled in “The King of Content,” a biography of Mr. Redstone by the journalist Keach Hagey. “The Redstones didn’t put any money in it.”

Decades before Netflix, cable was the original disrupter of the traditional TV business. And Mr. Redstone was particularly besotted with MTV. Its chaotic Times Square headquarters, a brightly lit playground filled with record execs and veejays, made him feel younger, he said. He borrowed an emperor’s ransom — $3 billion — to make the acquisition happen, putting up his family company along with $400 million in cash.

“Everyone said I overpaid,” he wrote in his autobiography, “A Passion to Win.”

The biggest prize was Paramount. To land it, he had to outgun Mr. Malone, the cable magnate whom Al Gore once called “Darth Vader,” and Mr. Diller, the onetime chief executive of Paramount and the founding executive of the Fox television network.

In those days, six years after the Viacom deal, Mr. Redstone was still considered something of an arriviste, while Mr. Diller and Mr. Malone had plenty of Hollywood friends. When Mr. Diller and Mr. Malone joined forces to ward off Mr. Redstone’s pursuit, the outsider from Massachusetts seemed unlikely to get what he so craved.

“He would ‘bet the company’ for what he believed, and had the will and tenacity to pull it through whatever the obstacles,” Mr. Diller said in a statement after Mr. Redstone’s death.

To finance the long-shot scheme, Mr. Redstone arranged a merger with the video-rental chain Blockbuster and got some help from NYNEX, the company that eventually turned into Verizon. By Feb. 14, 1994, he had taken control of Paramount in a $10 billion deal. That evening, Mr. Redstone, who favored off-the-rack suits from Filene’s Basement, celebrated at the ur-den of power, the “21” Club in Manhattan, and offered a toast: “Here’s to us who won.”

For the son of a onetime linoleum salesman who had grown up in a Boston tenement, Paramount epitomized American success. It was home to defining films of the last century like “Sunset Boulevard,” “The Ten Commandments,” “Chinatown,” “Raiders of the Lost Ark,” “Top Gun” and, Mr. Redstone’s favorite, “The Godfather.”

Source link

Featured Advertisements


Leave a Reply

Your email address will not be published. Required fields are marked *

Featured Advertisements