How rich is Sumner Redstone?
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Sumner Murray Redstone (born Sumner Murray Rothstein; May 27, 1923) is a media magnate. He could be the majority owner and Chairman of the Board of the National Amusements theater chain. Based on Forbes by March 2014 he’s worth US $6.2 billion.
Buying a new business venture, he set his views on Viacom International, a firm which he’d already been purchasing stock in as an investment and was a spinoff of CBS in 1971 after the FCC ruled that television networks couldn’t syndicate programs following their network run. Viacom also possessed MTV Networks (previously called Warner-AMEX Satellite Entertainment), which possessed MTV and Nick. Additionally, other properties contained Showtime Networks (a similar pay-television network to HBO and Cinemax) and The Movie Channel. Viacom got MTV Networks in 1985 for $550 million from Steve Ross’ Warner Communications. (WCI purchased American Express’ share and after that sold the whole thing to Viacom, as they believed which they couldn’t make lots of funds in the enterprise as well as the prejudice of a studio possessing cable stations could be a conflict of interest. The studio’s position changed in 1995, when as Time Warner it purchased Turner Broadcasting.)