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Thursday, Jun 8, 2023

Wealthiest Angelenos: 7, Sumner Redstone

Net Worth: $5.5 billion, down 3.5 percent

LAST YEAR: $5.7 billion

AGE: 92

RESIDENCE: Beverly Hills

SOURCE OF WEALTH: Broadcasting, film, movie theaters

THE MONEY: Maintains 80 percent voting interest in Viacom Inc. and CBS Corp. through investment entity National Amusements. Shares of both companies have plummeted as turmoil surround succession plans for ailing majority owner. Also has large investment portfolio and cash on hand, though enduring presumably costly legal battle.

THE BUZZ: Stepped down as chairman of CBS in February, handing reins to Chief Executive Leslie Moonves, and of Viacom, where Chief Executive Phillipe Dauman took over. Now chairman emeritus at both entities. Subject of scrutiny by investors and analysts for months amid humiliating legal battle involving former companion Manuela Herzer over his mental competence. Herzer was removed in October as his health care agent, booted from potential $70 million inheritance. Redstone’s daughter Shari subsequently became health care agent. Dauman said in affidavit that Sumner Redstone “engaged and attentive” during October visit to Beverly Park estate. Trial could affect Redstone’s controlling interest in National Amusements. CBS shares rose after February announcement that he would step down as chairman.

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