Word: sumnerism
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...kind of useless," says Chip Sumner '96, a physics concentrator who plans to continue his studies next year at Cal Tech. "The government puts out a good book, so it seems pointless to go somewhere where the person speaking doesn't know as much as the book...
...cable-TV retailer that is the Home Shopping Network's prime competitor. But he hadn't quite shaken his yen for upscale properties and in short order was using QVC to launch the exhaustively chronicled bidding war for Paramount that he lost to Viacom's Sumner Redstone. By the summer of 1994, Diller was describing a projected takeover of CBS as his "destiny." But Comcast, a cable company that owned a 15.5% stake in QVC, squelched the deal and then tendered its own offer to buy out Diller's share of the channel. Bitterly disappointed but $100 million richer, Diller...
...almost no one touched, Redstone spent 15 minutes explaining why he felt Biondi was not providing the "nimble and aggressive" leadership the company needed. After 2 1/2 hours of discussion, the board voted unanimously to oust the CEO. "It was a very intense meeting," recalls director George Abrams. "Later Sumner told me it was one of the toughest things he ever...
Biondi, determined to avoid a public row with his ex-boss, nonetheless dismisses Redstone's claim that he was tossed overboard primarily because of a stylistic shortcoming. "This aggressive/laid-back stuff is just a joke," he told Time. "We had differences in approach, but that was strength. Sumner just decided he wanted to be totally involved. He's having a lot of fun. He loves the publicity. He wants his day in the sun, and he's going...
Frank Biondi, president and CEO of Viacom, was ousted by chairman Sumner Redstone, who said the company needed more aggressive leadership. Nine years ago, Redstone lured Biondi away from Coca-Cola, and in 1994 he awarded him $16.3 million in cash and stock-option bonuses for his role in Viacom's takeover of Paramount...