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Report: Redstone Offered Daughter $1B for Stake

As the scrutiny of Sumner Redstone’s control of Viacom and CBS intensifies, a new report says that the mogul attempted to buy out his daughter’s stake in his media holdings in 2014.

Redstone offered his daughter Shari Redstone $1 billion for her share in National Amusements, according to the Wall Street Journal.

The 92-year-old billionaire owns 80% of National Amusements, which in turn owns 80% of Viacom and CBS.

The paper says the deal, which was rejected, also called for Shari Redstone to give up her right to become chairman of Viacom and CBS, replacing her father when he died, and not to contest gifts that were given to two women who live with her father until recently.

One of those women, Manuela Herzer, has filed papers with the courts in Los Angeles claiming that Redstone is no longer competent to make health care and financial decisions.

Redstone’s lawyers have contested the claims and Viacom CEO Philippe Dauman has testified that he speaks frequently with Redstone, who is alert and engaged.

Shari Redstone has been estranged from her father at times, but according to the Wall Street Journal is on better terms with him recently, visiting him regularly and celebrating the Hanukkah holiday with her father.

She is one of the trustees of the irrevocable trust that would control National Amusements after Sumner Redstone passes away.