Purchasing DreamWorks SKG from Steven Spielberg, Jeffrey Katzenberg, and David Geffen in 2005 for a mere $600 million made him the owner of two Hollywood Studios. Last year, however, Spielberg left the Paramount family to purchase another film studio venture with Indian-backed financing.
2005 was also the year Sumner ushered out the era of the conglomerate. Viacom announced it would split all of its assets into two separate publicly held companies: Viacom and CBS Corporation.
“It was a revolutionary move and we were the first to do it,” states Sumner.
In 2006, Sumner made headlines again for publicly firing Tom Cruise, a decision he has never regretted. He cited Cruise’s poor box-office receipts and his controversial wacky behavior for his decision, though most believe it was strictly for financial reasons. Cruise and his partner were getting a cushy $10 million a year for keeping their office on the lot, and Sumner has always been a firm believer that script is the most important element of a film. “Without a good script,” says Sumner, “you don’t have a good movie, no matter what star is in the role.” This coming from the man that coined the phrase “content is king.”
For the last decade, Sumner has been splitting his time between New York and Los Angeles, though in recent years he’s finding himself more at home on the West Coast. If a home is indicative of the owner, in comparison to his wealth and the homes of his neighbors, Sumner’s is modest. Nestled in a gated community and perched on the hillside of a cul-de-sac, this four-bedroom manor boasts a large koi pond, home theater, indoor and outdoor swimming pools, a tennis court, and fitness room—just the basic essentials. Sumner finds relaxation competing on the tennis court. Legendary film producer and former head of Paramount, Robert Evans, once said, “I’ve played with every tennis pro including Jimmy Connors and John McEnroe. Sumner’s more competitive. He screams and argues about every point. He’s the single most competitive tennis player I’ve ever seen. And this coming from a guy who has to strap a racket to a glove because of his burn injury.”
Competitive: yes. Materialistic: surprisingly not. Sumner has always said he has never been driven by money, just the desire to win. In fact, he claims the only thing of material value that he owns is his house.
