In 1994, when Sumner M. Redstone bought Paramount Pictures for about $10 billion, the equivalent of about $22 billion today, he did more than just take over a company.
Perhaps more important, however, they gave their owners a precious identity as certified members of the cultural elite.
Top ticket sellers in 1994 included touchstones like “The Lion King,” “Schindler’s List,” “Interview With the Vampire,” “Mrs.
Doubtfire,” “Philadelphia,” “Speed” and “Pulp Fiction.” In 1995, when “Forrest Gump” — a Paramount release — won the Oscar for best picture, more than 48 million Americans tuned in to watch.
On Sunday, the Redstone family reluctantly relinquished Paramount, passing the studio to David Ellison, the tech scion behind a 14-year-old entertainment company called Skydance.
Persons:
Sumner, Paramount —, ”, Doubtfire, “ Forrest Gump, —, Oscar, David Ellison, Ellison
Organizations:
Redstone, Paramount Pictures, Studios, Paramount, RedBird Capital Partners, CBS, MTV, Nickelodeon, BET, Comedy Central
Locations:
Philadelphia