The companies under their control include Viacom and Paramount Pictures. Finally, National Amusements maintains that, pursuant to the lease with the Amusement Center as the owner of the property, it was the Amusements Center's responsibility to remove snow and ice from the common areas covered by the Page 2 of 5 [* 3] lease, including the parking lot and walkways. Though buffeted in the past decade by physical decline, succession battles and warring ex-girlfriends, Redstone in his day was a business juggernaut and once the richest man in entertainment. "We had to be combative," Redstone remembered. True to its roots, National Amusements also operates Showcase Cinemas, Multiplex Cinemas, and Cinema de Lux branded theaters -- more than 950 screens total -- … Sitemap National Amusements owner, media mogul Sumner Redstone, agreed to sell the theaters as part of an effort to refinance loans of $1.46 billion that threatened his control of … The Company also provides online ticketing, restaurant, and bar services. Two months after closing the Paramount acquisition, Redstone paid $8 billion for Blockbuster Entertainment Corporation, the largest videotape retailer in the United States. Redstone eventually took over the company from his father, built it into one of the largest theater chains in the country and changed its name to National Amusements Inc., or … The twice-divorced media mogul ended his 52-year-marriage to Phyllis Redstone in 1999. He went on to wage a similar takeover battle for Paramount Communications, beating fellow media moguls Barry Diller and John Malone with a nearly $10 billion bid, and then bought movie rental giant Blockbuster Entertainment for $8 billion. His personal life — including a penchant for squiring around much younger women — provided ample fodder for the gossip pages. Finally, we can read about how these great companies came about with Company Histories.. Prior to making his bid for Viacom, which was in the midst of a management-led leveraged buyout, Redstone had accumulated 9.9 percent of Viacom's stock. Terms of Use Which in turn is owned by shareholders as a publicly traded company. Warning issued about COVID-19 vaccine after patients suffer reaction, The spy who shagged 'em: Suspected Chinese agent reportedly slept with, courted pols, NYC Chipotle besieged by rats feasting on avocados, biting employees, Man on trial for killing schoolboy who threatened to reveal 'intimate' relationship, No drinking alcohol for two months after COVID-19 vaccine, Russia tells citizens. Life begins whenever you want it to begin,” he wrote in his 2001 autobiography, “A Passion to Win.”. During the five months preceding his offer for the company, Redstone increased his stake to 19.6 percent, just below the level Viacom's corporate bylaws would trigger defensive measures. Through National Amusements, Redstone, up until his death, was, and his family remain, majority voting shareholders of mass media conglomerate ViacomCBS, in turn, the parent company of the Paramount Pictures film studio, the CBS television network, and various cable networks. His logical segue into the business world was joining his father, who, along with Sumner's younger brother Edward, was busy managing 12 drive-in theaters controlled by Redstone Management, a company later to develop into National Amusements Inc. As part of Redstone Management, Sumner Redstone used his skills as an attorney to become an indispensable partner in the family business. National Amusements is 80 percent owned by Sumner Redstone and 20 percent owned by Shari Redstone, the latter of whom has been pushing for CBS and Viacom to re-merge. The next year, the Wall Street Journal reported Redstone had suffered mini-strokes that made speaking difficult, although he remained mentally sharp. National Amusements is the parent company of ViacomCBS, Inc. National Amusements, directly and through subsidiaries, holds approximately 79.4% of … Meanwhile, the assets majority-owned by National Amusements, which thoroughly dwarfed the theater chain's stature, underwent significant change. National Amusements, Inc. is an American privately-owned theater company and mass media holding company based in Dedham, Massachusetts and incorporated in Maryland. All rights reserved. As consumers, we often take for granted all the hard work that goes into building a great company. Although National Amusements ranked as one of the smallest components of Redstone's developing media empire, it represented an integral facet of his long-term objective of controlling filmed and recorded entertainment to be distributed through cable, broadcasting, retail outlets, and movie theaters. Under the terms of the agreement, Walt Disney sold its videotapes to Blockbuster for roughly one-tenth their previous price in exchange for 40 percent of the rental revenue. Privacy Notice A judge rejected the suit, but Herzer continued to pursue legal action against Shari Redstone, alleging criminal racketeering. “What I’m proudest of is taking a bunch of drive-in movie theaters and building them up into two of the best media companies in the world,” he told Forbes in October 2007. Through National Amusements, Redstone, up until his death, was, and his family remain, majority voting shareholders of mass media conglomerate ViacomCBS, in turn, the parent company of the Paramount Pictures film studio, the CBS television network, and various cable networks. The harrowing ordeal left him was scars on his arms and legs. Redstone seemed headed for semi-retirement in 2005, when the then-82-year-old mogul announced plans to split his empire into two publicly traded companies and set up a succession race. Copyright (c) 2019 Company-Histories.com. Paramount owned theme parks, television stations, book publisher Simon & Schuster, the USA television network, Madison Square Garden, the National Basketball Association's New York Knicks, and the National Hockey League's New York Rangers. He began expanding internationally in England, where he focused on less economically robust cities such as Birmingham, Leeds, and Liverpool. By the late 1990s, nearly everything under Redstone's control was performing admirably. A privately held company owned by Sumner M. Redstone and his family, National Amusements operates as the parent company of Viacom Inc., which includes Paramount Communications, MTV Networks, Nickelodeon, VH1, Blockbuster Video, Simon & Schuster, Showtime Networks, Inc., and other major entertainment properties. While his father created a career for himself as a business owner, Sumner Redstone distinguished himself as an exceptionally gifted student. 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All Rights Reserved, CBS and Viacom in final stages of all-stock merger, Sumner Redstone reaches settlement with former live-in girlfriend, Sumner Redstone's competency at center of CBS-Viacom drama, Court dismisses racketeering suit against Shari Redstone because her dad is still alive, preloaded with audio clips of his voice saying “Yes,” “No” and “F–k you.”, Meredith taps digital exec Catherine Levene, 1st woman to lead its mags, How NYC restaurateurs press ahead despite COVID-19 restrictions, Expensive homes are being snapped up in Hudson Yards, Cole Haan discounts boots to under $100 for limited-time sale, The best workout equipment you need for your home gym in 2021, Sur La Table takes up to 55 percent off luxury cookware, Inside Karlie Kloss and Joshua Kushner's new $23.5M Miami estate. St. James Press, 1999. Redstone had a falling out with his only son, Brent, who sued his father for trying to cut him out of the company. "These companies [the studios] were predators that didn't want us to get first-run product." "The marketing was terrible. After the war, Redstone entered Harvard Law School, where he finished his studies in 1947. National Amusements is slowly making most of its theaters able to handle multiple formats such as 3D and IMAX films. National Amusements, the privately held movie theater company owned by Redstone and his daughter Shari Redstone, own 80 percent of the voting shares of Viacom and CBS. Shari nonetheless rejected her father’s $1 billion offer to buy out her 20 percent stake in NAI. Redstone’s health had steadily deteriorated over the past decade before his passing on Tuesday. In 2000, Redstone pulled off what was then the largest media marriage ever, when Viacom acquired its former corporate parent, CBS, for $35 billion. In full force, spending nearly $ 20 million source: International Directory of company,. 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