Investment Record
“She looked at him and said, ‘You want to be careful what you’re asking for. You will not be able to sustain this, so ultimately you will not be a success. Let’s talk about how we can both be successful,’” Heth said. “The guy was a little taken aback, but when they thought about her point it turned out to be correct. She immediately had their respect.”
Advancit, her venture capital company, was an early investor in Maker Studios, an online video company sold to Walt Disney Co. for as much as $950 million last year. She realized a 10-fold gain on a $100,000 or so investment, according to another person familiar with the matter.
Redstone’s influence could potentially thrust her into Hollywood controversies, such as the gender gap in pay, ageism and male actors having veto power over their women co-stars. In April, she took part in a White House panel about access to the justice system for the poor, speaking in an unmistakable Boston accent.
Family Fights
The family history has been controversial. In the late 1960s, Mickey Redstone and Sumner fought with Sumner’s younger brother, Edward, over his role. Edward was bought out in 1972. In 2006, Sumner’s only son, Brent, sued National Amusements to gain control of his stake. He was bought out too.
Shari Redstone also tussled publicly with her father before reconciling. Standard & Poor’s said in October it may lower National Amusements’ debt ratings, because of low profitability at its theaters. The company counts on dividends from CBS and Viacom as a crucial source of income.
Tad Jankowski, National Amusements’ general counsel, declined to comment on the theaters’ profitability or the S&P report.
Like her father, Shari has an argumentative streak. Miller said the two disagreed over an Advancit investment. After he presented his case for the company, which he declined to name, she changed her mind and doubled the firm’s commitment.
“She very much believes the media landscape is evolving rapidly and she wants to be on top of the changes,” Miller said.