Billionaire and media mogul Sumner Redstone dies at 97

American media mogul, chairman and CEO of National Amusements, Sumner Redstone, has died at the age of 97. One of the world's oldest billionaires has managed to turn his family's movie theater chain into a multibillion-dollar empire that includes CBS and Viacom.

Sumner Redstone was born in 1923 to Russian immigrants. In the family film distribution business since 1954, since 1967 - CEO of National Amusements. He was one of the first in the industry to realize the leading role of content in relation to distribution, the author of the phrase "Content is everything" (Content is the king). Founder of content syndication.

For more than 30 years, he headed the media company Viacom. In 1987, National Amusements acquired a majority stake in the company, and in 2000 Viacom merged with CBS Corporation.

“My father led an extraordinary life that not only shaped the modern entertainment industry, but created an incredible family legacy,” said Shari Redstone, Sumner’s successor and daughter, chairman of ViacomCBS.

The businessman controlled about 80% of Viacom and CBS shares through his private holding company National Amusements. In November 2019, his fortune was estimated at $3.9 billion.