Weinstein & Randisi
Phone:585-310-1578
Toll free:800-768-1780

Resize the Content Text

92-year-old Viacom founder and chairman reveals his estate plans

The founder and chairman of Viacom, Sumner Redstone, has released information about the plans he has for his media holding after passes away. Ninety-two-year-old Redstone controls CBS and Viacom. Recent stories featured in the Wall Street Journal and the New York Times have speculated on who will run the companies after he is gone.

Redstone indicated in his statement that he created a special independent trust 10 years ago, which will professionally manage his assets in a way that will benefit shareholders in CBS and Viacom. According to the Wall Street Journal, Redstone recently made some changes to his estate plan after ending a relationship with his 44-year-old girlfriend.

Much of the speculation about who will control the companies has been inspired by recent health concerns experienced by the media mogul. Redstone has had several mini strokes, which have made it more difficult for him to speak. Some have speculated that Viacom's chief executive officer, Philippe Dauman or Sheri Redstone, his daughter, might be in control of the companies after Redstone's death.

In his statements, Redstone also said that Dauman is his friend and partner, and he still has his full trust and support. Redstone said that he is confident that Dauman is on the correct path to success with regard to his corporate management plans.

Multi-billionaire media moguls are not the only ones who can benefit from setting up a trust as a part of their estate plans. Indeed, New York residents who have a more modest level of wealth can easily incorporate a trust into their estate plans for the benefit of their families and heirs.

Source: Broadcasting & Cable, "Redstone Confirms Plan to Put Assets in Trust," Jon Lafayette, Oct. 07, 2015

No Comments

Leave a comment
Comment Information

How Can We Help You?

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Contact Info

Weinstein & Randisi
290 Linden Oaks, Ste. 200
Rochester, NY 14625

Toll Free: 800-768-1780
Phone: 585-310-1578
Rochester Law Office Map

Back to top