Sumner Redstone Net Worth

Sumner Redstone Net Worth and Highlights

Early Life

Sumner Redstone, originally known as Sumner Murray Rothstein, was born on May 27, 1923, in Boston, Massachusetts. Raised in humble circumstances, his family struggled financially, and Sumner’s father worked as a truck driver while his grandfather ran a bakery supply company. During his high school years, Sumner’s father changed the family name to Redstone, a decision that upset Sumner as he felt it neglected their Jewish legacy. Sumner attended Harvard University and then Harvard Law School, where he worked on breaking Japanese military codes for the U.S. Government during World War II. After graduating from law school, he began his career as an attorney, notably working on an anti-trust suit against Paramount.

Career

In 1954, Sumner joined the family drive-in theater business, which he later renamed National Amusements. He expanded the business nationwide, introducing the concept of multiplex theaters. Using the profits from the successful theater chain, Sumner ventured into investing in entertainment companies. In 1987, he acquired Viacom for $3.4 billion, followed by a $10 billion bid for Paramount in 1993. These acquisitions allowed Sumner to helm Paramount’s success, releasing blockbuster films such as “Titanic” and the “Mission Impossible” franchise. In 1999, he orchestrated the largest media merger of its time, acquiring CBS for $37 billion. However, the subsequent years saw Viacom’s stock price lagging, leading to the separation of CBS and Viacom in 2006.

Personal Life

Sumner Redstone was married twice. His first wife, Phyllis, bore him two children – Brent and Shari Redstone. They were married for 52 years before divorcing in 1999. Four years later, Sumner married Paula Fortunato, who was 39 years younger than him. However, they divorced in 2008. In his later years, it was revealed that Sumner had spent a substantial amount of money on ex-girlfriends and encounters, exemplifying his lavish lifestyle.

Net Worth Over Time

Sumner Redstone’s net worth reached its peak at around $5 billion in 2015, but at the time of his death in August 2020, his net worth was estimated to be $2.6 billion.

Components of Net Worth

Sumner Redstone’s net worth primarily stemmed from his ownership and control over Viacom/CBS through the holding company National Amusements. As the majority owner, he was able to command significant shares, generating substantial wealth. Additionally, his acquisitions, such as Viacom, Paramount, and CBS, contributed to his net worth. Sumner’s investments in the entertainment industry, particularly the success of Paramount Pictures, also played a significant role in his overall net worth.

Sumner Redstone was a prominent figure in the American media landscape, leaving a lasting legacy through his ownership of major media brands. His net worth and success were a result of strategic acquisitions and investments throughout his career, transforming him into one of the most influential media moguls of his time.

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