Sumner Redstone Way: A Tribute to a Media Titan

In a fitting tribute to the late media mogul Sumner Redstone, New York City has renamed a portion of West 44th Street, right outside the headquarters of Paramount Global, as Sumner Redstone Way.

Unveiling Ceremony

The renaming ceremony, held in Times Square on a Wednesday, was graced by City Council Member Erik Bottcher, Paramount Co-CEOs George Cheeks, Chris McCarthy, and Brian Robbins, and Redstone’s daughter, Shari Redstone, who currently serves as the Chair of Paramount.

A Salute to Leadership and Dedication

The city’s decision to rename the street is a tribute to Redstone’s significant contributions to the media and entertainment industry over several decades. It also acknowledges his intense commitment to civic and community affairs.

Sumner Redstone: A Legacy

Sumner Redstone, who passed away in 2020 at the age of 97, was a self-made businessman, philanthropist, and World War II veteran. He built a media empire from a small Boston movie theater circuit, transforming Viacom into a global powerhouse. In 2019, CBS Corp. merged with Viacom and was later rebranded as Paramount Global, a name that reflects the brand’s power, which Redstone acquired after a memorable battle with Barry Diller.

Paramount Global and Skydance Media Merger

Over the summer, Paramount Global entered into a merger agreement with Skydance Media. The merger is expected to be finalized in the first half of 2025. Although Skydance chief David Ellison and his backers have committed to maintaining the movie studio and other Paramount components, the merger marks the end of the Redstones’ long-standing reign.

Shari Redstone’s Tribute to Her Father

Shari Redstone, who is also the CEO of the Redstone Family Foundation, expressed her gratitude to the city for honoring her father. She described him as a great champion of the media industry who drove the industry forward by taking smart risks, never making decisions out of fear, and doing things his way. His achievements, she said, live on today in countless ways, including Paramount’s commitment to creating content that excites, informs, educates audiences, and leaves them wanting more.

Sumner Redstone: A Transformative Figure

Council Member Erik Bottcher described Sumner Redstone as a transformative figure in the media landscape who left a significant mark on New York City through his leadership of Viacom and CBS. His vision helped elevate New York as a global media hub, attracting talent and investment to the city. His commitment to innovation in entertainment, coupled with strategic acquisitions, not only expanded the reach of his companies but also reinforced New York’s status as a center for creativity and media excellence.

Paramount Co-CEOs’ Joint Statement

In a joint statement, Cheeks, McCarthy, and Robbins expressed their honor to celebrate Sumner Redstone, without whom their storied company would not exist. They credited Redstone’s support, belief in the organization, and clear vision that content is king for transforming Paramount into one of the leading global entertainment companies with some of the most compelling assets in the industry.

Street Co-Naming Approval

Former City Council Speaker Corey Johnson, who also served as a council member for the area, introduced and sponsored the co-naming in December 2021. The measure was approved and passed by the council and was adopted into the City Charter on January 15, 2022.

Conclusion

Sumner Redstone’s legacy in the media and entertainment industry is undeniable. His vision and leadership have left a lasting mark, and the renaming of a street in his honor in New York City is a fitting tribute to his contributions. His influence continues to be felt in the industry, and his legacy lives on in the work of Paramount Global and the many other companies he helped shape.

FAQs

Who was Sumner Redstone?

Sumner Redstone was a self-made businessman, philanthropist, and World War II veteran who built a media empire from a small Boston movie theater circuit.

What is the significance of Sumner Redstone Way?

Sumner Redstone Way is a portion of West 44th Street in New York City, renamed in honor of the late media mogul Sumner Redstone. The street is located right outside the headquarters of Paramount Global.

What was Sumner Redstone’s contribution to the media industry?

Sumner Redstone transformed Viacom into a global powerhouse in the media and entertainment industry. His vision and leadership also contributed to the elevation of New York as a global media hub.

Credit: deadline.com