Chapter 427: Sumner Redstone
Sumner Redstone might have been 85 years old, but he still had quite a few lovers. His grandson, Sally Redstone's son, often introduced young women to him.
Sumner Redstone's father founded National Amusements, starting as a theater operation and growing larger, eventually acquiring Viacom, VH1, BET Black Entertainment Television, Paramount, and CBS, forming today's media empire.
Sumner Redstone's father simply and crudely divided the shares of National Amusements among his sons and grandsons. This led to the shares controlling Viacom being dispersed. Sumner Redstone, ambitious as he was, grabbed the chance to take control from his father and employed various methods to seize company shares from his brothers, children, and nephews.
Although the Redstone family's National Amusements held less than 30% of Viacom's shares, they controlled nearly 70% of the voting rights!
Looking at the 85-year-old Jew with sunken eyes but a sinister gaze in front of him, Charles smiled and reached out his hand, "Happy Birthday!"
Sumner Redstone shook hands with Charles. After battling with Rupert Murdoch for over a decade in Hollywood, he found himself being outdone by a young man in the end.
"Charles, walk with me over there," Sumner suggested.
Charles nodded. Sumner Redstone leaned on his cane, and the two walked to a bench near the estate and sat down.
"In 1987, I led the acquisition of Viacom, which owned BET Black Entertainment Television and VH1 music cable channel, by National Amusements.
In 1993, I used Viacom, leveraging cash flow from the Blockbuster acquisition, to defeat Barry Diller's team and acquire Paramount Pictures.
In 1999, I led the merger of Viacom and CBS.
Then, Viacom finally became a media empire capable of confronting Disney, News Corp, and Time Warner head-on; these are my proudest acquisitions!"
Sumner Redstone narrated calmly, reminiscing about these key events that propelled Viacom's rise in his later years.
Charles listened quietly. Building an empire wasn't a task completed overnight; it involved numerous acquisitions and mergers.
"Barry Diller, do you know him?" Sumner Redstone asked with a smile.
Charles nodded. "Of course. The inventor of the made-for-TV movie in Hollywood, the leader who revived Paramount from the mid-70s to the mid-80s. Afterward, he joined News Corp and helped Rupert Murdoch establish the fourth U.S. broadcast network, Fox Broadcasting."
"Yes, at that time, Paramount was a subsidiary of Gulf & Western Industries. With Barry Diller at the helm, Paramount reclaimed its dominance after the 1948 Paramount Decree," Sumner Redstone had been eyeing Hollywood's major studios for a long time.
The 1987 stock market crash allowed him to accumulate the capital for acquisitions in Hollywood's major studios.
Hollywood's golden age was the 1930s. The Paramount Decree at the end of the 1940s subdued its studios, and the advent of television further destabilized them.
When Barry Diller took over Paramount, he brought along Michael Eisner and Jeffrey Katzenberg and pioneered high-concept films to draw audiences back to theaters. He also initiated made-for-TV movies, which soon evolved into TV series.
For Charles, Barry Diller's greatness lay not in reviving Paramount but in inventing the TV series.
"Barry Diller seems to have ventured into the tech industry now," Charles responded, though he wasn't fully updated. The new era of movie development no longer needed outdated veteran filmmakers.
"Barry Diller is history. The success you've achieved now can't be compared to Barry Diller's," Sumner Redstone looked at Charles, "I really like you because you always create captivating movies and TV shows!"
Content is king. Charles immediately thought of Sumner Redstone's often-voiced slogan, "Content is king!"
"I know Capet Pictures is in talks with General Electric; you must be interested in NBCUniversal," Sumner Redstone said slowly. "Can Universal compared to Paramount? USA Network, Syfy Channel, can they compete with Comedy Central, VH1, Nickelodeon, and BET?"
Charles squinted. Viacom and CBS together were indeed superior to NBCUniversal. "Mr. Redstone, just say it directly!"
Sumner Redstone looked at Charles, "Viacom merging with Capet Pictures; you will replace Sally as the new group's vice chairman and CEO. How about that? I am 85 years old and don't have the energy to manage the group's operations. I'll have Philip and Sally as your deputies by then!"
Charles stood up immediately, looking at Sumner Redstone's face. This sudden move caused some nearby guests to sense an unusual atmosphere.
It was clear that the conversation between the old and new Hollywood tycoons wasn't going well.
If Sumner Redstone weren't 85 years old, Charles might have been tempted to punch this old guy in the face.
*****
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