Sumner Redstone Philanthropy
Boston native Sumner Murray Redstone was born on May 27, 1923 to Michael and Belle Ostrovsky Redstone. Graduating in 1944 from Harvard University, he immediately proceeded to secure an LL.B. from the educational institution’s elite School of Law in 1947. With a net value of $7.6 billion, he ranked as the 66th on Forbes World’s Richest in America 2008 as well as the 137th richest in the world.
After serving as the first National Association of Theatre Owners’ chairman of the board, Sumner Redstone continues to be actively involved in the association as a director. A particular long-term affiliation is with National Amusements Inc., for which he was President (1967-1999), and CEO (since 1967). Since 1986, the company has been the majority stockholder of Redstone’s Viacom Incorporated (NYSE: VIA) and CBS Corporation (NYSE: CBS). For Viacom, he acted as chairman of the board (since 1986) and CEO (1996-2005). Following the creation of two separate entities, separating CBS from Viacom, he became Viacom Inc.’s executive chairman of the board of directors on January 1, 2006.
Most of Sumner Redstone’s philanthropic initiatives function through the Michael Redstone Charitable Trusts and the Sumner M. Redstone Charitable Foundation. In his many commitments, he currently sits as a member of the Board for the Will Rogers Motion Picture Pioneers Foundation, Dana-Farber Cancer Institute and his Sumner M. Redstone Child Rescue Center.
He recounts one personally memorable encounter, where he met scoliosis victim Lyda. She moved him to contribute $500,000 to a group that made critical health care and educational services available to the children of Phnom Penh – The Cambodian Children’s Fund.
Another considerable and generous donation is Sumner Redstone’s charitable grants that total at an estimated $105 million. The amount is to be evenly distributed and regularly paid out to three prominent healthcare institutions over the course of five years. All the identified beneficiaries are to use the funds for medical discovery and clinical research development.
The Washington-based Faster Cures/The Center for Accelerating Medical Solutions, tied to the Milken Institute, will expand The Research Acceleration and Innovation Network (TRAIN) to include other non-profit disease research groups and renamed as The Redstone Acceleration and Innovation Network. Other programs include FasterCures Philanthropy Advisory Service and Patients Helping Doctors program. The second $35 million recipient is top non-university hospital Cedars-Sinai Prostate Cancer Center that will be able to pursue a six-year National Prostate Cancer Study. Lastly, the Massachusetts General Hospital, already with its Sumner M. Redstone Burn Center since 1974, will be able to establish the Sumner M. Redstone Burn and Trauma Service, as well as The Sumner M. Redstone Emergency Department.
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