Redstone Divorce Finalized
According to the AP, Sumner Redstone’s divorce from Paula Fortunato Redstone has been finalized. The CBS and Viacom chairman filed for divorce in October, citing irreconcilable differences. The couple were married for five years.
A judge signed-off on the couple’s confidential agreement. According to USA Today, “Redstone, whose wealth was calculated at $7.6 billion in 2007, last year sold his majority stake in Midway Games and sold $233 million of his CBS Corp. and Viacom Inc. stock as he struggled to restructure $1.6 billion in debt.”
Unfortunately since the settlement agreement is confidential, we don’t know if they stuck to the terms of their prenuptial agreement or not. Under the terms of the prenup, Fortunato, a 46 year old former New York school teacher, received at least $5 million, or $1 million for every year of the marriage. Not a bad job if you can get it. I would guess that the terms of the settlement are pretty close to the terms of the prenuptial agreement, especially given the current economic climate. It’s doubtful that Redstone is worth more today than he was five years ago when they got married. And really, if you are receiving $5 million for five years of marriage, you’re doing pretty well.