Four years ago, at the age of 93, self-made billionaire Sumner Redstone made notable changes to his empire, removing Viacom CEO Philippe Dauman and board member George Abrams from his trust, appointing his lawyer and a family friend to replace them, and naming one of his granddaughters to the board of National Amusements, his holding company. On August 11, 2020, at the age of 97, the attorney-turned-media mogul died.
Redstone, regarded as a savvy businessman and fierce competitor well into his 90s, revised his will multiple times, most recently in 2015 when he removed former girlfriend Manuela Herzer, 42 years his junior, as a beneficiary of $50 million and his Beverly Hills mansion. The lawsuit brought by Herzer challenging Redstone’s mental capacity and her removal from the will was finally resolved last year when a judge ruled that he was of sound mind to amend his trust in 2015, reinstating his 2003 trust which reportedly names his five grandchildren as beneficiaries.
Despite many attempts by former executives and competitors to wrest control of Viacom from Redstone, he and his daughter Shari remained controlling shareholders. Redstone’s personal net worth is estimated at $3 billion, according to Forbes, with his daughter being one of seven trustees of Redstone’s 80% stake in holding company National Amusements.
While Sumner Redstone’s last will and testament could be contested, his active involvement in the planning of his estate and the recent ruling upholding his 2003 trust make it unlikely that a contesting party would prevail.
