Word: ceos
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Dates: during 1990-1999
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That seems to be the thinking in media-company headquarters these days, in a landscape where to stand alone is to stand in a hole. "The reason you're seeing so much anxiety everywhere else is that everyone else wishes they'd done it," says Howard Stringer, CEO of Sony Corp. of America, a record company and movie studio that still lacks a broadcast network...
...took Karmazin less than two years after arriving at CBS to replace CEO Jordan and move into his office suite. Karmazin's business strategy has been bluntly effective: pay top dollar for what he calls "oceanfront property"--prime stations in major markets, celebrities like Stern and Imus, the rights to the NFL--and then look to recoup the money by slashing administrative and staffing costs and running the tightest of ships...
...company. Karmazin can't be fired unless 14 of 18 board members vote against him--and he gets to select eight of them. "I wouldn't have done this deal without keeping [voting] control," says Redstone. Should Redstone step down, or die, in the next three years, Karmazin becomes CEO...
Redstone has said he fully intends to be CEO when Karmazin's current contract expires. "Look, Sumner Redstone is one of the four or five corporate geniuses," says radio icon and longtime Karmazin friend Don Imus. "And Mel is in that class with Rupert, Ted and Eisner. We'll see what sort of relationship they have...
...done now?" he asks rhetorically. "I can't see any deal on the horizon that approaches the implications for future growth at Viacom [that the] CBS [deal does]. But, of course, nothing is certain." That's the same basic message that Redstone, Viacom's CEO and controlling shareholder, delivered in the wake of his $10 billion acquisition of Paramount Communications in 1994--a stunning deal in its day, one that kept Redstone busy for the next four years selling pieces of Martin Davis' empire to pay down a heaping pile of debt. Last year, when I spoke with Redstone...