A Diminished Hollywood Welcomes a New Mogul
Source: New York Times
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. He ascended a cultural throne.Studios like Paramount — founded in the 1910s, operating soundstage complexes and controlling vast film libraries — were valuable businesses on the verge of hitting a mother lode: the DVD. Perhaps more important,…
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