Read the complete write-up of Tom Freston net worth, age, wife, children, height, family, parents, business as well as other information you need to know.
Introduction
Tom Freston is an American entertainment industry executive. Freston is currently the principal of Firefly3 LLC, a consulting and investment company. In January 2015, he became a senior advisor to The Raine Group, a boutique merchant bank.
Early life
| Name | Tom Freston |
| Net Worth | $310 million |
| Occupation | Business Executive |
| Height | 1.76m |
| Age | 76 years |
Thomas E. Freston was born on November 22, 1945 (age 76 years) in Rowayton, Connecticut, United States. He received a Bachelor of Arts from Saint Michael’s College and an MBA from New York University. Freston began his career advertising at Benton & Bowles, which later merged with D’Arcy. In 1972, after a year of traveling, he moved to South Asia to start a textile and clothing business, Hindu Kush, and worked and lived in New Delhi, India and Kabul, Afghanistan.
Career
Tom Freston joined the Warner-Amex Satellite Entertainment Company (WASEC), a pioneer in the new field of cable television programming after returning to the United States in 1979. He was one of the founding members of the team that created a music video channel MTV in 1981. As head of marketing, he worked on the “I Want My MTV” ad campaign that helped make the new network a cultural phenomenon.
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Freston became the President and CEO of MTV Networks in 1987, a job he held for 17 years. MTV Networks launched and operated networks including: Nickelodeon, VH1, Comedy Central, TV Land, Spike, CMT, Logo TV, Noggin, and others.
As CEO of MTV Networks, Freston expanded the company’s reach, built an animation studio, produced feature films, and developed large consumer products and digital businesses. Popular brands and shows included: Blue’s Clues, Beavis and Butthead, The Adventures of Pete & Pete, SpongeBob SquarePants, Daria, The Daily Show, Jackass, South Park, Drawn Together, Crank Yankers, The Fairly OddParents, Aeon Flux, Chappelle’s Show, I Love the…, Behind the Music, Avatar: The Last Airbender, The Colbert Report, Wonder Showzen, The Ren & Stimpy Show, The Real World, Dora the Explorer, Rugrats, and Star Trek series (from Generation to Deep Space Nine).
In 2004, after Viacom President & COO Mel Karmazin stepped down, Tom Freston was named Co-President & Co-COO of Viacom (along with Leslie Moonves). Freston oversaw MTV Networks, Paramount Pictures, Famous Music Publishing, and Simon & Schuster.
In January 2006, Viacom split into two separate companies: Viacom led by Tom Freston and CBS Corporation headed by Moonves. In September 2006, Viacom chairman Sumner Redstone stunned the entertainment industry when he fired Freston from the position of CEO.
One of the chief reasons for the move was that Tom Freston hadn’t moved decisively enough to buy MySpace, which was then the most popular social networking site; instead, Rupert Murdoch’s News Corporation purchased the site for $580 million.
Redstone believed that the failure to acquire MySpace contributed to the 20% drop in Viacom’s stock price in 2006 up to the date of Freston’s ouster. Freston’s successor as CEO, Philippe Dauman, was quoted as saying “never, ever let another competitor beat us to the trophy”.
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Redstone told interviewer Charlie Rose that losing MySpace had been “humiliating,” adding, “MySpace was sitting there for the taking for $500 million.” Murdoch’s company ended up selling Myspace, which had largely declined along with the rise of rival social networking website Facebook, in 2012; News Corp’s sale price at the time was $35 million.
Wife
Tom Freston is currently single and not married. However, in 1980, Freston married Margaret Ellen Badali. They had two children, Andrew (b.1985) and Gilbert (b. 1990). They later divorced. In 1998, Freston married Kathy Freston, a former model, self-help author, and health and wellness expert. They divorced in 2014.
Tom Freston net worth
How much is Tom Freston worth? Tom Freston net worth is estimated at around $310 million. His main source of income is from his career as a business executive. Freston successful career has earned him some luxurious lifestyles and some fancy cars trips. He is one of the richest and influential business executives in the United States.