Chapter 444: Chapter 444: Shari Redstone
In a second-floor cafe on Melrose Avenue in Hollywood, Charles Capet sat across from Shari Redstone, Vice Chair of Viacom and CBS Group, as they sipped coffee together.
Not far from the cafe was the headquarters of Paramount, known as the "Bronson Gate." This golden arch, built in the 1920s, had become one of Hollywood's iconic landmarks.
As the only movie company still physically located in the Hollywood area, Paramount, founded in 1912, was one of the two oldest movie companies in Hollywood. The other was Universal Pictures.
However, Universal's rise only began in the 1970s, so it couldn't compare to Paramount's long-standing glory.
"This place, you picked it well," Charles said as he glanced at the Paramount headquarters nearby. There was a small fountain at the entrance, and the arch carried all of Paramount's history.
Shari Redstone smiled, "Charles, the power of Hollywood is always mesmerizing. Paramount's centennial celebration is coming up."
Although conflicts between Shari Redstone and her father, Sumner Redstone, had become public, Sumner still held the reins of power.
"Shari, just tell me, why did you ask to meet me today?" Charles asked flatly. "Recently, relations between Capet and Viacom haven't been great!"
"I think we can work together," Shari Redstone got straight to the point. "I'm well aware of my father's health. Viacom and CBS Group will be under my management in the future. I am very willing to coexist peacefully with Capet!"
"How do we work together?" Charles asked, eager to see the internal conflict within Viacom escalate.
"To control Viacom, I must first secure Paramount, the group's most important asset. We all don't want my father to continue issuing orders through Philippe Dauman at will," Shari Redstone was clear about Paramount's significance to Viacom. Sumner Redstone wouldn't be so focused on it otherwise.
At the end of 2005, after Viacom split, Sumner Redstone personally appointed Les Moonves as the CEO of CBS Group and Tom Freston as the CEO of the new Viacom Group.
However, because Tom Freston exceeded Sumner Redstone's control, his tenure lasted less than a year before Sumner replaced him with his crony, Philippe Dauman, as the head of Viacom.
"So, if I can lead Paramount to success, even with my father's support for Philippe Dauman, I can persuade the shareholders to back me!" Shari added.
Charles understood, "You mean you want Capet Pictures and Paramount to increase collaboration on movie projects?"
Shari Redstone nodded, "Strengthen collaboration on new movie projects. Viacom's outdoor advertising and TV stations will benefit Capet!"
Capet Pictures had collaborations with Viacom and CBS, like CBS and Paramount licensing their movie databases to Netflix for streaming. Capet also sold film and television rights to CBS's Showtime, free movie channels, and Viacom's cable TV channels.
Charles shook his head, "TV stations and outdoor advertising aren't meaningful. You know how sought-after Capet's movie projects are. They can get loans from banks or hedge funds anytime!"
If Shari Redstone were this naive, Charles seriously doubted her ability to compete against Sumner Redstone.
"But if I'm in power, Viacom won't act against Capet, and Paramount, with its extensive film library, will be open to Capet. Isn't this cooperation enough?" Shari Redstone's expression suggested Charles was the one getting a good deal, so why was he still hesitating?
Charles was stunned at first, then looked at Shari Redstone with some uncertainty. Did she understand the current situation of Hollywood's big seven movie companies?
"This year, Capet Pictures has already grossed 1.2 billions in North American box office revenue, and by the time Twilight is off theaters, Capet's North American box office will surely exceed $1.5 billion. The overseas market has already reached 2 billions as well. Capet has established a relatively complete overseas distribution network in Europe, Asia, Latin America, and Oceania.
Does Capet really need Paramount?" Charles couldn't believe Shari Redstone's high-handedness without grasping the situation.
A mere Vice Chair had no real power, just the shares of the Redstone family. Charles had had some expectations of her.
Now, she seemed just a mascot for Viacom.
"Ma'am, perhaps you should at least connect with Paramount's top executives first, like Chairman Brad Grey and President Gail Berman, who joined in the last two or three years. Philippe Dauman doesn't understand film and TV production. If you can get Brad Grey and Gail Berman on your side, it will significantly benefit your control over Paramount!"
Charles was exasperated. If you couldn't fight Sumner Redstone, at least try to tackle Philippe Dauman.
Disney's Vice Chair Roy Disney, as Walt Disney's nephew and merely a mascot for Disney Group, with few shares, had also managed to oust Chairman Michael Eisner during Disney's slump.
Shari Redstone was taken aback. Paramount's performance in recent years had been dismal except for the box office from DreamWorks Animation.
Charles and Shari Redstone's meeting didn't last long, nor was it highly fruitful, but at least it gave Shari a direction.
Infighting at Viacom's top level was constant, with various factions. After Tom Freston left, there was tension between the MTV faction and the old Viacom guard.
Paramount's new chairman, Brad Grey, didn't want to get involved in the power struggles, but as Viacom's most crucial asset, both sides aimed to win over Paramount.
Sumner Redstone's obsession had also cost Viacom and CBS many talented film and TV producers.
After all, Tom Freston, who made MTV the global cable TV giant it was, had become a casualty of power games.
Viacom was now witnessing a full-scale decline in its film and TV business. Did they still have the energy to fight Capet?
When Charles left 555 Melrose Avenue, he felt the golden arch looked even more decayed!
*****
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