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Sumner Redstone
Chairman & CEO, Viacom;
Author, A Passion to Win
Answers to Written Questions from the Floor:
Q: Do you think there’s still an opportunity for entrepreneurs in the media business in this time of huge conglomerates and invisible Internet profits?
A: I proved there was because I started with zip and now control what may be the second largest, and certainly the best, media company in the world. You have to be really passionate about winning and have a commitment to excellence.
Q: Why do you think the conglomeration of so much media is a good thing for America?
A: I’m not sure it’s a good thing for America. It’s a good thing for Viacom. But seriously, there is a lot of unnecessary concern because first, we have a lot of competition. Murdoch is an enormous competitor. Michael Eisner is a great competitor. Time Warner with Gerry Levin and Pittman are important competitors. Finally, what really counts is the consumer. It’s the consumer who decides whether you succeed or fail. Tons of consumers around the world decide if they want to see "Survivor" or Tomb Raider.
Q: How would you assess your media contemporaries – Ted Turner, Rupert Murdoch and others?
A: I think they are all very able people. I don’t believe in luck. Luck is for a day. But for a lifetime, luck doesn’t count at all. These people are all extremely competent people. Gerry Levin, I consider a great friend although we sued him. John Malone is one of my good friends today although we sued him. We haven’t sued Rupert Murdoch yet.
Q: How would you describe the comparative strengths and weaknesses of major global media conglomerates including News Corporation, G.E., AOL-Time Warner, BBC in comparison to Viacom.
A: It’s easy! We’re number one.
Q: Critics of media consolidation tend to argue that new and controversial ideas are being squeezed out. Do you agree?
A: That’s absurd. Our company wouldn’t have succeeded if we didn’t adopt, pounce on, create and advance new and controversial ideas. We don’t believe we have to be owned or own our own Internet companies. Look at the Internet today, with 100,000 music channels. Who’s number one? MTV. With all the kids’ channels, who’s number one? Nickelodeon. We continually adapt and move ahead with every new technology and hopefully advance them.
Q: Do you see any possibility for exploitation or conflict in CBS news reporting regarding other Viacom companies?
A: Absolutely not. I just got back from China where I met with President Zemin, one day before the plane went down. It was very interesting. He said, "You know, you ought to get Mike Wallace off my back." Wallace had done a program that he didn’t like. So I said, "I can’t do that." He said, "Why not? He works for you. He’s afraid of you." I said, "In the United States we call it ‘journalistic integrity.’ And journalistic integrity is the name of the game at Viacom."
Q: Make three criticisms of the media today.
A: I don’t like to criticize my contemporaries. I think on the whole, these companies are doing a relatively good job. I don’t have the same philosophy of life that Murdoch has. He’ll pay anything and we’re price sensitive. I don’t have the same philosophy that Michael Eisner does. He makes programs for himself and the result is, if he has a loser, he loses twice, whereas Paramount makes programs for the highest bidder, which might or might not be CBS, and CBS buys the best programming they can get. So we have a different philosophy. They are very powerful companies and have very powerful and smart leaders.
Q: Are there any retirement plans on the horizon?
A: I have a very big dictionary. It has every word in it but retirement!
