Hostile Takeover: The Sumner Redstone Story | A Taste of Medicine | 3

Business Movers

Wondery

History, Business, Entrepreneurship

4.8 • 1.5K Ratings

🗓️ 10 February 2022

⏱️ 37 minutes

🔗️ Recording | iTunes | RSS

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Summary

Sumner uses the weight of his growing media empire to try and acquire Paramount. But when his plans are thwarted by another buyer, Sumner - the man who took Viacom by force - finds himself on the defense.

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Transcript

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0:00.0	To listen to business movers one week early and add free, join Wondry Plus in the Wondry app.
0:07.0	Download the Wondry app in Drapel or Google Play mobile app store today.
0:26.0	It's December 1989.
0:28.0	The who's who of Manhattan have gathered in a fifth avenue ballroom for a holiday cherry gala.
0:33.0	The lights are dimmed.
0:35.0	On stage, there's a dapper man in a tuxedo giving a speech in front of the crowd.
0:39.0	Far away from the days, in the back of the ballroom,
0:42.0	Sumner Redstone sits with a close associate, Martin Davis, the chairman and CEO of Paramount Communications.
0:49.0	Sumner isn't here for the cherry.
0:51.0	He's trying to make a deal.
0:53.0	Board with a speaker on stage, Sumner leans in close.
0:57.0	It's Martin.
0:58.0	Given any more thought to our previous conversation, Sumner cool it, would you?
1:02.0	Tonight is supposed to be pleasure, not business.
1:05.0	This isn't pleasure.
1:06.0	Come on, stop playing hard to get.
1:08.0	What do you think of the merger?
1:10.0	Sumner has proposed a merger between his company Viacom and Martin's company Paramount.
1:15.0	Sumner sees it as a win-win.
1:17.0	He believes that if Viacom's TV empire joins with Paramount's world-famous film studio,
1:22.0	the union will be what Sumner calls a merger of equals.
1:26.0	But Martin has concerns.
	...

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