Sumner Redstone, a popular American media mogul dies at 97. He died on Tuesday at his home in Los Angeles.
National Amusements, the Redstone family’s private holding company that controls what is now ViacomCBS, confirmed that Redstone died Tuesday afternoon.
After years of public battles with family members, Summer Redstone had been in close contact over the past three years with his daughter, ViacomCBS chairman Shari Redstone, and others in his extended family.
“My father led an extraordinary life that not only shaped entertainment as we know it today, but created an incredible family legacy,” Shari Redstone said in a statement.
“Through it all, we shared a great love for one another and he was a wonderful father, grandfather and great-grandfather. I am so proud to be his daughter and I will miss him always.”
National Amusements noted Sumner Redstone’s role in shaping the modern media landscape with his early career in the exhibition business, followed by his acquisitions of Viacom, Paramount Pictures and CBS Corp.
“Sumner Redstone was a man of unrivalled passion and perseverance, who devoted his life to his belief in the power of content,” National Amusements said.
“With his passing, the media industry he loved so dearly loses one of its great champions. Sumner, a loving father, grandfather and great-grandfather, will be greatly missed by his family who take comfort knowing that his legacy will live on for generations to come.”
The question of Sumner Redstone’s legacy is much clearer than it would have been just a few years ago when Shari Redstone was embroiled in legal battles with some of her father’s longtime business associates over control of his business interests. Upon his death, Sumner Redstone’s assets will formally be taken over by the Redstone family trust that will manage his controlling stake in ViacomCBS. Shari Redstone and other family members are among the trustees.
The Boston-bred mogul who ruled his businesses with an iron fist was forced to step down as chairman of CBS and Viacom in early February 2016 amid pressure from shareholders and activists questioning his mental capacity.
Summer Redstone famously vowed he would live forever, so he wouldn’t bother picking his successor.