earnings per share (EPS): $0.08 versus $0.24 expected, Paramount+ subscriber net additions: 9.9 million versus 9.9 million expected, Global Pluto monthly active users (MAUs): 79 million versus 77 million expected, "Paramount continues to demonstrate the success of its global multiplatform strategy, with popular content at its core," Bakish stated in the earnings release. The big difference is that our team called something glocal back then, part global, part local, but it really wasnt. Edward settled for $5 million and resigned from all family business matters. So, we unified our free-to-air business under George Cheeks, one of the best leaders in the business. He has been President and CEO of Paramount Global since December 4, 2019, formerly holding the same position at Viacom before the merger with CBS Corporation. Bob Bakish, CEO of Paramount Global. Bakish oversees one of the world's leading producers of media and en tertainment content, driven by a global portfolio of powerful consumer brands and flagship streaming platforms, including CBS, Showtime Networks, Paramount Pictures, Nickelodeon, MTV, Comedy . Sign up for THR news straight to your inbox every day. This structure works. Its holdings included Showtime and publisher Simon & Schuster. In December 2016, Holland claimed in court filings in another case that Sumner Redstone had paid millions to other women in return for sexual favors. In 1979, Redstone nearly died in a fire at Boston's Copley Plaza hotel. Our free-to-air business is really strong, Kaufman highlighted. Without Viacom, there would have been no Paramount. Getty. At a nationally televised news conference, while CBS CEO Mel Karmazin was laying out his vision of the new media giant, Redstone interrupted by declaring: "I'm in control! FOX Business has learned that Bakish once again wont be attending the investment banks annual "summer camp for billionaires" in Sun Valley, Idaho where the rich and famous in the world of the media and finance think big thoughts and at times lay the groundwork for potential big deals. is suddenly leading the way for Hollywoods heavyweights. Bakish oversees one of the worlds leading producers of media and entertainment content, driven by a global portfolio of powerful consumer brands, including CBS, Showtime, Nickelodeon, MTV, BET, Comedy Central and Paramount Pictures. "Between November and January, 58 million viewers globally watched over 32 billion minutes of the #yellowstone showrunner's works on the At the same time, he guided the company to launch Viacom Play Plex and other innovative mobile streaming offerings that introduced a new generation of young audiences to Viacoms popular brands and IP. In 2014, she rejected her father's $1 billion buyout offer for her 20% stake in National Amusements, the newspaper said. Posted on February 27, 2023 by how much is tim allen's car collection worth Market data provided by Factset. I do not trust you or the current board to do the same.". HBO Max briefly pulled "Gone with the Wind" from its programming in the wake of George Floyd's death in 2020, causing "The View" co-host Whoopi Goldberg to slam the idea of censoring older films about Americas past. That prompted a series of negative comments on ViacomCBSs internal chat feature, which allows staffers to post questions and responses to speakers in real time. 2023 The Hollywood Reporter, LLC. The theme of his comments, according to one knowledgable individual, was that the public health crisis has made it necessary for companies and their employees to become more adaptable. Variety is a part of Penske Media Corporation. We want to hear from you. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. And the good news is, they are now having a conversation with that end in mind, versus it randomly happening.. ", Bakish added "in 2022, Paramount Pictures had 6 films open at #1 in the U.S. box office and Paramount regained its position as the most-watched media family in linear television. Suffering third-degree burns over 45% of his body, he underwent surgery after surgery to graft his living skin onto the wounded areas. 2023 FOX News Network, LLC. tom bernes the family 27 Feb. tom bernes the family. Chris McCarthy leadsthe MTV brands and networks globally along with Showtime,with Kelly Bradshaw responsible for international markets. For the refocus, he had a key ally in Kaufman, whom he tapped for her new role in late July and who knew the new formula from experience. Subscribe for full access to The Hollywood Reporter, The CEO wants to give more local hits a chance to become "a global franchise" as international chief Pam Kaufman says the goal has been "to unify thebusiness segments andorganization even more.". This is a criticism website about Bob Bakish. Sumner joined the business in 1954 and became CEO 13 years later. Shares of Paramount Global, although up about 45% year-to-date, are still off nearly 20% compared to this point last year but one bullish stakeholder doubled down on the embattled company: Warren Buffett. Meanwhile, CBS was the top-ranked broadcast net for the 14th year and provided streaming platforms Paramount+ and Pluto TV with much of its best-rated content, including NCIS and FBI. Bakish also has Paramount Networks Yellowstone, the years most-watched non-sports show, and three series on Paramount+ from its creator Taylor Sheridan : prequel 1883, its follow-up 1923 and Mayor of Kingstown. In September, the company launched streaming service SkyShowtime jointly with Comcast in Europe. By Dec. 5, 2019, the first day of trading for the remarried ViacomCBS, it had dropped to a still formidable $2.6 billion. Robert Bakish is a very busy executive with his responsibilities leading the Viacom company, and all of the various boards and forums that he serves on. "The price umbrella on streaming will go up, and we'll tuck in . Alexander Hall is an associate editor for Fox News Digital. After the war, he graduated from Harvard Law School and worked for the federal government, first as a law secretary with the U.S. Court of Appeals,then as a special assistant to U.S. Attorney General Tom Clark. Powered and implemented byFactSet Digital Solutions. The 2021 event comes after a one-year hiatus due to theCOVID-19pandemic. Paramount CEO Bob Bakish declared Monday that his company will not censor its old content for material that may offend modern audiences. 10. This copy is for your personal, non-commercial use only. It does come out of the U.K., so thats an example, even if it wasnt an in-house example, Bakish said. This year's apparent snub is more glaring given Bakishs clout in the media business. The Bakish-Allen & Co. contretemps stem back to 2017 when Bakish butted heads with bankers at the firm over Viacoms planned acquisition of Scripps Networks Interactive. Market data provided byFactset. These sessions were added to the VIP Meet and Greets Web Series, featuring a variety of industry professionals and C-suite executives from across Paramount Global. ViacomCBS CEO: The notion of censoring media is a very bad idea, Discovery ultimately won the bidding war for the $12 billion takeove, Currently Federal Communications Commission rules. When Shari Redstone combined the two companies, she appointed Bakish CEO of ViacomCBS which now controls some of the most well-known brands in media such as Paramount Pictures, CBS News, Comedy Central and MTV. "I've always wanted to win. All Rights Reserved. Get all the stories you need-to-know from the most powerful name in news delivered first thing every morning to your inbox. Prior to the recombination of Viacom and CBS, Bakish was the President and Chief Executive Officer of Viacom since December 2016. Subscribe for full access to The Hollywood Reporter. "I hope Sumner lives to be 150," he said, according to the Los Angeles Times. ViacomCBS CEO Bob Bakish remembered Redstone as "a brilliant visionary, operator and dealmaker, who single-handedly transformed a family-owned drive-in theater company into a global media portfolio." Sumner Redstone (left) and CBS CEO Mel Karmazin announce an agreement to merge the two companies during a press conference September 7, 1999 in New York City. Tel (212) 854-2993, Columbia University in the City of New York, Civil Engineering and Engineering Mechanics, Industrial Engineering and Operations Research, Technical Skill Meets Business Savvy: Dean Boyce with alumna Janet Lustgarten. In another high-stakes takeover battle, his $10 billion bid outmuscled fellow media moguls Barry Diller and John Malone for Paramount Communications in 1994. He pointed to CBS season 2 of the BBC remake Ghosts. Former Navy commander Guy Snodgrass on 'Top Gun: Maverick' and how the film compares to real life. Shari Redstone arrives for Variety's Power of Women luncheon in New York City, U.S., April 21, 2017. Tombol ini menampilkan jenis pencarian yang dipilih saat ini. Still, Karmazin became president and chief operating officer of Viacom, but in June 2004, he resigned without telling Redstone directly of his decision. in Operations Research from Columbia's School of Engineering and Applied Science. Viacom in a regulatory filing on Wednesday detailed the compensation for new permanent CEO Bob Bakish. He has denied the allegations. Paramount Pictures, Nickelodeon, Paramount+, President & CEO, Paramount Pictures & Nickelodeon / Chief Content Officer, Movies, Kids & Family, Paramount+. The network is home to brands including MTV, Nickelodeon, Comedy Central, BET, and Channel 5. "Determination," he wrote, "is the key to survival. 2022-12-08 19:53:17 - Paris/France. At the earlier UBS conference, Dauman said that upon Redstone's death, Sumner's stake in National Amusements was to go to a seven-member trust, including Shari and her son Tyler Korff. Its pretty cool, he said. Citing people who had been with him, the newspaper said the notoriously autocratic Redstone had an iPad connected to buttons to activate his recorded voice uttering "yes," "no" and "f--- you. Paramount has recently seen that there is big money in appealing to American nostalgia, as "Top Gun: Maverick," a sequel to Paramount Pictures' "Top Gun" (also starring Tom Cruise) in 1986, smashes box office records. Primary Menu Sections. During a string of interviews at the Consumer Electronics Show in Las Vegas on Wednesday, Viacom President and CEO Bob Bakish talked diversification and driverless cars. ViacomCBS boss Bob Bakish Getty Images for Vanity Fair. President & CEO, Paramount Media Networks / Chief Content Officer, Unscripted Entertainment & Adult Animation, Paramount+. Again, the big caveat is whether this is what Iger means by "general entertainment" in the first place. "We sold about everything we had," he recalled in the 2012 CNBC interview. He added that Paramount+ a value offering compared to other platforms won't maintain its $9.99 premium price point forever. Paramount Global CEO Bakish said Tuesday that while it "didn't make sense to run Showtime as a 100% stand-alone organization," he wanted "to make it clear that the [Showtime] brand still . Interested in org charts, contact info and more for Bob Bakish, President & CEO, CBS Entertainment / Chief Content Officer, News & Sports, Paramount+. November 22, 2022 4:00am. Redstone's lawyers called the claims "preposterous" and a "despicable invasion of his privacy. Herzer immediately filed a second lawsuit accusing Shari of orchestrating Herzer's ouster. All rights reserved. (Cruise denied he had been fired, insisting he had quit.) "There's no question the crisis has proven the power of streaming, and we're moving quickly to seize on the significant revenue opportunity," ViacomCBS CEO Bob Bakish says Paramount Pictures, on the mend since studio head Jim Gianopulos took over in 2017, has taken a different approach to Hollywood's obsession with proprietary . Paramount wants to increasingly approach its networks, streamers and other assets with a truly global mindset. Sign up for free newsletters and get more CNBC delivered to your inbox. One former mainstay attendee who will not be part of the festivities is former CBS chief Les Moonves who was ousted from the company in 2018 amid sexual harassment allegations. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. He has net worth is estimated to be $21.5 Million dollars. Its all on demand you dont have to watch anything you dont want to. Robert M. Bakish is President and Chief Executive Officer of ViacomCBS. Redstone's lawyers called it a "baseless attempt to take discovery in service of building a record for the post-death trust contest she intends to bring." The author credited Shari Redstone with the hiring of Bob Bakish as Paramount's CEO, in addition to the company's successful franchises with spinoffs for popular series like "Yellowstone," "Dexter . ViacomCBS is no more. Investors apparently weren't keen on Across the industry, traditionally, it was kind of like: good luck over there in England or Australia, Kaufman told THR. 9. In their conversation, Bakish shared lessons from his long career as a top media executive, including his recipe for smart risk-taking, keys to innovative leadership, and how to foster a dynamic corporate culture that actively increases diversity, equity and inclusion. Redstone controlled about 80% of the voting stock of Viacom and CBS through his private holding company, National Amusements. Mutual Fund and ETF data provided byRefinitiv Lipper. When Bob Bakish was named Viacom's third chief executive in as many months in 2016, the company was a hot mess thanks to years of mismanagement. Shes emerged from her late fathers shadow to control and transform her familys shiniest asset. He later became the center of a jilted lover's lawsuit that nearly cost his family his financial legacy. At Variety's Entertainment Summit, Bakish started with company's transformation. Discovery is in strong position to turn its streaming division around. He was also eligible for a cash bonus of up to $3.5 million for that latter role. 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"We don't think that someone who effectuates creative suicide and costs the company revenue should be on the lot," Redstone told The Wall Street Journal. We extend our deepest sympathies to the Redstone family today.". But in late January 2016, Viacom said in a regulatory filing that Redstone's annual pay had been cut to $2 million in fiscal 2015, from $13 million the previous year. In his 2001 book, "A Passion to Win," he recalled waking up after midnight smelling smoke and making "the classic mistake" of opening his door. Hes one of several execs tasked with building out content for the media congloms new streaming service. Moreover, he would also be receiving a . Both are expected to attend while they face serious pressures from regulators in the Biden administration who want to break up the company on the grounds that its a monopoly. Robert Marc Bakish ( / bk / BACK-ish; [1] born December 14, 1963) is an American business executive. Since the start of the pandemic, the video gaming industry has exploded, now worth more than $180 billion. One dispute arose in 2005 over his suggestion to unload National Amusements, and two years later over his attempt to have the holding company donate $105 million to medical causes, according to Forbes. Under pressure from shareholders because of reports of Redstone's declining health and mental competency, the CBS board on Feb. 3, 2016, announced his resignation as executive chairman and appointed CEO Les Moonves as his successor. In the next court session, Judge David Cowan abruptly dismissed the case saying: "This testimony does in fact completely alter the case." Get this delivered to your inbox, and more info about our products and services. And even with more exceptional content coming this year, we expect to return . The Silberstein Family Seminars: Leaders and Innovators has been made possible by the generosity of Board of Visitor member Alan Silberstein SEAS69 and his wife Carol 69BC. Three years after Sumner Redstone's first marriage ended, he married schoolteacher Paula Fortunato, about 40 years his junior. This button displays the currently selected search type. Aside from Bezos, other big names in attendance include Facebooks Mark Zuckerberg and Sheryl Sandberg, Netflixs Reed Hastings, Comcasts Brian Roberts and WarnerMedias Chief Executive, Jason Kilar. In the 2012 interview with CNBC, Redstone said there was never a time he was ready to give up. And I do everything possible to bring that result about.". When Viacom formally spun off CBS in 2006, Freston became Viacom's chief and Moonves stayed at the helm of CBS (until he was forced out in September 2018). We caught up with Bakish at Mobile World Congress in Barcelona, where we discussed: Holland spent five years with Redstone, living at his Beverly Park, California, mansion until he kicked her out in 2015 after finding out she was involved in a relationship with a former actor, according to Vanity Fair. Redstone added CBS to his Viacom realm in 2000, then spun it off into a separate company five years later. 1 box office hits in early 2022 ("Sonic . These sessions were created for the VetNet's Veteran Immersion Program to meet with and learn from Paramount . John Blanding | Boston Globe | Getty Images, Billionaire media mogul Sumner Redstone dead at age 97, LightShed's Rich Greenfield on media mogul Sumner Redstone's legacy. 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"If you're patient, you'll never go anywhere. That doesn't mean I always have, or I always will, but it's been my objective throughout my life, whether in school or in business.". It will operate by a majority vote. Redstone contributed more than $216 million to charities around the world, according to the Sumner M. Redstone Charitable Foundation. Bob Bakish is the president and chief executive officer of Viacom International Media Networks, responsible for all the company's operations outside of the United States. But they were very separate in the way the content was rolled out and decisions were made. Got a confidential news tip? September 14, 2022 11:59am. 2023 CNBC LLC. It said he remained executive chairman but dropped language from 2014 saying Redstone "continues to actively participate in the development of the strategic direction of our company.". He was recently elevated from acting to permanent CEO. The statement from National Amusements did not mention the cause of death. During their more than half-century of marriage, which ended in divorce in 1999, they had two children, son Brent and daughter Shari. As an octogenarian and in his early 90s, Sumner Redstone was romantically linked to two women more than four decades his junior, Herzer and Sydney Holland. TIS S.A. (also known as The Independent Studios and formerly known as Fox Telecolombia and TeleColombia S.A.) is a major Colombian television production company in Spanish, founded in 1995 as the programadora Producciones Bernardo Romero Pereiro.Its president is Samuel Duque Rozo.It changed its name to Telecolombia in 1999. Something like $5-to-700 million, which is now worth about $8 billion.". The Redstone family's National Amusements, through which it controls about 80 percent of . You've successfully subscribed to this newsletter! in Operations Research from Columbia's School of Engineering . "The fire shot up my legs. "I expect to live forever. "By definition, you have some things that were made in a different time and reflect different sensibilities," Bakish explained, according to a June 20 piece by The Guardian. Read Next: Twickenham Studios Chair Sunny Vohra Takes Multi-Million Dollar Stake in Media Fund APX Group, Will Hollywood Hit Cannes? However, given the recent surge in cases of COVID in states like New York where the company is headquartered, some employees felt that Bakishs comments didnt reflect the worsening situation. He went to apologize to anyone offended by that characterization.. Legal Statement. Bakish also was discussing the past two years of working during the COVID-19 pandemic, one that has seen many employees transition to working from their homes. And that was a great business decision at the time. His remit is to not just run the business globally, but also to make sure that we are focused on how we are sharing our content and resources., Explained Cheeks: We are building a framework and strategy for our five free-to-air-networks to work together across entertainment, news and sports to scale more content with local focus and global potential. This material may not be published, broadcast, rewritten, or redistributed. Under CEO Bob Bakish, the company took a methodical approach this year to testing . Bakish pulled in $36.6 million in compensation for 2019, which . In free-to-air TV, the new approach required a big change though. Bakish joined Viacom in 1997, and held a series of senior corporate, sales and development positions at the company. Bakish has an M.B.A. from Columbia Business School and a B.S. Not scientific at all, but a way to capture how streaming services advertise on my way The pain was searing. . Mutual Fund and ETF data provided by Refinitiv Lipper. The conglomerate is working to structure reporting lines within the organization with that in mind rather than relying on traditional regional clusters and executives are now sharing additional details of that strategy. Bill Gates is also said to be on the list following a tumultuous year for the Microsoft founder including a divorce and rumored ties with the late disgraced financier, Jeffrey Epstein. When expanded it provides a list of search options that will switch the search inputs to match the current selection. ", On May 9, 2016, the judge dismissed the lawsuit after the billionaire asserted in videotaped testimony that he didn't want the former girlfriend, Manuela Herzer, to play any role in his life. Abaikan. Story tips can be sent to Alexander.hall@fox.com. The filing also mentioned thatBakishscompensation for his role as acting CEO would have been up to $12 million. Redstone was a fierce competitor. Trouvez des images et des photos d'actualits de Selena Gomez With Bob sur Getty Images. Get the latest bob bakish news, articles, videos and photos on the New York Post. BOB BAKISH:--this year, adding the fall to slate with CBS, which we won five of seven days last week-- and we have the top one, two, and three new show-- and then, of course, adding a robust . 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AndBrian Robbins oversees Paramount Pictures and Nickelodeon globally, in addition to all kids content across streaming, with Jules Borkent responsible for Nickelodeon in international markets. Bakish said when he was the companys international CEO he led Viacom International Media Networks from 2011 to 2016 the top leadership in the U.S. wasnt fully ready for a global approach to free-to-air, cable and streaming businesses. 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ViacomCBS CEO Bob Bakish said the company now anticipates 100 million streaming subscribers in 2024 - well above a previous forecast of 65M-75M, after record ads in the fourth quarter and ami In 1971, his younger brother, Edward, sued him and their father, alleging they had marginalized his position with National Amusements, causing him to abruptly resign. "I no longer trust Philippe or those who support him," Redstone said in a statement a day earlier. Those execs include George Cheeks, president and CEO of CBS and chief content officer of news and sports at Paramount+, Maria Kyriacou, who has served as Paramountspresident of Australia, Canada, Israel and the U.K. but is now overseeing all of Paramounts internationally originated scripted content and its four free-to-air networks outside the U.S., and Dario Turovelzky, who is leading Paramounts scripted content from Latin America along with Telefe and Chilevision, reporting to Kyriacou. In 1987, taking a huge risk by using debt, he successfully pulled off a hostile takeover of Viacom, which by then included MTV. Paramount Global President and CEO Bob Bakish has warned that the company's fourth quarter advertising revenue is now expected to come in "a bit below" the 2% decline in the third . https://www.barrons.com/articles/paramount-global-bob-bakish-51657332262. And there would have been no CBS," he said. Redstone, who often boasted that he would live forever, died Tuesday, his company announced Wednesday. "I am determined to act in the best interests of the company and all of its shareholders. Robert M. Bakish is President and Chief Executive Officer of Paramount Global. We saw it coming around the curve on that one, says Bakish, 58. Through a strategy to deepen and expand Viacoms presence in digital and live experiences, Bakish also stewarded the key acquisitions of free streaming television service Pluto TV; Gen-Z focused brand Awesomeness; influencer marketing firm WHOSAY; and VidCon, the worlds largest celebration of online video fans and creators. Sumner Redstone, the media mogul who built his family's drive-in theater chain into a multibillion-dollar empire encompassing CBS and Viacom and later became the center of a jilted lover's lawsuit that nearly cost his family his financial legacy, has died. Abaikan. Under his leadership, it scored four No. Bob Bakish. 'Top Gun: Maverick' breaks Memorial Day weekend box office records. , he married schoolteacher Paula Fortunato, about 40 years his junior Officer of Viacom since December.... Stake in media Fund APX Group, will Hollywood Hit Cannes CEO Bob Bakish, the launched! 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Thr news straight to your inbox jilted lover 's lawsuit that nearly cost his family his financial legacy the and... Censor its old content for the media business 2000, then spun off... Best interests of the best interests of the voting stock of Viacom since December 2016 start the! [ 1 ] born December 14, 1963 ) is an American business Executive development positions at the launched!, Nickelodeon, Comedy Central, BET, and held a series of senior corporate, and! Marriage ended, he underwent surgery after surgery to graft his living skin onto the wounded areas offended... Key to survival & quot ; the price umbrella on streaming will up. Included Showtime and publisher Simon & Schuster please contact Dow Jones & company, National did. An associate editor for Fox news Digital broadcast, rewritten, or redistributed a time he also. Use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com services! Reprints at 1-800-843-0008 or visit www.djreprints.com Next: Twickenham Studios Chair Sunny Vohra Takes Multi-Million Stake. Company, Inc. all Rights Reserved new approach required a big change though one of several tasked... Current board to do the same. `` statement a day earlier des photos &! Forever, died Tuesday, his company announced Wednesday % of the BBC remake Ghosts at or! For Fox news Digital pandemic, the video gaming industry has exploded, now worth about 8... Who support him, '' he recalled in the best leaders in media! Called something glocal back then, part global bob bakish family part local, a! Lawyers called the claims `` preposterous '' and a `` despicable invasion of his,! Or redistributed about our products and services Plaza hotel Comcast in Europe and how the film compares real. Even with more exceptional content coming this year 's apparent snub is more glaring given Bakishs clout in the interview., part global, part local, but it really wasnt first marriage ended, he married schoolteacher Fortunato. Control and transform her familys shiniest asset key to survival schoolteacher Paula Fortunato, 40... ; s School of Engineering and Applied Science at 1-800-843-0008 or visit www.djreprints.com a! Will go up, and held a series of senior corporate, sales and positions! Had been fired, insisting he had been fired, insisting he had quit. 80 % his! May not be published, broadcast, rewritten, or redistributed he had bob bakish family. ; Sonic to permanent CEO Bob Bakish, the new approach required a change. In new York City, U.S., April 21, 2017 be published,,... An American business Executive of Engineering and Applied Science family 27 Feb. tom the. Gun: Maverick ' breaks Memorial day weekend box office hits in early 2022 &... Stock of Viacom and CBS, Bakish started with company & # x27 ; s Veteran Immersion Program to with... His junior for your personal, non-commercial use only he was ready to give up not be published,,! Over 45 % of the company launched streaming service SkyShowtime jointly with Comcast in Europe on demand you dont to. Snodgrass on 'Top Gun: Maverick ' breaks Memorial day weekend box office records every day his body, married... To Alexander.hall @ fox.com also eligible for a bob bakish family bonus of up to 3.5. Him, '' he said, according to the Sumner M. Redstone Charitable Foundation percent of new York Post from. I was enveloped in flames, '' Redstone wrote cablers and the new. School of Engineering and Applied Science was recently elevated from acting to permanent CEO watch anything you dont to. Company will not censor its old content for material that may offend modern.! And development positions at the time match the current board to do the same. `` nearly cost his his! `` I no longer trust Philippe or those who support him, '' he wrote, `` the. Provides a list of search options that will switch the search inputs to match the current board do... All, but it really wasnt with a truly global mindset regulatory filing on detailed. We saw it coming around the curve on that one, says Bakish, the new approach required big! Joined Viacom in a regulatory filing on Wednesday detailed the compensation for 2019, which sold about we. He later became the center of a jilted lover 's lawsuit that nearly cost his family his financial legacy became.