Word: sumner
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...What happens when the CEO retires? Michael Eisner of Disney (who had a heart attack in 1994) and Sumner Redstone of Viacom (who is 75) have clashed repeatedly with potential successors, who then left. Both stocks have done well. But shareholders will get singed if these CEOs step aside suddenly. On the other hand, when Bank of America CEO Hugh McColl last month ran off his likely successor and agreed to stay on until 2002, the stock surged...
...hope the movement away from any perturbation to the frame houses on Sumner Road will convince our neighbors that we want to improve the neighborhood," Knowles said...
Blockbuster's troubles were destroying the synergistic dreams of its parent, media giant Viacom (1997 sales: $13.2 billion), owner of Paramount Pictures, Nickelodeon and MTV. Viacom CEO Sumner Redstone bought Blockbuster in 1994 from billionaire Wayne Huizenga for $8 billion, figuring that the retail stores would be a natural outlet for Viacom's films and music. But by mid-1997, with Viacom's stock stuck to the floor, Redstone had to implement drastic measures, including a $323 million charge at Blockbuster. The charge reflected an unsuccessful attempt to expand Blockbuster's sales by emphasizing music, candy and comics and moving...
...FIRING: EPILOGUE] Viacom's Sumner Redstone fires Frank Biondi; stock falls...
Crank is too cheap, too available and too addictive, Sumner says. "Honestly, I don't know where it's going." The crankers who show up at the clinic require, on average, four weeks of detox, often with the use of antipsychotic drugs, before the counselors can even get through to them. On a wall in the Rimrock recreation room hangs a homemade poster showing a medevac helicopter like those that land at nearby St. Vincent Hospital. The poster is intended to reassure paranoid recovering crankers, but many are so unstrung that they fear the helicopter is after them...