adplus-dvertising
Connect with us

Media

Sumner Redstone: book reveals media mogul’s ‘astonishing saga of sex, lies and betrayal’

Published

2 years ago

 on

There was a time, not long ago, that America’s media and entertainment businesses were largely run as personal fiefdoms of their owners, executives and top stars. Then came the #MeToo movement and the sexual harassment scandals of Harvey Weinstein, Bill Cosby, Charlie Rose, Matt Lauer and a host of others.

Now a new account of the career of media mogul Sumner Redstone, who died in 2020 at the age of 97, reveals just how awful, shocking and abusive that culture was at one of America’s biggest media empires.

The book, by New York Times journalists James Stewart and Rachel Abrams, paints a fresh picture of a corporate culture that believed that so long as the stock went up, and complex C-suite power games were in play, there was no compelling reason to place checks on the appetites of those whose need for control spanned institutional and sexual power.

At the peak of his power, Redstone controlled Viacom, Paramount Pictures, movie-theater chain National Amusements, CBS, MTV, Comedy Central, Nickelodeon and the publisher Simon & Schuster. In the age before Netflix and HBO, these household names threw off cash and prestige on an industrial-scale.

But as Unscripted: The Epic Battle for a Media Empire and the Redstone Family Legacy details, there was “an astonishing saga of sex, lies, and betrayal” taking place behind the scenes.

Many incidents, but not all, involved Redstone himself. The son of a Boston linoleum salesman, Redstone finished at the top of his class at the Boston Latin School and won a scholarship to Harvard. He had helped crack Japanese codes during World War II, and turned his turned his father’s two drive-in theater business into multi-billion media behemoth of multiplexes – a term he coined – infused with the smell of popcorn.

The structural complexity of the companies Redstone controlled gave him free rein to indulge his instincts. In his houses, TVs were tuned to the stock price of the National Amusements, which he controlled through a preferential share-ownership structure.

But Redstone’s fortune was only half the story: what he did with it was itself an epic saga of brutal politicking and sexual predation. His ruthless will made him not a man to be argued with. He had, after all, once saved himself from incineration in a burning Boston hotel by hanging off a window ledge until his hand was badly and permanently disfigured.

According to Unscripted, Redstone amended his trust more than 40 times to add or remove beneficiaries, often the women he dated who got progressively younger as he got older. Several received $20m, “a lot” received $10m, and “many, many” received over $1m.

He propositioned one future girlfriend, 26-year-old Malia Andelin, who was working as a flight attendant on the company jet, with the line: “Who the fuck are you?” She responded in kind. “I hear women like to be spanked,” Redstone followed up. “Do you like to be spanked?”

“Some say I created Mission: Impossible, and some say that this mission is impossible,” Redstone told Andelin in a message on her voicemail. “But I made this mission possible… I know that if you called me back and you were a risk‑taker, this call could perhaps change your life.” He sent her a crystal‑encrusted handbag in the shape of a panther. “I’m a panther and I’m going to pounce,” read a note.

Redstone reportedly dated his grandson’s girlfriends. “He acts like a 15‑year‑old kid at summer camp,” one executive remarked. At age 85, he boasted on a retreat for fellow media moguls: “I have the vital statistics of a 20-year-old!”

Sumner Redstone and family in 2012.

He fought with his daughter, Shari, and into his 80s lived in a mansion with two women, Sydney Holland and Manuela Herzer, who, converted from lovers to gatekeepers, scheduled his girlfriends and isolated him from his family and friends.

As Redstone became increasing senile, his daughter tried to expel his minders and, later, to recover the $150m he had handed over to them after he was warned he would die alone if they left him. But as that drama progressed CBS’s CEO Les Moonves becomes embroiled in another.

As the CBS board hatched a plan to dilute the old man’s control by merging CBS and Viacom, Moonves, a one-time daytime TV actor, was exposed by then #MeToo crusader Ronan Farrow who located six women with accusations of harassment and intimidation and published their accounts in the New Yorker.

“It’s top down, this culture of older men who have all this power and you are nothing,” a veteran producer told the magazine. “The company is shielding lots of bad behavior.”

Moonves left the company in 2018 and sued for a $120m severance package. Three years later, he settled a New York State investigation into stock sales before the sexual harassment allegations were made public for more than $30m.

Unscripted offers shocking insight into the company’s culture during the Redstone-Moonves era. In one instance, Redstone spent $500,000 promoting the Electric Barbarellas, a breathtakingly trashy all-girl band, who made their CBS network debut on The Late Late Show with Craig Ferguson on March 2011.

MTV executives protested the development of a Barbarellas reality show, calling the group “unwatchable and the music just as bad”. Sumner insisted: “I won’t be defied,” he said. Reviewers branded the show a “hypercontrived, superstaged, and hair‑extensioned mess”.

One question that hangs over the Redstone-Moonves era, as it does the media industry at large, is how the attitudes and behavior of senior executives within corporates structures exert influence beyond their immediate environment. In which case, the culture of Redstone’s empire had a traumatizing and abusive impact far wider than just the corporate offices in which it played out.

“It’s common sense that the people who run the media industry have an influence on the things we see and the culture they are controlling,”said Robert Thompson, trustee professor at the S .I. Newhouse School of Public Communications at Syracuse University.

“When American television was run by white males what we saw was reflected in the things they thought interesting. It’s one of the reasons why there was a call was to diversify not only what was in front of the camera but also behind the camera”, Thompson said.

“One can certainly see how the culture of that period created so much of the misbehavior we got. Executives operating on the level of wealth, power and entitlement are in some ways living in a different world. Whatever their id tells them, they have the resources to fulfill it.”

But there’s a larger question, too. The corporate structure of Redstone’s media creation was so complex and subject to his need for control that few were able or willing to challenge it.

When Redstone died during the Covid-19 pandemic, he was buried in his hometown of Boston. Few were present, but one of those was his daughter Shari. At the end of the service, she knelt close to his grave and sang Frank Sinatra’s “My Way” – a song to which Redstone often returned.

Even in death, apparently, his power lingered.

“You use the corporate structure to keep people confused enough to maintain another kind of control,” Thompson pointed out. “You’ve got these bad behaviors that #MeToo tried to exorcise, but that moves into a weird choreography of exploitation. Every element of this is a tale as old as time.”

728x90x4

Source link

Related Topics:
Continue Reading

Media

Trump could cash out his DJT stock within weeks. Here’s what happens if he sells

Published

3 weeks ago

 on

August 23, 2024

By

Former President Donald Trump is on the brink of a significant financial decision that could have far-reaching implications for both his personal wealth and the future of his fledgling social media company, Trump Media & Technology Group (TMTG). As the lockup period on his shares in TMTG, which owns Truth Social, nears its end, Trump could soon be free to sell his substantial stake in the company. However, the potential payday, which makes up a large portion of his net worth, comes with considerable risks for Trump and his supporters.

Trump’s stake in TMTG comprises nearly 59% of the company, amounting to 114,750,000 shares. As of now, this holding is valued at approximately $2.6 billion. These shares are currently under a lockup agreement, a common feature of initial public offerings (IPOs), designed to prevent company insiders from immediately selling their shares and potentially destabilizing the stock. The lockup, which began after TMTG’s merger with a special purpose acquisition company (SPAC), is set to expire on September 25, though it could end earlier if certain conditions are met.

Should Trump decide to sell his shares after the lockup expires, the market could respond in unpredictable ways. The sale of a substantial number of shares by a major stakeholder like Trump could flood the market, potentially driving down the stock price. Daniel Bradley, a finance professor at the University of South Florida, suggests that the market might react negatively to such a large sale, particularly if there aren’t enough buyers to absorb the supply. This could lead to a sharp decline in the stock’s value, impacting both Trump’s personal wealth and the company’s market standing.

Moreover, Trump’s involvement in Truth Social has been a key driver of investor interest. The platform, marketed as a free speech alternative to mainstream social media, has attracted a loyal user base largely due to Trump’s presence. If Trump were to sell his stake, it might signal a lack of confidence in the company, potentially shaking investor confidence and further depressing the stock price.

Trump’s decision is also influenced by his ongoing legal battles, which have already cost him over $100 million in legal fees. Selling his shares could provide a significant financial boost, helping him cover these mounting expenses. However, this move could also have political ramifications, especially as he continues his bid for the Republican nomination in the 2024 presidential race.

Trump Media’s success is closely tied to Trump’s political fortunes. The company’s stock has shown volatility in response to developments in the presidential race, with Trump’s chances of winning having a direct impact on the stock’s value. If Trump sells his stake, it could be interpreted as a lack of confidence in his own political future, potentially undermining both his campaign and the company’s prospects.

Truth Social, the flagship product of TMTG, has faced challenges in generating traffic and advertising revenue, especially compared to established social media giants like X (formerly Twitter) and Facebook. Despite this, the company’s valuation has remained high, fueled by investor speculation on Trump’s political future. If Trump remains in the race and manages to secure the presidency, the value of his shares could increase. Conversely, any missteps on the campaign trail could have the opposite effect, further destabilizing the stock.

As the lockup period comes to an end, Trump faces a critical decision that could shape the future of both his personal finances and Truth Social. Whether he chooses to hold onto his shares or cash out, the outcome will likely have significant consequences for the company, its investors, and Trump’s political aspirations.

728x90x4

Source link

Continue Reading

Media

Arizona man accused of social media threats to Trump is arrested

Published

3 weeks ago

 on

August 23, 2024

By

Cochise County, AZ — Law enforcement officials in Arizona have apprehended Ronald Lee Syvrud, a 66-year-old resident of Cochise County, after a manhunt was launched following alleged death threats he made against former President Donald Trump. The threats reportedly surfaced in social media posts over the past two weeks, as Trump visited the US-Mexico border in Cochise County on Thursday.

Syvrud, who hails from Benson, Arizona, located about 50 miles southeast of Tucson, was captured by the Cochise County Sheriff’s Office on Thursday afternoon. The Sheriff’s Office confirmed his arrest, stating, “This subject has been taken into custody without incident.”

In addition to the alleged threats against Trump, Syvrud is wanted for multiple offences, including failure to register as a sex offender. He also faces several warrants in both Wisconsin and Arizona, including charges for driving under the influence and a felony hit-and-run.

The timing of the arrest coincided with Trump’s visit to Cochise County, where he toured the US-Mexico border. During his visit, Trump addressed the ongoing border issues and criticized his political rival, Democratic presidential nominee Kamala Harris, for what he described as lax immigration policies. When asked by reporters about the ongoing manhunt for Syvrud, Trump responded, “No, I have not heard that, but I am not that surprised and the reason is because I want to do things that are very bad for the bad guys.”

This incident marks the latest in a series of threats against political figures during the current election cycle. Just earlier this month, a 66-year-old Virginia man was arrested on suspicion of making death threats against Vice President Kamala Harris and other public officials.

Continue Reading

Media

Trump Media & Technology Group Faces Declining Stock Amid Financial Struggles and Increased Competition

Published

3 weeks ago

 on

August 20, 2024

By

Tech News in Canada

Trump Media & Technology Group’s stock has taken a significant hit, dropping more than 11% this week following a disappointing earnings report and the return of former U.S. President Donald Trump to the rival social media platform X, formerly known as Twitter. This decline is part of a broader downward trend for the parent company of Truth Social, with the stock plummeting nearly 43% since mid-July. Despite the sharp decline, some investors remain unfazed, expressing continued optimism for the company’s financial future or standing by their investment as a show of political support for Trump.

One such investor, Todd Schlanger, an interior designer from West Palm Beach, explained his commitment to the stock, stating, “I’m a Republican, so I supported him. When I found out about the stock, I got involved because I support the company and believe in free speech.” Schlanger, who owns around 1,000 shares, is a regular user of Truth Social and is excited about the company’s future, particularly its plans to expand its streaming services. He believes Truth Social has the potential to be as strong as Facebook or X, despite the stock’s recent struggles.

However, Truth Social’s stock performance is deeply tied to Trump’s political influence and the company’s ability to generate sustainable revenue, which has proven challenging. An earnings report released last Friday showed the company lost over $16 million in the three-month period ending in June. Revenue dropped by 30%, down to approximately $836,000 compared to $1.2 million during the same period last year.

In response to the earnings report, Truth Social CEO Devin Nunes emphasized the company’s strong cash position, highlighting $344 million in cash reserves and no debt. He also reiterated the company’s commitment to free speech, stating, “From the beginning, it was our intention to make Truth Social an impenetrable beachhead of free speech, and by taking extraordinary steps to minimize our reliance on Big Tech, that is exactly what we are doing.”

Despite these assurances, investors reacted negatively to the quarterly report, leading to a steep drop in stock price. The situation was further complicated by Trump’s return to X, where he posted for the first time in a year. Trump’s exclusivity agreement with Trump Media & Technology Group mandates that he posts personal content first on Truth Social. However, he is allowed to make politically related posts on other social media platforms, which he did earlier this week, potentially drawing users away from Truth Social.

For investors like Teri Lynn Roberson, who purchased shares near the company’s peak after it went public in March, the decline in stock value has been disheartening. However, Roberson remains unbothered by the poor performance, saying her investment was more about supporting Trump than making money. “I’m way at a loss, but I am OK with that. I am just watching it for fun,” Roberson said, adding that she sees Trump’s return to X as a positive move that could expand his reach beyond Truth Social’s “echo chamber.”

The stock’s performance holds significant financial implications for Trump himself, as he owns a 65% stake in Trump Media & Technology Group. According to Fortune, this stake represents a substantial portion of his net worth, which could be vulnerable if the company continues to struggle financially.

Analysts have described Truth Social as a “meme stock,” similar to companies like GameStop and AMC that saw their stock prices driven by ideological investments rather than business fundamentals. Tyler Richey, an analyst at Sevens Report Research, noted that the stock has ebbed and flowed based on sentiment toward Trump. He pointed out that the recent decline coincided with the rise of U.S. Vice President Kamala Harris as the Democratic presidential nominee, which may have dampened perceptions of Trump’s 2024 election prospects.

Jay Ritter, a finance professor at the University of Florida, offered a grim long-term outlook for Truth Social, suggesting that the stock would likely remain volatile, but with an overall downward trend. “What’s lacking for the true believer in the company story is, ‘OK, where is the business strategy that will be generating revenue?'” Ritter said, highlighting the company’s struggle to produce a sustainable business model.

Still, for some investors, like Michael Rogers, a masonry company owner in North Carolina, their support for Trump Media & Technology Group is unwavering. Rogers, who owns over 10,000 shares, said he invested in the company both as a show of support for Trump and because of his belief in the company’s financial future. Despite concerns about the company’s revenue challenges, Rogers expressed confidence in the business, stating, “I’m in it for the long haul.”

Not all investors are as confident. Mitchell Standley, who made a significant return on his investment earlier this year by capitalizing on the hype surrounding Trump Media’s planned merger with Digital World Acquisition Corporation, has since moved on. “It was basically just a pump and dump,” Standley told ABC News. “I knew that once they merged, all of his supporters were going to dump a bunch of money into it and buy it up.” Now, Standley is staying away from the company, citing the lack of business fundamentals as the reason for his exit.

Truth Social’s future remains uncertain as it continues to struggle with financial losses and faces stiff competition from established social media platforms. While its user base and investor sentiment are bolstered by Trump’s political following, the company’s long-term viability will depend on its ability to create a sustainable revenue stream and maintain relevance in a crowded digital landscape.

As the company seeks to stabilize, the question remains whether its appeal to Trump’s supporters can translate into financial success or whether it will remain a volatile stock driven more by ideology than business fundamentals.

Continue Reading

Trending