Editing Sumner Redstone (section)

===Northeast Theatre Corporation (later National Amusements)===
In 1954, he joined his father's theater chain Northeast Theatre Corporation, which then had fourteen drive-in theaters in five eastern states.<ref>{{harvnb|Hagey|2018|pp=61-62}}</reF> The Redstone family re-incorporated Northeast Theatre Corporation and their other businesses as [[National Amusements]] in 1959 to access more money to finance expansion; Redstone would invest nearly $18,000 in stock and be named vice president.<ref>{{harvnb|Hagey|2018|p=67}}</ref> In 1964, Redstone was elected president of the Theater Owners of America, which would merge with a rival group to form the [[National Association of Theatre Owners]], for which Redstone became chairman in 1965.<ref>{{harvnb|Hagey|2018|p=71}}</ref><ref>{{cite web |url=https://www.encyclopedia.com/education/economics-magazines/redstone-sumner-m |title=Redstone, Sumner M. |work=Business Leader Profiles for Students |accessdate=October 17, 2023}}</ref>

Redstone became CEO of National Amusements in 1967.<ref name="Britannica"/> The company had 93 theater screens (52 drive-ins and 41 indoor) when Redstone took office; within 10 years, National Amusements had nearly 250 screens.<ref>{{harvnb|Hagey|2018|p=90}}</reF> After watching the first ''[[Star Wars (film)|Star Wars]]'' film in 1977, Redstone directed National Amusements to buy a five percent stake in [[20th Century Studios|20th Century Fox]], distributor of ''Star Wars''.<ref name="Redstone Fox">{{harvnb|Hagey|2018|pp=93-94}}</ref> Having bought Fox for $8 a share, National Amusements sold Fox at $60 after [[Marvin Davis]] bought the company.<ref name="Redstone Fox"/> National Amusements' other investments in [[Columbia Pictures]], [[Orion Pictures]], and [[Paramount Pictures]] also had large returns on investment in the early 1980s.<ref>{{cite web |title=Sumner Redstone Will Be 91 On Tuesday Now Selling Shares for Estate Planning |url=https://jewishbusinessnews.com/2014/05/25/sumner-redstone-will-be-91-on-tuesday-now-selling-shares-for-estate-planning/ |website=Jewish Business News |access-date=August 15, 2020 |date=May 25, 2014}}</ref>