Dysfunctional Family Businesses: Viacom

Minyanville Staff  Jun 30, 2009 7:45 am

Dysfunctional Family Businesses: Viacom
 
Giving new meaning to "being treated like a member of the family."
 

Portfolio did. Again, the “love” seems to manifest itself in odd ways. One former Viacom executive is quoted as calling Redstone a “scumbag,” while another describes him as “the most egocentric human being you could ever run across.” The reporter sums it all up fairly neatly by writing that “[Redstone] is widely derided as a megalomaniac who takes credit for everything and blame for nothing, regularly throws his employees under the bus to save his own skin and seems to take pleasure in humiliating them.”  
 
Experts say that most family businesses “operate differently from non-family businesses.” To say the Redstone family’s control of media juggernaut Viacom, CBS (CBS) and a chain of 1,500 movie theaters operates “differently from a non-family business” would be a gross understatement.

No one's sure what will become of Shari once Sumner is gone - although it may not matter if he’s right about his latest obsession, the antioxidant-rich Acai berry, which Redstone claims will make him immortal. For now, he remains firmly in charge, showing no signs of letting go.

As far as his mercurial personal life, Redstone is in the process of divorcing Paula, his wife of 5 years, whom he married after splitting with his first wife of 52 years.

As reported in the New York Daily News, “With his divorce from second wife Paula Fortunato due to become final shortly, the 85-year-old Viacom chairman has been getting to know a fetching blond about six decades his junior. Redstone's rep, Carl Folta, confirms he's been seeing a bit of Malia Andelin, who used to work as a flight attendant on one of Viacom's jets.”

Wait, hold the phone - there’s been a development.

Just a few weeks later, a press release was issued by the same Carl Folta, claiming that “Mr. Redstone does not have a romantic relationship with Ms. Andelin. His only relationship is with Paula.”

And so goes another episode in the Redstone reality show.


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07-09-2009, 7:23 am
Never heard of them before, although who doesn't know Viacom.
The grand-daughter Kim is a hottie, omg!
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