Editing Sumner Redstone (section)

==Career==
===Legal career===
After completing law school, Redstone moved to [[San Francisco]] to become a clerk with the [[United States Court of Appeals for the Ninth Circuit]], a job that then paid $43 per week. While employed by the Ninth Circuit, Redstone also taught labor law courses in the evenings at [[University of San Francisco School of Law]].<ref name="early legal">{{harvnb|Hagey|2018|pp=59-60}}</ref> Beginning in 1948, Redstone joined the [[United States Department of Justice Tax Division]] as a staff attorney with the appellate tax division, in the immediate aftermath of the Supreme Court case ''[[United States v. Paramount Pictures, Inc.]]'' when the government was actively combating anti-competitive practices among [[Paramount Pictures]] and other major film studios.<ref name="early legal"/>

After two years with the Justice Department, Redstone followed his supervisors to private practice in 1950.<ref name="early legal"/> Then in 1951, Redstone became a partner of the firm Ford, Bergson, Adams, Borkland, & Redstone with two of his former Justice Department supervisors Herbert Bergson and Herbert Borkland, along with former Deputy Attorney General [[Peyton Ford]].<ref name="early legal"/> In the 1954 U.S. Supreme Court case ''Holland v. United States'', Redstone represented the plaintiffs, a married couple of hotel owners convicted of tax evasion following a sudden rise in their net worth.<ref name="early legal"/><ref>{{cite web|url=https://supreme.justia.com/cases/federal/us/348/121/|title=Holland v. United States, 348 U.S. 121 (1954)|publisher=Justia|accessdate=October 16, 2023}}</ref> Although the court would uphold their conviction, Redstone's argument that the government had the burden of proof in proving tax evasion in unusual increases in net worth would later become [[Internal Revenue Service]] policy.<ref name="early legal"/><ref>{{cite encyclopedia|url=https://www.encyclopedia.com/people/social-sciences-and-law/business-leaders/sumner-redstone|title=Redstone, Sumner M. 1923–|encyclopedia=Encyclopedia of World Biography|accessdate=October 18, 2023}}</reF>

===Northeast Theatre Corporation (later National Amusements)===
In 1954, he joined his father's theater chain Northeast Theatre Corporation, which then had fourteen drive-in theaters in five eastern states.<ref>{{harvnb|Hagey|2018|pp=61-62}}</reF> The Redstone family re-incorporated Northeast Theatre Corporation and their other businesses as [[National Amusements]] in 1959 to access more money to finance expansion; Redstone would invest nearly $18,000 in stock and be named vice president.<ref>{{harvnb|Hagey|2018|p=67}}</ref> In 1964, Redstone was elected president of the Theater Owners of America, which would merge with a rival group to form the [[National Association of Theatre Owners]], for which Redstone became chairman in 1965.<ref>{{harvnb|Hagey|2018|p=71}}</ref><ref>{{cite web |url=https://www.encyclopedia.com/education/economics-magazines/redstone-sumner-m |title=Redstone, Sumner M. |work=Business Leader Profiles for Students |accessdate=October 17, 2023}}</ref>

Redstone became CEO of National Amusements in 1967.<ref name="Britannica"/> The company had 93 theater screens (52 drive-ins and 41 indoor) when Redstone took office; within 10 years, National Amusements had nearly 250 screens.<ref>{{harvnb|Hagey|2018|p=90}}</reF> After watching the first ''[[Star Wars (film)|Star Wars]]'' film in 1977, Redstone directed National Amusements to buy a five percent stake in [[20th Century Studios|20th Century Fox]], distributor of ''Star Wars''.<ref name="Redstone Fox">{{harvnb|Hagey|2018|pp=93-94}}</ref> Having bought Fox for $8 a share, National Amusements sold Fox at $60 after [[Marvin Davis]] bought the company.<ref name="Redstone Fox"/> National Amusements' other investments in [[Columbia Pictures]], [[Orion Pictures]], and [[Paramount Pictures]] also had large returns on investment in the early 1980s.<ref>{{cite web |title=Sumner Redstone Will Be 91 On Tuesday Now Selling Shares for Estate Planning |url=https://jewishbusinessnews.com/2014/05/25/sumner-redstone-will-be-91-on-tuesday-now-selling-shares-for-estate-planning/ |website=Jewish Business News |access-date=August 15, 2020 |date=May 25, 2014}}</ref>

===Viacom===
As a hedge against slow growth in movie theaters, Redstone began buying stock in [[Viacom (1952–2006)|Viacom International]] in 1985.<ref>{{harvnb|Hagey|2018|p=117}}</ref> Viacom spun off from [[CBS]] in 1971 after the [[Federal Communications Commission|FCC]] ruled at the time that [[television network|television networks]] could not [[Television syndication|syndicate]] their own programs.<ref>{{cite web|title=Who's the Boss?|url=http://www.fortune.com/indexw.jhtml?channel=artcol.jhtml&doc_id=201165&_DARGS=/fragments/frg_featured_links_old.jhtml_A&_DAV=artcol.jhtml|last=Leonard|first=Devin|work=Fortune|date=April 16, 2001|archiveurl=https://web.archive.org/web/20011222015304/http://www.fortune.com/indexw.jhtml?channel=artcol.jhtml&doc_id=201165&_DARGS=/fragments/frg_featured_links_old.jhtml_A&_DAV=artcol.jhtml|archivedate=December 22, 2001|accessdate=October 22, 2023|url-status=dead}} Article continues on pages [https://web.archive.org/web/20020220171625/http://www.fortune.com/indexw.jhtml?_DARGS=/artcol.jhtml.4_A&_DAV=artcol.jhtml&channel=artcol.jhtml&doc_id=201165&page=2 2], [https://web.archive.org/web/20020220170520/http://www.fortune.com/indexw.jhtml?channel=artcol.jhtml&doc_id=201165&page=3&_DARGS=/artcol.jhtml.4_A&_DAV=artcol.jhtml 3], [https://web.archive.org/web/20020220172700/http://www.fortune.com/indexw.jhtml?channel=artcol.jhtml&doc_id=201165&page=4&_DARGS=/artcol.jhtml.4_A&_DAV=artcol.jhtml 4], and [https://web.archive.org/web/20020220171955/http://www.fortune.com/indexw.jhtml?channel=artcol.jhtml&doc_id=201165&page=5&_DARGS=/artcol.jhtml.4_A&_DAV=artcol.jhtml 5].</ref> Viacom initially syndicated CBS network shows such as ''[[Gunsmoke]]'', ''[[Hawaii Five-O (1968 TV series)|Hawaii Five-O]]'', and ''[[I Love Lucy]]''.<ref name="Hagey 113 116"/><ref>{{cite web|archiveurl=https://archive.today/20231021034057/https://fortune.com/2020/08/12/sumner-redstone-obituary-viacom-cbs/|archivedate=October 21, 2023|title=Sumner Redstone, Viacom founder and old-fashioned media mogul, dies at 97|url=https://fortune.com/2020/08/12/sumner-redstone-obituary-viacom-cbs/|work=Fortune|date=August 12, 2020|last1=Ingram|first1=Mathew|last2=Warner|first2=Bernhard|accessdate=October 20, 2023|url-status=dead}}</reF>

Viacom also owned [[MTV Networks]] (formerly known as Warner-AMEX Satellite Entertainment), which owned [[MTV]] and [[Nickelodeon]].<ref name="Hagey 113 116">{{harvnb|Hagey|2018|pp=113, 116}}</ref> In addition, other properties included pay television networks [[Showtime (TV network)|Showtime]] and [[The Movie Channel]].<ref>{{cite web |title=CBS-Viacom merger reunites the storied network with Comedy Central, MTV and Paramount Pictures |url=https://www.latimes.com/entertainment-arts/business/story/2019-08-13/cbs-merger-viacom-comedy-central-mtv-paramount-pictures |website=Los Angeles Times |access-date=August 13, 2020 |date=August 13, 2019}}</ref> Viacom acquired MTV Networks in 1985 for $550 million from [[Steve Ross (Time Warner CEO)|Steve Ross]]' [[Warner Communications]].<ref>{{cite web |last1=Dreyfuss |first1=Joel |last2=Rogers |first2=Michael |title=Viacom buys MTV |url=https://money.cnn.com/magazines/fortune/fortune_archive/1985/09/30/66485/index.htm |website=Fortune |access-date=October 20, 2023 |date=September 30, 1985|archiveurl=https://web.archive.org/web/20071209083249/http://money.cnn.com/magazines/fortune/fortune_archive/1985/09/30/66485/index.htm|archivedate=December 9, 2007|url-status=dead}}</ref> 

After a four-month [[hostile takeover]], Redstone won voting control of Viacom for $3.4 billion on March 4, 1987.<ref>{{cite news|url=https://www.latimes.com/archives/la-xpm-1987-03-05-fi-7618-story.html |title=Viacom Accepts Redstone's $3.4-Billion Takeover Bid, Ending Four-Month Battle |newspaper=Los Angeles Times |date=March 5, 1987 |access-date=October 20, 2023 |first=Paul |last=Richter}}</ref><ref>{{cite news|url=https://www.latimes.com/archives/la-xpm-1996-01-18-fi-25989-story.html |title=SHAKE-UP AT VIACOM : PROFILE: A SURVIVOR : With Each Ouster, Biondi Bounces Back |newspaper=Los Angeles Times |date=January 18, 1996 |access-date=October 20, 2023 |first=Karen |last=Kaplan}}</ref><ref>{{harvnb|Hagey|2018|p=122}}</ref>

=== Paramount Pictures ===
Redstone's next acquisition was Paramount Communications (previously [[Gulf+Western]]), parent of [[Paramount Pictures]], in 1994.<ref>{{cite web |last=Feeney |first=Mark |title=Sumner M. Redstone, media mogul who controlled CBS and Viacom, dies at 97 |url=https://www.bostonglobe.com/2020/08/12/metro/media-mogul-sumner-redstone-dies-97/ |newspaper=The Boston Globe |access-date=October 20, 2023 |archiveurl=https://web.archive.org/web/20200913081924/http://www.bostonglobe.com/2020/08/12/metro/media-mogul-sumner-redstone-dies-97/ |archivedate=September 13, 2020 |url-status=dead}}</ref> Engaging in a bidding war with [[QVC]] president [[Barry Diller]] and [[Tele-Communications Inc.|TCI]] president [[John Malone]], Redstone had to raise his bid at least three times from $7.5 billion to $10.1 billion.<ref>{{harvnb|Hagey|2018|pp=141, 143, 146-147}}</ref><ref>{{cite news|url=https://www.washingtonpost.com/archive/politics/1994/02/16/viacoms-bid-wins-paramount/79257268-4c4f-4c66-91d1-2188d840188c/|title=Viacom's bid wins Paramount|last=Farhi|first=Paul|newspaper=The Washington Post|date=February 16, 1994|accessdate=October 20, 2023}}</reF> Some analysts at the time estimated that Redstone overpaid by billions, and Viacom would accrue nearly $10 billion in debt after acquiring Paramount. However, the sale of certain assets such as [[Madison Square Garden]] to [[Cablevision]] and [[Simon & Schuster]] for $4.6 billion to [[Pearson PLC]] would eventually help Viacom improve financially, with its stock price in 1998 approaching $60, breaking its 1995 record high.<ref>{{harvnb|Hagey|2018|pp=145-146, 150-151}}</ref><ref>{{cite web|last1=Lenzner|first1=Robert|last2=Newcomb|first2=Peter|archiveurl=https://web.archive.org/web/19990424161952/https://www.forbes.com/forbes/98/0615/6112050a.htm|archivedate=April 24, 1999|url=https://www.forbes.com/forbes/98/0615/6112050a.htm|title=The vindication of Sumner Redstone|work=Forbes|date=June 15, 1998|accessdate=October 20, 2023|url-status=dead}}</ref> Under Redstone's leadership, Paramount produced such popular, award-winning films as ''[[Saving Private Ryan]]'', ''[[Titanic (1997 film)|Titanic]]'', ''[[Braveheart]]'', ''[[Forrest Gump]]'', and ''[[Mission: Impossible (film)|Mission: Impossible]]''.<ref>{{harvnb|Hagey|2018|p=150}}</ref>

Redstone replaced the team of Jonathan Dolgen and [[Sherry Lansing]] in 2004.<ref>{{cite news|url=https://www.latimes.com/archives/la-xpm-2004-nov-02-fi-paramount2-story.html |title=Hollywood Pioneer Lansing Is Poised to Exit Paramount |newspaper=Los Angeles Times |date=November 2, 2004 |access-date=February 10, 2012 |first=Claudia |last=Eller}}</ref> After arriving at Paramount in 2005, chairman and chief executive officer [[Brad Grey]] led a return to fortune at the box office.<ref>{{cite news|last=Cieply |first=Michael |url=https://www.nytimes.com/2009/12/14/business/media/14paramount.html?pagewanted=1&ref=bradgrey |title=Paramount Pictures Finds Long-Sought Balance |work=[[The New York Times]] |date=December 13, 2009 |access-date=February 10, 2012}}</ref><ref>{{cite web|url=https://boxofficemojo.com/studio/ |title=2012 Market Share and Box Office Results by Movie Studio |publisher=Boxofficemojo.com |access-date=February 10, 2012}}</ref> He oversaw the creation or revitalization of several major franchises, including ''[[Transformers (film)|Transformers]]'', ''[[Star Trek]]'' and ''[[Paranormal Activity (film series)|Paranormal Activity]]''.<ref>{{harvnb|Hagey|2018|pp=223, 249}}</ref><ref>{{cite web|last=James|first=Meg|url=https://www.latimes.com/obituaries/story/2020-08-12/la-me-sumner-redstone-dies|title=Media mogul Sumner Redstone, whose empire included Viacom and CBS, dies at 97 |work=Los Angeles Times|date=August 12, 2010|accessdate=October 17, 2023|archiveurl=https://web.archive.org/web/20200831224500/https://www.latimes.com/obituaries/story/2020-08-12/la-me-sumner-redstone-dies|archivedate=August 31, 2020|url-status=live}}</ref> Paramount also forged productive relationships with top-tier filmmakers and talent including [[J. J. Abrams]],<ref>{{cite news|last=Fleming |first=Michael |url=https://variety.com/2009/film/features/paramount-extends-deal-with-abrams-1118001694/ |title=Paramount extends deal with Abrams |publisher=Variety |date=March 26, 2009 |access-date=February 10, 2012}}</ref> [[Michael Bay]]<ref>{{cite web |url=http://weblogs.variety.com/bfdealmemo/2009/10/bay-brings-genre-label-to-paramount.html |title=Bay Brings Genre Label to Paramount |access-date=February 22, 2011 |url-status=dead |archive-url=https://web.archive.org/web/20110103020144/http://weblogs.variety.com/bfdealmemo/2009/10/bay-brings-genre-label-to-paramount.html |archive-date=January 3, 2011}}</ref> and [[Martin Scorsese]].<ref>{{cite news |url=https://www.nytimes.com/2006/11/08/business/media/08films.html |title=A Scorsese Tie-In With Paramount in Films and TV |newspaper=New York Times |date=November 8, 2006 |access-date=February 10, 2012}}</ref> The 2010 Paramount slate achieved much success with ''[[Shutter Island (film)|Shutter Island]]'' and a ''[[True Grit (2010 film)|True Grit]]'' remake, reaching the biggest box office totals in the storied careers of Martin Scorsese and the [[Coen Brothers]], respectively.<ref>{{cite web|url=https://www.boxofficemojo.com/article/ed947520516/ |title='Shutter Island' Is Scorsese's Top Movie Worldwide |publisher=Box Office Mojo |date=May 20, 2010 |access-date=February 10, 2012}}</ref><ref>{{cite web |url=https://www.cinemovie.tv/cinemovie_new/interviews/72-celebrity-interviews-movies-new-box-office-articles/1133-true-grit-joel-ethan-coen-film-history |title=Coen Brothers Show 'True Grit' With First $100 Million Film |publisher=CineMovie.tv |access-date=February 10, 2012 |url-status=dead |archive-url=https://web.archive.org/web/20120309152855/http://www.cinemovie.tv/cinemovie_new/interviews/72-celebrity-interviews-movies-new-box-office-articles/1133-true-grit-joel-ethan-coen-film-history |archive-date=March 9, 2012}}</ref> In addition, during Grey's tenure, Paramount launched its own worldwide releasing arm, [[Paramount Pictures International]], and has released acclaimed films such as ''[[An Inconvenient Truth]]'', ''[[Up in the Air (2009 film)|Up in the Air]]'', and ''[[There Will Be Blood]]''.<ref>{{cite web|url=https://www.prnewswire.co.uk/cgi/news/release?id=152949 |title=Paramount Pictures and Universal Pictures to begin self-distribution of films in 15 key countries beginning in January 2007 |publisher=Prnewswire.co.uk |access-date=February 10, 2012}}</ref>

He also purchased [[Blockbuster Entertainment]],<ref>{{cite web |last1=Gruenwedel |first1=Erik |title=Media Mogul (and Blockbuster Video Owner) Sumner Redstone Dead at 97 – Media Play News |date=August 12, 2020 |url=https://www.mediaplaynews.com/media-mogul-and-blockbuster-video-owner-sumner-redstone-dead-at-97/ |access-date=August 13, 2020}}</ref> which included [[Aaron Spelling]]'s production company and a huge library of films, much of which has been merged into Paramount Pictures. Blockbuster has now been spun off into its independent entity. Redstone acquired CBS Corporation in 2000 and then spun it off as a separate company in 2005, taking with it all of Paramount's television shows and catalog.<ref>{{cite web |title=Viacom Completes Split Into 2 Companies |url=https://www.nytimes.com/2006/01/02/business/media/viacom-completes-split-into-2-companies.html |website=The New York Times |access-date=August 15, 2020 |date=January 2, 2006}}</ref><ref name="Sutel">{{cite news |last1=Sutel |first1=Seth |title=Viacom, CBS go own ways on Wall St.|url=https://www.newspapers.com/clip/57386878/the-orlando-sentinel/ |access-date=August 15, 2020 |agency=Associated Press|work=[[The Orlando Sentinel]] |date=January 4, 2006 |pages=C3 |via=[[Newspapers.com]]}} {{Open access}}</ref>

In December 2005, Paramount agreed to buy [[DreamWorks SKG]] for an estimated $1.6 billion.<ref>{{harvnb|Hagey|2018|p=198}}</ref> The acquisition was completed on February 1, 2006. Subsequent financing brought Viacom's investment down to $700&nbsp;million. The animation studio, [[DreamWorks Animation]], was not included in the deal as it has been its own company since late 2004. However, Paramount had the rights to distribute films by DreamWorks Animation until 2013.<ref>{{cite web |title=DreamWorks Animation Inks Distribution Deal with Fox |url=https://www.hollywoodreporter.com/news/dreamworks-animation-inks-distribution-deal-364118 |website=The Hollywood Reporter |date=August 20, 2012 |access-date=August 15, 2020 |language=en}}</ref>

On June 1, 2012, Paramount Pictures renamed the Administration Building on the studio lot the Sumner Redstone Building in a dedication ceremony attended by employees of Paramount Pictures and Viacom.<ref>{{cite web |title=Redstone Building |url=http://www.thestudiotour.com/paramount/redstone.php |website=theStudioTour.com |access-date=August 13, 2020}}</ref>

===CBS===
One of Redstone's largest acquisitions came in the form of Viacom's former parent, CBS. After the FCC modified regulations in 1999 to allow companies to own two television stations in the same media market, CBS president and former Viacom President and COO [[Mel Karmazin]] proposed a merger with Redstone.<ref>{{harvnb|Hagey|2018|p=165}}</ref> On September 7, 1999, Redstone and Karmazin announced that Viacom would buy CBS for $37.3 billion, at the time the biggest media merger of the twentieth century; the newly merged Viacom/CBS would become the second largest media company behind [[Time Warner]].<ref>{{harvnb|Hagey|2018|p=166}}</ref> Viacom had a wide range of assets such as the CBS and [[UPN]] broadcast networks; [[cable television]] networks including [[MTV]], [[VH1]], [[Nickelodeon (TV network)|Nickelodeon]], [[Comedy Central]], and [[Black Entertainment Television|BET]]; the [[pay television]] network [[Showtime (TV network)|Showtime]], [[Radio programming|radio]] ([[Infinity Broadcasting]], which produced the [[Howard Stern]] [[Talk radio|radio show]]s), [[Paramount Pictures]], [[Paramount Television]], and [[King World Productions]].<ref>{{cite web |title=Michael King dies at 67; TV's King World Productions launched 'Oprah' |url=https://www.latimes.com/local/obituaries/la-me-michael-king-20150530-story.html |website=Los Angeles Times |access-date=August 15, 2020 |date=May 30, 2015}}</ref><ref>{{harvnb|Hagey|2018|pp=7, 167, 175, 183}}</ref>

After CBS and Viacom split in 2005, Redstone remained chairman of both companies, but two separate CEOs were appointed for each company, [[Les Moonves]] for [[CBS Corporation|CBS]] and [[Tom Freston]] for [[Viacom (2005–2019)|Viacom]].<ref>{{harvnb|Hagey|2018|p=190}}</reF><ref name="Sutel"/>

In 2007, former ''[[CBS Evening News]]'' anchor [[Dan Rather]] sued CBS and other parties such as Redstone in New York state court for breach of contract after CBS declined to renew his contract following [[Killian documents controversy|a controversy]] over a story by Rather on ''[[60 Minutes II]]'' about then-President [[George W. Bush]]'s [[George W. Bush military service controversy|military service]]. The [[New York Court of Appeals]] dismissed the case in 2009.<ref>{{cite web|url=https://danratherjournalist.org/about-dan/controversies|title=Controversies|work=Dan Rather: American Journalist|publisher=Briscoe Center for American History, University of Texas at Austin|accessdate=October 20, 2023}}</ref>

===Succession===
Redstone's trusts made it clear that his daughter, [[Shari Redstone]] (vice-chairwoman of the board of Viacom and CBS as well as president of National Amusements), was set to assume his role upon his death. However, a November 22, 2006, ''[[New York Times]]'' article indicated that Redstone was reconsidering his daughter's role. In 2007, they feuded publicly over issues of corporate governance and the future of the cinema chain.<ref>{{cite news| url=https://www.boston.com/business/globe/articles/2007/09/19/redstone_says_he_relies_on_his_instinct/ |newspaper=The Boston Globe |first=Jenn |last=Abelson |title=Redstone says he relies on his instinct |date=September 19, 2007}}</ref>

Documents were made public which verify that, as part of a settlement from Sumner Redstone's first divorce, all of his stock was in [[Trust Law|irrevocable trusts]] that was to be left for his grandchildren.<ref>{{cite news| url=https://www.latimes.com/entertainment/news/business/la-fi-shari1oct01,1,4236064.story?coll=la-headlines-business-enter |newspaper=Los Angeles Times |first=Claudia |last=Eller |title=Redstone family rift may not be healed |date=October 1, 2007}}</ref> On March 1, 2010, Redstone publicly confirmed that all of his stock would be left for his five grandchildren (Brandon Korff, Kimberlee Korff, Tyler Korff, Keryn Redstone, and Lauren Redstone).<ref>{{cite web|url=https://www.cnbc.com/id/15840232?video=1428207331&play=1 |title=Faber Exclusive: Sumner's Successor |publisher=CNBC |date=February 26, 2009 |access-date=February 10, 2012}}{{dead link|date=November 2024|bot=medic}}{{cbignore|bot=medic}}</ref>

Redstone made arrangements to step down as CEO of Viacom in 2006. After Mel Karmazin resigned in 2004, two heirs apparent were named: Co-President and Co-COO [[Les Moonves]] (who was number 2 to Karmazin at CBS; he was the former head of [[Warner Bros. Television]] and before that, [[Lorimar Television]]) and Co-President and Co-COO [[Tom Freston]] (who had been president and CEO of MTV Networks since 1987 and had been with the company since the formation of MTV Networks' precursor company, Warner-AMEX Satellite Entertainment). After the Viacom split was approved by the board on June 14, 2005, Moonves headed CBS Corporation, and Freston headed the second incarnation of Viacom.<ref>{{cite web |last1=Schneider |first1=Michael |last2=Steinberg |first2=Brian |title=CBS-Viacom: 20 Years Later, a Look Back at the High Hopes and Eventual Collapse of That First Merger |url=https://variety.com/2019/tv/news/cbs-viacom-merger-20-years-later-moonves-redstone-karmazin-freston-1203265965/ |website=Variety |access-date=August 12, 2020 |language=en |date=August 13, 2019}}</ref>

On September 5, 2006, Redstone removed Freston as president and CEO of Viacom and replaced him with director and former Viacom counsel [[Philippe Dauman]]. Redstone also brought back former CFO Tom Dooley. This was surprising to many, as Freston had been seen by many as Redstone's heir apparent, and Redstone had touted that Freston would run the company after he retired. Redstone publicly stated that he let Freston go because of Viacom's lack of aggressiveness in the digital/online arena, lack of contact with investors, and a lackluster upfront (coupled with falling viewership) at [[MTV Networks]].<ref>{{Cite web|url=https://www.viacomcbs.com/press.tin?ixPressRelease=80704186|title=Viacom Is Exploring The Division Of Its Business Into Separate Publicly-Traded Companies|date=March 16, 2005|archive-url=https://web.archive.org/web/20050405235046/http://www.viacom.com/press.tin?ixPressRelease=80704186|archive-date=April 5, 2005}}</ref><ref>{{cite news|last1=Arango|first1=Tim|title=Sumner's Fall: Freston's Firing Costs Him $113M|url=https://nypost.com/2006/09/07/sumners-fall-frestons-firing-costs-him-113m/|access-date=December 7, 2015|newspaper=[[New York Post]]|date=September 7, 2006}}</ref>

In February 2016, at age 92, after a court-ordered examination by a [[Geriatric psychiatry|geriatric psychiatrist]] whose findings were not publicly disclosed, Redstone relinquished the chairmanship of CBS to Moonves and the chairmanship of Viacom to Dauman.<ref>{{cite news |url=https://www.bloomberg.com/news/articles/2016-02-03/cbs-chairman-redstone-resigns-to-be-replaced-by-ceo-moonves |title=Redstone Resigns as CBS Chair, Igniting Viacom Speculation |first1=Lucas |last1=Shaw|first2=Christopher|last2=Palmieri |publisher=Bloomberg News |date=February 3, 2016 |access-date=October 20, 2023|archiveurl=https://web.archive.org/web/20160206021652/https://www.bloomberg.com/news/articles/2016-02-03/cbs-chairman-redstone-resigns-to-be-replaced-by-ceo-moonves|archivedate=February 6, 2016|url-status=dead}}</ref><ref>{{cite news |first=Emily |last=Steel |url=https://www.nytimes.com/2016/02/04/business/media/cbs-sumner-redstone-les-moonves.html |title=Sumner Redstone Steps Down as CBS Chairman, Replaced by Leslie Moonves |newspaper=The New York Times |date=February 3, 2016|archiveurl=https://web.archive.org/web/20160206024110/http://www.nytimes.com/2016/02/04/business/media/cbs-sumner-redstone-les-moonves.html|archivedate=February 6, 2016|url-status=live}}</ref><ref>{{cite news |url=https://www.bloomberg.com/news/articles/2016-02-04/viacom-s-board-names-dauman-chairman-replacing-aging-redstone |title=Viacom's Board Names Dauman Chairman, Replacing Aging Redstone |first1=Christopher |last1=Palmeri |first2=Lucas |last2=Shaw |date=February 4, 2016|archiveurl=https://web.archive.org/web/20160205150233/http://www.bloomberg.com/news/articles/2016-02-04/viacom-s-board-names-dauman-chairman-replacing-aging-redstone|archivedate=February 5, 2016|url-status=dead|accessdate=October 20, 2023}}</ref> In May 2016, Los Angeles Superior Court Judge David Cowan dismissed a lawsuit alleging that Redstone was mentally incompetent.<ref>{{Cite web|last=Richwine|first=Lisa|url=https://www.reuters.com/article/viacom-redstone-idUSL2N17H2HO|title=Media mogul Redstone won't testify in mental competency trial|publisher=Reuters|date=April 14, 2016|language=en|access-date=September 23, 2023|archiveurl=https://web.archive.org/web/20160420011442/https://www.reuters.com/article/viacom-redstone-idUSL2N17H2HO|archivedate=April 20, 2016|url-status=live}}</ref><ref>{{cite news|last1=Pettersson |first1=Edvard|last2=Palmieri|first2=Christopher |url=https://www.bloomberg.com/news/articles/2016-05-09/redstone-wins-fight-with-ex-as-judge-tosses-competency-suit |title=Redstone Triumphant, Ex-Lover Says Heirs Had 'Insidious Plan' |publisher=Bloomberg News |date=May 9, 2016|archiveurl=https://web.archive.org/web/20160621051319/https://www.bloomberg.com/news/articles/2016-05-09/redstone-wins-fight-with-ex-as-judge-tosses-competency-suit|archivedate=June 21, 2016|accessdate=October 18, 2023|url-status=dead}}</ref> The judge stated it was "not in dispute that Redstone suffers from either mild or moderate dementia."<ref>{{cite news |url=https://www.nytimes.com/2016/06/07/business/media/sumner-redstones-viacom.html |title=Questions Surround Sumner Redstone's New Team of Representatives |first=Emily |last=Steel |newspaper=The New York Times |date=June 7, 2016|accessdate=September 23, 2023|archiveurl=https://web.archive.org/web/20160609214419/https://www.nytimes.com/2016/06/07/business/media/sumner-redstones-viacom.html|archivedate=June 9, 2016|url-status=live}}</ref> In addition, his speech was severely impaired due to a bout with [[aspiration pneumonia]] in 2014.<ref>{{harvnb|Hagey|2018|p=2}} "...an episode of inhaling food into his lungs in 2014 that had left him dependent on a feeding tube and barely able to speak."</ref><ref>{{cite magazine|last=Cohan|first=William D.|title=Inside the Raging Legal Battle over Sumner Redstone's Final Days|url=https://www.vanityfair.com/news/2016/03/sumner-redstone-legal-battle-final-days|magazine=Vanity Fair|date=April 2016|accessdate=October 18, 2023|archiveurl=https://web.archive.org/web/20160412171337/https://www.vanityfair.com/news/2016/03/sumner-redstone-legal-battle-final-days|archivedate=April 12, 2016|url-status=dead|quote=In 2014, Redstone had been hospitalized on three separate occasions, twice for aspiration pneumonia...}}</ref> Two weeks later, another such lawsuit was filed in [[Massachusetts]].<ref>{{cite news |url=https://www.nytimes.com/2016/05/24/business/viacom-ceo-sumner-redstone-competency-lawsuit-philippe-dauman.html |title=Viacom Chief Challenges Sumner Redstone's Competency in Lawsuit |first=Emily |last=Steel |newspaper=The New York Times |date=May 23, 2016}}</ref>

===Holdings===
At the time of his death, Redstone owned over seventy percent of the [[voting interest]] of ViacomCBS. ViacomCBS was controlled by Redstone through National Amusements. Redstone sold his holdings of [[Midway Games]], of over 89 percent, in December 2008.<ref>{{Cite web|url=https://www.thestreet.com/investing/stocks/redstone-to-sell-control-of-midway-games-10450507|title=Redstone to Sell Control of Midway Games|website=TheStreet|date=December 2008 |language=en-US|access-date=March 21, 2016}}</ref>