Eighty-five-year-old CBS Corp. (NYSE:CBS) and Viacom Inc. (NYSE:VIA) executive chairman Sumner Redstone talks like he's been sipping from Ponce de Leon's fountain of youth. Showing no signs of slowing down, the feisty media executive said at the Milken Institute Wednesday he had the vital statistics of a 20-year-old and has no plans of walking away from either CBS or Viacom.
"The one thing I would never do is lose control of CBS and Viacom," Redstone said. "I have no intention of retiring or dying. I could live and work forever."
That may not be what some investors at CBS or Viacom want to hear as the media companies have been struggling, which may make Redstone an impediment to change. In fact, Viacom announced on Thursday that first-quarter profits fell 34%, hurt by a slowdown in global advertising spending. But change can't happen without Redstone's approval, or removal -- a tall order since he has a controlling share in both companies -- which he is fighting tooth and nail to keep.
So, for now, Redstone will keep up with his regiment that has kept him healthy enough to hold on to the helm at CBS and Viacom all these years, which he told Reuters is: antioxidants, exercise and a shot of vodka a day. Sounds better than drinking water from the Everglades, where de Leon sought the fountain of youth. - Gerald Magpily
See Deal magazine: Mortal combat
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