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The biggest media conglomerates in America are AT&T, Comcast, The Walt Disney Company, National Amusements (which includes Viacom Inc. and CBS), News Corp and Fox Corporation (which are both owned in part by the Murdochs), Sony, and Hearst Communications. “Sumner played a critical role in shaping the landscape of the modern media and entertainment industry,” the company said. Before Blockbuster surged forward, however, Redstone displayed his shrewd investing talents again, having National Amusements purchase an additional $250 million of Viacom stock while it languished on the market. National Amusements, Inc., offers theater rentals for meetings, sales conferences, product launches, and private events. His personal life — including a penchant for squiring around much younger women — provided ample fodder for the gossip pages. The 6,000-store Blockbuster chain was suffering from profound problems. The harrowing ordeal left him was scars on his arms and legs. Movie theaters, as he well knew, did not pay a flat price for the right to show movies; they shared the revenue they collected with the studio. His forced exit, however, signaled that the long-estranged Redstones — father and daughter — were on the same page. While his daughter Shari has the title of President, Sumner Redstone retains most of the control over the company. Under the terms of the agreement, Walt Disney sold its videotapes to Blockbuster for roughly one-tenth their previous price in exchange for 40 percent of the rental revenue. The split became effective on 17 Januar… The falling out was part of a pattern for Redstone: He would gush over his top lieutenants, only to turn on them when they didn’t move fast enough or failed to share his fixation on the stock price. The next year, the Wall Street Journal reported Redstone had suffered mini-strokes that made speaking difficult, although he remained mentally sharp. “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.”. Which in turn is owned by shareholders as a publicly traded company. National Amusements took a significant loss on the sale, although the loss allowed it to benefit from tax losses. Sumner Redstone, the billionaire media magnate whose family company controls CBS and Viacom, and whose career spilled over from boardrooms to gossip sheets, has died. The divestitures greatly reduced Viacom's debt, but the company was also burdened by the anemic performance of Blockbuster. Life begins whenever you want it to begin,” he wrote in his 2001 autobiography, “A Passion to Win.”. Just a few weeks earlier, Redstone had split with one of Paramount’s biggest film stars, Tom Cruise. National Amusements is slowly making most of its theaters able to handle multiple formats such as 3D and IMAX films. “Viacom is me, and I am Viacom,” he was famous for saying. Redstone eventually took over the company from his father, built it into one of the largest theater chains in the country and changed its name to National Amusements Inc., or … He went on to wage a similar takeover battle for Paramount Communications, beating fellow media moguls Barry Diller and John Malone with a nearly $10 billion bid, and then bought movie rental giant Blockbuster Entertainment for $8 billion. NBC is owned by Comcast. The owner and chairman of National Amusements died Tuesday. These companies are located in Baltimore MD, Bingham Farms MI, Boston MA, Chicago IL, Cleveland OH, Concord NH, Dedham MA, Des Moines IA, Frankfort KY, Glen Allen VA, Hartford CT, Indianapolis IN, Lake City GA, New York NY, Norwood MA, Providence RI, Tampa FL, Tampa Fla FL, and Trenton NJ. He began expanding internationally in England, where he focused on less economically robust cities such as Birmingham, Leeds, and Liverpool. "When the price of tapes got up to about $65 each, we realized we couldn't afford to buy enough tapes to sufficiently stock the shelves." Your blog can not share posts by email owner and chairman of Viacom and Pictures. To know what national amusements owner on behind the scenes back, suing the studios kept the. 3D and IMAX films explored reuniting CBS and Viacom agreed to Redstone father. A handful of lawsuits announced that California junior Senator Kamala... Post was not sent - check your addresses... 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