Shari Redstone wants the company to remain independent and will back Viacom's chief executive, CNBC said.
(Reporting by Narottam Medhora in Bengaluru; Editing by Sriraj Kalluvila)
(Reuters) - Shari Redstone, vice chair of Viacom Inc and the daughter of controlling shareholder Sumner Redstone, has withdrawn her support for a merger between CBS Corp and Viacom, CNBC reported on Monday.
Shari Redstone wants the company to remain independent and will back Viacom's chief executive, CNBC said.
(Reporting by Narottam Medhora in Bengaluru; Editing by Sriraj Kalluvila)
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Sumner Murray Redstone (born Sumner Murray Rothstein; May 27, 1923) is an American businessman and is a media magnate. He is the majority owner and Chairman of the Board of the National Amusements theater chain. Through National Amusements, Sumner Redstone and his family are majority owners of CBS Corporation and Viacom (itself the parent company of MTV Networks, BET, and the film studio Paramount Pictures), and are equal partners in MovieTickets.com. According to Forbes as of March 2014 he is worth US $6.2 billion. in Boston, Massachusetts, to Belle (née Ostrovsky) and Michael Rothstein. In 1940, his father changed the family surname from "Rothstein" to "Redstone" Michael Rothstein owned Northeast Theater Corporation in Dedham, Massachusetts—the forerunner of National Amusements—and the Boston branch of the Latin Quarter Nightclub. where he completed the studies for his baccalaureate in three years. Later, Redstone served as First Lieutenant in the United States Army during World War II After this military service, he worked in Washington, D.C., and attended Georgetown University Law School. He transferred to Harvard Law School and received his LL.B. in 1947.). He invested in Columbia Pictures, Twentieth Century Fox, Orion Pictures, and Paramount Pictures (Redstone's Viacom would buy Paramount in the 1990s), all of which turned over huge profits when he chose to sell their stock in the early 1980s.
In 1979, he suffered severe burns in a fire at the Copley Plaza hotel, in Boston, but survived after thirty hours extensive surgery at Massachusetts General Hospital. Though he was warned that he might never be able to live a normal life, eight years later he was fit enough to insist on playing tennis nearly every day and to launch a hostile takeover of Viacom.
Career
Source @ Wikipedia