Another media family dynasty enjoys time out of spotlight

By Laurie Bennett

August 25, 2011 at 12:05pm

All Things Digital points out today that Shari Redstone has launched a venture capital firm, a fact that was noted in CBS’s proxy statement in April.

She and co-founder Jason Ostheimer have started Advancit Capital, which will invest in media, entertainment and tech startups.

Redstone is vice chair of CBS and Viacom and president of National Amusements.

Shari Redstone
Shari Redstone

She’s also the daughter of aging media mogul Sumner Redstone, which got us to thinking about another aging media mogul who keeps his family close.

The Murdochs are making the Redstones look pretty good these days, which is no small achievement.

The Redstones have had their share of problems.

Two years ago, a Massachusetts court ruled in favor of Sumner Redstone in a lawsuit filed by his nephew, Michael Redstone, who claimed he was owed millions of dollars in National Amusements stock.

Son Brent sued his father in 2006, in an effort to break up National Amusements so that he could sell his stock. The case was settled out of court.

A dispute the following year between Shari Redstone and her father, over her future succession in the family business, went public when Forbes received a copy of a letter written by Sumner Redstone.

“It must be remembered that I gave to my children their stock; and it is I, with little or no contribution on their part, who built these great media companies with the help of the boards of both companies,” he wrote.

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