An American businessman and fiercely competitive media mogul, most know Sumner Redstone as the majority owner and Chairman of the Board of the National Amusements theater chain, as well as the majority owner of the CBS Corporation and of Viacom. Clearly a big deal, this big wig has the world at his wealthy fingertips. Nevertheless, the now 92-year-old billionaire is reportedly aging out of his decision-making positions. According to allegations being made in a provocative court case, it is said that the businessman can no longer make decisions for himself, let alone, the good of his companies. How did we get here? Keep reading to find out…
(Photo by Frazer Harrison/Getty Images)
Sexual Fixation, 2 Ex-Girlfriends and the Secret Info behind the Lawsuits
Although Redstone's declining health is the alleged reasoning behind the latest lawsuit, the life of a billionaire is very rarely that cut-and-dried. In fact, it seems this whole debacle began last month when Redstone made the present Viacom CEO, Philippe Dauman, his agent by signing an "advance health care directive." This, thereby, removed one of his 2 present girlfriends (or ex-girlfriends, depending on which side of the story you believe), Manuela Herzer, from the position. As you may expect, chaos ensued.
Suddenly, it seems, the truth about Sumner Redstone's bill of health is being called into question. Although it has been said that the billionaire broke up with both of his girlfriends, Herzer, and Sydney Holland, who, up until recently, had been managing the vast majority of his life, at least one of these women is arguing that he is in no condition to remove her from the directive. Now creating a struggle over who will have dominion over the billionaire's estate, Herzer has filed a suit to remove Philippe Dauman as his agent, reinstating her as the sole authority over his health care decisions. As if this was not sensational enough, Herzer further argues that the mogul is virtually incoherent, but still seems fixated on sexual intercourse for a good part of the day. On the flip side, Redstone's attorney asserts that Herzer is acting only in her own financial interest and that the majority of her lawsuit is based on half-truths and outright lies.
The Future of Redstone and His Estate
The instability of Redstone and his estate clearly has investors antsy, to say the least. With Viacom and CBS financiers reportedly pining for answers and in the wake of the lawsuit being filed this past Wednesday, the price of company stock is dropping. With Viacom down 2.2% and CBS down about 0.5% since the news hit, many are speculating on what the future of Redstone's estate will entail. While there has been no direct communication from the man himself, it is also vital to note, Redstone has always maintained that retirement is out of the question.
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