Latest in Sumner Redstone

The reminders came often from Sumner Redstone, self-made architect of a vast media empire. "Viacom is me," he once told Fortune magazine. "I'm Viacom. That marriage is eternal, forever." “I’m in control!” he chided Mel Karmazin in a nationally televised news conference as the executive tried to outline his vision for…

Sumner Redstone, an imposing industry figure who built a business empire including Viacom, Paramount Pictures and CBS out of a regional chain of movie theaters, has died at the age of 97. National Amusements, the controlling shareholder of ViacomCBS, confirmed the news Wednesday morning. “It is with great sadness that…

The Redstone family holding company National Amusements (NAI) said it’s reached an agreement with its lenders to amend its credit facility after a debt covenant breach last month caused by a drop in the stock price of ViacomCBS. NAI said it will now have a revolving facility of $125 million and ample liquidity, in…

The meetings are conducted with the secrecy of a national security briefing. Attendees pledge not to disclose deliberations. Attorneys steadfastly stonewall reporters who try to probe the proceedings. And no one ever alludes to the fact that there is a ghost in the room. At stake is a $30 billion merger of two revered…

MySpace, which was once the most trafficked website on the internet, has admitted that some 50 million user-uploaded songs as well as other files have been lost due to a server malfunction. Concern has been mounting on Reddit and on social media over the past year as users who kept their files on MySpace started…

CBS has settled a shareholder lawsuit that claimed chairman emeritus Sumner Redstone received millions in compensation despite the fact his health had deteriorated and he was no longer able to attend to regular company business. The settlement (read the terms here), reached in mediation, is for $1.25 million, but…

With just days to go before everyone went to trial, Sunmer Redstone and Manuela Herzer have finally laid down their legal arms. In a January 4 dated agreement announced today just before a scheduled hearing in downtown Los Angeles, representatives for the 95-year old media mogul and his former long-time companion now…

Looks like the once-fiercely independent Sumner Redstone is going to be under the guardianship of the same court-appointed lawyer who ran Britney Spears' affairs for years, a Los Angeles Superior Court judge ordered today in a dramatic hearing. Judge David Cowan told a DTLA courtroom this morning that he is granting…

After Sunday’s announcement that Les Moonves was out as CBS CEO amid claims of sexual harassment and the months-long legal battles between the company and the Redstone family-dominated National Amusements would end, the courtroom drama is now officially over. “WHEREAS, the Parties have reached a settlement to resolve…

EXCLUSIVE: Talks remain fluid on ending the legal battle between CBS and top shareholder National Amusements as well as the decades-long reign of Les Moonves at the media company, but already a new corporate structure is coming into focus. As Moonves and his advisors including lawyer Daniel Petrocelli field exit…

Comparisons to the Hundred Years’ War that intermittently raged in medieval Europe may not be entirely apt yet, but there were a series of legal moves on both sides of the country today in the hostilities over nearly 100-year old media mogul Sumner Redstone’s mental capacity that sure felt like a battle…

The law of averages said it had to happened one day amidst all the lawsuits, counter-claims and machinations of corporate control that have swirled around Sumner Redstone the past few years – the lawyers all agree on something. Calling it "truly a miracle in this case," Ronald Richards, the attorney for the 95-year…