American media magnate and billionaire Sumner Redstone died in the United States. This was reported on Wednesday, August 12, ViacomCBS website.
Redstone passed away in Los Angeles at the age of 97. He was chairman and chief executive officer of National Amusements, a movie theater company, and honorary chairman of global entertainment company ViacomCBS.
The head of ViacomCBS, Bob Bekish, noted that Redstone was a brilliant manager and businessman who alone managed to transform a family company from a car cinema into a global media corporation.
Sumner’s father, Redstone Michael founded National Amusements in 1936, and Redstone Jr. later took over as head of the company. In 2012, he said the acquisition of Viacom was his greatest achievement in business. Under his leadership, the company acquired MTV Media Company and Paramount Pictures film studio. It also includes MTV, Nickelodeon, Comedy Central, Showtime and others. The company has the largest audience in the United States.
In November 2019, Sumner’s fortune was estimated at $3.9 billion. During his lifetime, he donated about $260 million for various purposes.