Sumner Murray Rothstein was born on the 27th May 1923 in Boston, Massachusetts USA, and as Sumner Redstone is widely known as a businessman and media magnate who, until February 2016, served as the chairman of CBS Corporation, Viacom and National Amusements Inc.
Have you ever wondered how much wealth this 93 year-old business veteran has accumulated so far? How rich Sumner Redstone is? According to sources, it is estimated that the total size of Sumner Redstone’s wealth, as of mid-2016, is $5.3 billion and includes the majority of shares in the CBS Corporation, Viacom Media Networks, Paramount Studio, BET Networks and MTV. Among the other assets in Sumner Redstone’s possession, there is also a Beverly Hills’ villa which he purchased for $14.5 million in 2002.
Sumner Redstone Net Worth $5.3 Billion
Sumner Redstone was born to Belle and Michael Rothstein, and is of Jewish descent. In 1940, Sumner’s father changed the family surname to Redstone, which is the literal translation of the German Rothstein. After matriculating as the first in class from Boston Latin School, Sumner in 1944 graduated from Harvard College. During WWII, Sumner served in the US Army, and as a First Lieutenant served in the team which decoded Japanese messages. After the war, he continued his education at Georgetown University Law Center, and later obtained his law degree from Harvard Law School in 1947.
Sumner began his professional career as a special assistant to US Attorney General Tom C. Clark. Subsequently, Sumner moved to the United States Department of Justice Tax Division, before joining his father’s business in 1954. Michael Redstone at that time was the owner of the Northeast Theater Corporation, which later rebranded as the National Amusement Inc. In 1967, Sumner Redstone became the company’s CEO. It is certain that, throughout the years, Sumner’s guidance has brought millions in profits to the company as well as to himself.
With Sumner in the company’s driving seat, the business started to expand rapidly during the 1970s. The National Amusements started building, revolutionary at that time, multi-screen theaters called “twin theaters”, which later grew to “multiplex” and “megaplex” cinemas. Sumner Redstone’s vision and philosophy focused on contents – it must remain constant as the “content is king”, and he soon started to invest in other cinema businesses and chains which later brought him millions in profit.
In 1987, Sumner Redstone orchestrated a rather hostile takeover of Viacom International. Already possessing MTV Networks, under Sumner Redstone in the chairman’s position, in the course of the next several years, Viacom International also acquired Columbia Pictures, Orion Pictures and Paramount Pictures as well as the Twentieth Century Fox. It is doubtless that all these investments have paid off, and dramatically increased Sumner Redstone’s already humongous fortune.
After the 2005 Viacom International divided into Viacom and CBS Corporation, Sumner Redstone served as the chairman of the both companies. However, due to his age he was forced to resign from these positions in the early stages of 2016. Sumner Redstone currently owns more than 70% of Viacom’s and CBS’ shares, and he also controls 80% of shares of National Amusement Inc, while the remaining 20% are owned by his daughter.
Apart from his business career, Sumner Redstone has also made some efforts in sharing his knowledge and experience. Throughout the years, he has lectured at Harvard Law School, Brandies and Boston University’s Law Schools. He has also been rewarded with honorary degrees from George Washington University as well as Boston University’s honorary Doctor of Laws title.
When it comes to his personal life, Sumner Redstone has been married twice. In 1947, he married Phyllis Gloria Raphael with whom he has a son and a daughter. However, the couple split in 1999. Between 2002 and 2009, he was married to Paula Fortunato.
Sumner Redstone has been active in various charity causes, and through his foundation he has donated more than $150 million to several philanthropic causes including cancer and autism research, Global Poverty Project, Cambodian Children’s Fund and many others.
Apart from all those already mentioned, Sumner Redstone published his autobiography in 2001, “A Passion To Win” and also has a star on the Hollywood Walk of Fame.
