Viacom head donates $105 million
Sumner Redstone, the 83-year-old controlling shareholder of Viacom and CBS, announced he has committed $105 million in donations to advance cancer treatment and burn recovery at three nonprofit health care organizations.
Redstone, whose personal fortune is estimated at $8 billion, will make cash contributions of $35 million paid out over five years to FasterCures/the Center for Accelerating Medical Solutions in Washington, D.C.; the Cedars-Sinai Prostate Cancer Center in Los Angeles; and Massachusetts General Hospital in Boston.
“Advancements in research and medical science are creating a better world and a higher quality of life for all of us,” Redstone said. “Like many, I have personally benefited from these advancements and have been an active contributor now to help speed their development.”
FasterCures, chaired by Michael Milken, finds and disseminates best practices for the treatment of prostate and other cancers, heart disease, HIV/AIDS and other diseases. Cedars-Sinai Prostate Cancer Center is a dedicated center for prostate cancer research.
The donation to Massachusetts General is targeted at its Sumner M. Redstone Burn Center. Redstone himself was badly burned in a 1979 building fire in Boston.
Redstone said he intends to make additional grants in the future.