Hostile Takeover: The Sumner Redstone Story | The Battle for Viacom | 2
Business Movers
Wondery
4.8 • 1.5K Ratings
🗓️ 3 February 2022
⏱️ 39 minutes
🧾️ Download transcript
Summary
Sumner Redstone takes the next step in his vertical integration strategy, and moves to the front of the Hollywood assembly line, by launching a bidding war for control of Viacom.
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Transcript
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| 0:31.0 | It's May 1986 and the Office of Terry Elks, the CEO of Viacon. |
| 0:37.0 | It's a start of a new work week but already Terry is in a state. |
| 0:41.0 | Because one of Viacom shareholders, a man named Carl Icon, has been buying up large quantities of Viacom stock, |
| 0:48.0 | enough to threaten a hostile takeover. |
| 0:51.0 | Frustrated, Terry picks up the phone and dials Carl. |
| 0:55.0 | Icon speaking, Carl, what do you think you're doing? |
| 0:59.0 | I'm sorry, who's this? |
| 1:01.0 | It's Terrence from Viacom. |
| 1:02.0 | Oh, Terry, buddy, how are you? |
| 1:04.0 | Well, I don't know how I am, Carl. |
| 1:06.0 | But I think you know why I'm calling. |
| 1:08.0 | You bought millions of shares in just a few days. |
| 1:11.0 | Yep, I sure did. |
| 1:12.0 | And by my account, I own 17% of your company. |
| 1:15.0 | Well, I've got reporters and analysts coming out of my ears, jamming up our phone lines, asking just what the hell you're up to. |
| 1:21.0 | Oh, it's a free country, Terry. |
| 1:23.0 | A man's allowed to buy stock. |
| 1:25.0 | You and I both know you're not interested in owning Viacom. |
| 1:29.0 | Carl is a notorious corporate raider. |
... |
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