Sumner Snuggles the Gay Greenback

30 March 2004

Despite hailing from the [then] staid environs of Boston, Massachusetts, in the mid-1920s, Viacom chairman/ceo Sumner M Redstone admits to no gender-bending prejudices when it comes to turning an honest buck.

Addressing analysts and investors Friday, Redstone confessed to a mistake two years back when he abandoned plans for launching a gay cable TV network. Had he done so, admitted the sage, the launch would have cost "only" $30 million and the property might now be "worth a billion".

He has recently ordered MTV Networks' chairman/ceo Tom Freston to produce a business plan pronto for the USA's first gay-themed network -- as yet, nameless.

Data sourced from: The Wall Street Journal Online; additional content by WARC staff