Net Worth:

$8.4 billion +13%

Last Year:

$7.4 billion

Age:

83

Residence: Beverly Hills

Source of Wealth:

Media, entertainment

The Money:

Thanks to good times on Wall Street, all of Redstone’s holding appreciated last year except struggling Midway Games., a manufacturer of home video entertainment products. Since Redstone split Viacom Inc. at the end of 2005, the CBS Corp. half has prospered, while Viacom holdings recouped value this year after the ouster of Chief Executive Officer Tom Freston. Also owns National Amusements, a cinema chain run by the Redstone family for three generations.

Buzz:

In a high-profile sacking, Redstone ended Paramount Picture’s production deal with star actor Tom Cruise. The company also fired CBS Radio personality Don Imus after a controversy over the shock-jock’s comments. Redstone had earlier sought Freston’s resignation and his replacement with a dual chief executive structure at Viacom. Meanwhile, CBS pulled the plug on its UPN network, and now has a stake in the upstart CW network in conjunction with Warner Bros. Redstone has divested about $824 million in Viacom stock as part of a buyback plan. Last month, he announced plans to donate $105 million to cancer and burn research at three hospitals, including Cedars-Sinai Medical Center in Los Angeles. Redstone nearly died from burns in a hotel fire in 1979. The octogenarian says he’s not slowing down, but many think he’s grooming daughter Shari as successor. Married former school teacher Paula Fortunato in 2003 and lives with her in Beverly Hills mansion.