Shari Redstone’s Outcast Niece to Inherit $140M from Paramount Sale: Sources

A powerful media family torn apart by jealousy and rivalry. A granddaughter rushing to the aging patriarch’s side as he very publicly withers away. Lies, betrayal, and lawsuits.

These aren’t the machinations of the fictional Roy family from “Succession,” but the real dramas that have embroiled the Redstone clan. The conflicts within this family partially inspired the critically acclaimed HBO show.

However, the deep rifts—especially between Paramount Global overlord Shari Redstone and her niece Keryn Redstone—may soon begin to heal thanks to the impending windfall for handing over the reins to the media giant.

The Redstones are poised to collect $1.75 billion for their 77% stake in National Amusements, the family business controlling Paramount, in the deal with Skydance Media. Keryn Redstone, 42, stands to walk away with roughly $140 million from a trust set up by her grandfather, Sumner Redstone, according to sources.

The mercurial mogul, whom Keryn affectionately called “Grumpy,” became a dominant force in media by turning his father’s 14 drive-in theaters into hundreds of movie palaces. He then leveraged profits to buy small stakes in media companies, reselling them in the 1980s for substantial gains.

Sumner eventually bought media giants like CBS and Viacom through aggressive takeover battles and sheer determination. His health began declining in the mid-2010s, prompting Keryn to rush to his side.

“I had a difficult but authentic relationship with my grandfather,” Keryn told The Post. “He had such a strong sense of humor.” Yet, Sumner could be cutthroat, often pitting his children, Shari and Brent Redstone, against each other in their own succession battle that continues to play out within Paramount Global.

Keryn, the older of Brent’s two daughters, faced her own challenges despite her seemingly idyllic upbringing in one of the nation’s wealthiest families. Raised near the family compound in Massachusetts until her father moved the girls to a 625-acre ranch in Colorado at age 11, she and her sister Lauren, now 38, attended a Colorado prep school requiring a five-hour round-trip commute each day.

Despite these adversities, Keryn excelled, obtaining a film and television degree from NYU in under two years, and a law degree from the University of Denver. During law school, one of the first salvos in the family’s succession feuds was fired when her father sued National Amusements for refusing to hand over his Paramount voting shares amid a messy divorce.

Brent eventually settled in 2007, receiving about $240 million but giving up rights to any future money should the company be sold. Despite these familial disputes, Keryn remained close to Grumpy, often traveling to stay at his Los Angeles mansion.

During this time, Keryn became friendly with Sumner’s much younger live-in girlfriend and caretaker, Manuela Herzer. Herzer would play a pivotal role in fracturing the family further during a bruising legal battle with Shari as Sumner’s health deteriorated.

In 2016, Keryn sided with Herzer, claiming her aunt pressed for a “do not resuscitate” order while Sumner was hospitalized. “Shari and her family have managed to totally isolate and effectively kidnap, brainwash, and take advantage of my grandfather,” Keryn said in a statement, alleging that they reversed decades of careful estate planning to seize control of Viacom and CBS.

Keryn moved into Sumner’s mansion the previous year at his and Herzer’s request, and Grumpy created a $1 million trust for her in exchange. The court battle aired plenty of dirty laundry, including an alleged death threat from Shari aimed at Keryn during Sumner’s 91st birthday party, according to court filings. Sumner, communicating through an iPad preloaded with audio clips, was eventually barred from seeing Herzer and Keryn under Shari’s legal victory.

During a recent interview, Keryn took some responsibility for going against her family. She lamented, “I am accountable for my actions but they have gone out of their way to make my life difficult.”

Sumner Redstone passed away in 2020 at the age of 97. After his death, Keryn lived a peripatetic life, moving to rental apartments across several states. She also dabbled in the movie business, notably co-producing the 2021 horror film, “The Last Thing Mary Saw.”

Shari secured control of Sumner’s business, completing the CBS-Viacom merger in 2019. Under her watch, Paramount Global’s market cap shrank from $31 billion at the time of the merger to around $8 billion. Paramount’s 45-day “go-shop” window ends on August 21 before accepting the Skydance offer. Each of Sumner’s five grandchildren will receive roughly $140 million in proceeds.

While Keryn hasn’t patched things up with her high-profile aunt, she maintains a good relationship with her cousin Tyler Korff, an ordained rabbi. As for the future, Keryn chose not to discuss specifics but did touch on her love for animals, saying, “Give me 1,000 horses, cats, and dogs and I’m good.”

Source: New York Post