Me­dia ty­coon Red­stone dies aged 97

The Daily Telegraph - Business - - Front Page - By

Han­nah Ut­t­ley TRAIL­BLAZ­ING me­dia ty­coon Sum­ner Red­stone has died at the age of 97.

The US mogul was re­spon­si­ble for trans­form­ing his fa­ther’s drive-in chain Na­tional Amuse­ments into a sprawl­ing em­pire that now en­com­passes Vi­a­com, Para­mount Pic­tures, CBS and MTV.

Mr Red­stone, who of­ten in­sisted he would live for­ever, died on Tues­day af­ter­noon at his home in Los An­ge­les. He had a net worth of $1.7bn (£1.3bn) ac­cord­ing to the Bloomberg Bil­lion­aires Index, and was cred­ited with help­ing to save the cin­ema in­dus­try after de­vel­op­ing the mul­ti­plex chain model in the Six­ties.

The 6ft bil­lion­aire – who once fa­mously fired Tom Cruise after the star’s bizarre per­for­mance in an Oprah Win­frey in­ter­view – was known for his ruth­less ap­proach and be­came em­broiled in sev­eral high-pro­file le­gal bat­tles with top film ex­ec­u­tives and even some of his own fam­ily.

In May 2015, Mr Red­stone said that upon his death his own­er­ship in the com­pany would pass to a fam­ily trust, whose trustees in­clude his daugh­ter Shari Red­stone – who has played an in­creas­ing role in the busi­ness – and her son, Tyler Korff.

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