Editing Sumner Redstone (section)

=== Paramount Pictures ===
Redstone's next acquisition was Paramount Communications (previously [[Gulf+Western]]), parent of [[Paramount Pictures]], in 1994.<ref>{{cite web |last=Feeney |first=Mark |title=Sumner M. Redstone, media mogul who controlled CBS and Viacom, dies at 97 |url=https://www.bostonglobe.com/2020/08/12/metro/media-mogul-sumner-redstone-dies-97/ |newspaper=The Boston Globe |access-date=October 20, 2023 |archiveurl=https://web.archive.org/web/20200913081924/http://www.bostonglobe.com/2020/08/12/metro/media-mogul-sumner-redstone-dies-97/ |archivedate=September 13, 2020 |url-status=dead}}</ref> Engaging in a bidding war with [[QVC]] president [[Barry Diller]] and [[Tele-Communications Inc.|TCI]] president [[John Malone]], Redstone had to raise his bid at least three times from $7.5 billion to $10.1 billion.<ref>{{harvnb|Hagey|2018|pp=141, 143, 146-147}}</ref><ref>{{cite news|url=https://www.washingtonpost.com/archive/politics/1994/02/16/viacoms-bid-wins-paramount/79257268-4c4f-4c66-91d1-2188d840188c/|title=Viacom's bid wins Paramount|last=Farhi|first=Paul|newspaper=The Washington Post|date=February 16, 1994|accessdate=October 20, 2023}}</reF> Some analysts at the time estimated that Redstone overpaid by billions, and Viacom would accrue nearly $10 billion in debt after acquiring Paramount. However, the sale of certain assets such as [[Madison Square Garden]] to [[Cablevision]] and [[Simon & Schuster]] for $4.6 billion to [[Pearson PLC]] would eventually help Viacom improve financially, with its stock price in 1998 approaching $60, breaking its 1995 record high.<ref>{{harvnb|Hagey|2018|pp=145-146, 150-151}}</ref><ref>{{cite web|last1=Lenzner|first1=Robert|last2=Newcomb|first2=Peter|archiveurl=https://web.archive.org/web/19990424161952/https://www.forbes.com/forbes/98/0615/6112050a.htm|archivedate=April 24, 1999|url=https://www.forbes.com/forbes/98/0615/6112050a.htm|title=The vindication of Sumner Redstone|work=Forbes|date=June 15, 1998|accessdate=October 20, 2023|url-status=dead}}</ref> Under Redstone's leadership, Paramount produced such popular, award-winning films as ''[[Saving Private Ryan]]'', ''[[Titanic (1997 film)|Titanic]]'', ''[[Braveheart]]'', ''[[Forrest Gump]]'', and ''[[Mission: Impossible (film)|Mission: Impossible]]''.<ref>{{harvnb|Hagey|2018|p=150}}</ref>

Redstone replaced the team of Jonathan Dolgen and [[Sherry Lansing]] in 2004.<ref>{{cite news|url=https://www.latimes.com/archives/la-xpm-2004-nov-02-fi-paramount2-story.html |title=Hollywood Pioneer Lansing Is Poised to Exit Paramount |newspaper=Los Angeles Times |date=November 2, 2004 |access-date=February 10, 2012 |first=Claudia |last=Eller}}</ref> After arriving at Paramount in 2005, chairman and chief executive officer [[Brad Grey]] led a return to fortune at the box office.<ref>{{cite news|last=Cieply |first=Michael |url=https://www.nytimes.com/2009/12/14/business/media/14paramount.html?pagewanted=1&ref=bradgrey |title=Paramount Pictures Finds Long-Sought Balance |work=[[The New York Times]] |date=December 13, 2009 |access-date=February 10, 2012}}</ref><ref>{{cite web|url=https://boxofficemojo.com/studio/ |title=2012 Market Share and Box Office Results by Movie Studio |publisher=Boxofficemojo.com |access-date=February 10, 2012}}</ref> He oversaw the creation or revitalization of several major franchises, including ''[[Transformers (film)|Transformers]]'', ''[[Star Trek]]'' and ''[[Paranormal Activity (film series)|Paranormal Activity]]''.<ref>{{harvnb|Hagey|2018|pp=223, 249}}</ref><ref>{{cite web|last=James|first=Meg|url=https://www.latimes.com/obituaries/story/2020-08-12/la-me-sumner-redstone-dies|title=Media mogul Sumner Redstone, whose empire included Viacom and CBS, dies at 97 |work=Los Angeles Times|date=August 12, 2010|accessdate=October 17, 2023|archiveurl=https://web.archive.org/web/20200831224500/https://www.latimes.com/obituaries/story/2020-08-12/la-me-sumner-redstone-dies|archivedate=August 31, 2020|url-status=live}}</ref> Paramount also forged productive relationships with top-tier filmmakers and talent including [[J. J. Abrams]],<ref>{{cite news|last=Fleming |first=Michael |url=https://variety.com/2009/film/features/paramount-extends-deal-with-abrams-1118001694/ |title=Paramount extends deal with Abrams |publisher=Variety |date=March 26, 2009 |access-date=February 10, 2012}}</ref> [[Michael Bay]]<ref>{{cite web |url=http://weblogs.variety.com/bfdealmemo/2009/10/bay-brings-genre-label-to-paramount.html |title=Bay Brings Genre Label to Paramount |access-date=February 22, 2011 |url-status=dead |archive-url=https://web.archive.org/web/20110103020144/http://weblogs.variety.com/bfdealmemo/2009/10/bay-brings-genre-label-to-paramount.html |archive-date=January 3, 2011}}</ref> and [[Martin Scorsese]].<ref>{{cite news |url=https://www.nytimes.com/2006/11/08/business/media/08films.html |title=A Scorsese Tie-In With Paramount in Films and TV |newspaper=New York Times |date=November 8, 2006 |access-date=February 10, 2012}}</ref> The 2010 Paramount slate achieved much success with ''[[Shutter Island (film)|Shutter Island]]'' and a ''[[True Grit (2010 film)|True Grit]]'' remake, reaching the biggest box office totals in the storied careers of Martin Scorsese and the [[Coen Brothers]], respectively.<ref>{{cite web|url=https://www.boxofficemojo.com/article/ed947520516/ |title='Shutter Island' Is Scorsese's Top Movie Worldwide |publisher=Box Office Mojo |date=May 20, 2010 |access-date=February 10, 2012}}</ref><ref>{{cite web |url=https://www.cinemovie.tv/cinemovie_new/interviews/72-celebrity-interviews-movies-new-box-office-articles/1133-true-grit-joel-ethan-coen-film-history |title=Coen Brothers Show 'True Grit' With First $100 Million Film |publisher=CineMovie.tv |access-date=February 10, 2012 |url-status=dead |archive-url=https://web.archive.org/web/20120309152855/http://www.cinemovie.tv/cinemovie_new/interviews/72-celebrity-interviews-movies-new-box-office-articles/1133-true-grit-joel-ethan-coen-film-history |archive-date=March 9, 2012}}</ref> In addition, during Grey's tenure, Paramount launched its own worldwide releasing arm, [[Paramount Pictures International]], and has released acclaimed films such as ''[[An Inconvenient Truth]]'', ''[[Up in the Air (2009 film)|Up in the Air]]'', and ''[[There Will Be Blood]]''.<ref>{{cite web|url=https://www.prnewswire.co.uk/cgi/news/release?id=152949 |title=Paramount Pictures and Universal Pictures to begin self-distribution of films in 15 key countries beginning in January 2007 |publisher=Prnewswire.co.uk |access-date=February 10, 2012}}</ref>

He also purchased [[Blockbuster Entertainment]],<ref>{{cite web |last1=Gruenwedel |first1=Erik |title=Media Mogul (and Blockbuster Video Owner) Sumner Redstone Dead at 97 – Media Play News |date=August 12, 2020 |url=https://www.mediaplaynews.com/media-mogul-and-blockbuster-video-owner-sumner-redstone-dead-at-97/ |access-date=August 13, 2020}}</ref> which included [[Aaron Spelling]]'s production company and a huge library of films, much of which has been merged into Paramount Pictures. Blockbuster has now been spun off into its independent entity. Redstone acquired CBS Corporation in 2000 and then spun it off as a separate company in 2005, taking with it all of Paramount's television shows and catalog.<ref>{{cite web |title=Viacom Completes Split Into 2 Companies |url=https://www.nytimes.com/2006/01/02/business/media/viacom-completes-split-into-2-companies.html |website=The New York Times |access-date=August 15, 2020 |date=January 2, 2006}}</ref><ref name="Sutel">{{cite news |last1=Sutel |first1=Seth |title=Viacom, CBS go own ways on Wall St.|url=https://www.newspapers.com/clip/57386878/the-orlando-sentinel/ |access-date=August 15, 2020 |agency=Associated Press|work=[[The Orlando Sentinel]] |date=January 4, 2006 |pages=C3 |via=[[Newspapers.com]]}} {{Open access}}</ref>

In December 2005, Paramount agreed to buy [[DreamWorks SKG]] for an estimated $1.6 billion.<ref>{{harvnb|Hagey|2018|p=198}}</ref> The acquisition was completed on February 1, 2006. Subsequent financing brought Viacom's investment down to $700&nbsp;million. The animation studio, [[DreamWorks Animation]], was not included in the deal as it has been its own company since late 2004. However, Paramount had the rights to distribute films by DreamWorks Animation until 2013.<ref>{{cite web |title=DreamWorks Animation Inks Distribution Deal with Fox |url=https://www.hollywoodreporter.com/news/dreamworks-animation-inks-distribution-deal-364118 |website=The Hollywood Reporter |date=August 20, 2012 |access-date=August 15, 2020 |language=en}}</ref>

On June 1, 2012, Paramount Pictures renamed the Administration Building on the studio lot the Sumner Redstone Building in a dedication ceremony attended by employees of Paramount Pictures and Viacom.<ref>{{cite web |title=Redstone Building |url=http://www.thestudiotour.com/paramount/redstone.php |website=theStudioTour.com |access-date=August 13, 2020}}</ref>