When a famous – or notorious – person dies, it’s often remarkable to notice how quickly the obituaries are published. It’s not particularly unusual for the span of time between the official time of death and the appearance of a thoughtful, 1,000-word appraisal of the deceased’s life and works to be measured in minutes, not hours.
The dirty little secret, for many major news outlets, is that most of their obituaries are pre-written. Some hapless editor is tasked with the business of surveying the world scene and identifying elderly or infirm persons of note, and assigning even more hapless young reporters to pre-write their obituaries, on the theory that, “hey, you never know when one of these old dudes is going to wheeze his last breath”.
In 1981, when president Ronald Reagan was shot in the portico of the Washington Hilton, it was certainly inconvenient for him – but even more inconvenient for the editors of Time magazine, who were facing a printing deadline. Should they wait and see what odds the president's surgeons were giving him for survival before they printed up hundreds of thousands of copies of Time with a black border and a lengthy (pre-written, of course) obituary? Or should they just assume that Reagan wasn't going to make it and tell the printer to roll the presses?
In the end, they chose a middle path. They printed up several thousand copies of the Reagan obituary cover story – just in case – but they waited for absolute confirmation from the hospital before they gave the order to complete the press run. And it was a good thing, too, that they showed such prudence. Reagan made a full recovery – the news was everywhere within hours – and so the cover story had to be totally scrapped and rewritten, from The country mourns a president to Ronald Reagan: unstoppable cowboy president (or something like that).
The only reason I know this story is because, as I mentioned, several thousand copies of the now-useless Reagan obituary edition of Time were floating around, and I came across one of them years later at a rare book show priced at less than $50 (Dh184). How could I resist? It sits, framed, in my office, to remind me of two things: one, that news organisations get a lot of stuff wrong; and two, that if you're a really important person, someone somewhere is making sure your obituary is ready to go.
The man who owns Viacom, one of the largest and most sprawling media companies on Earth, is a 92-year-old multibillionaire. His obituary, it’s fair to say, is ready to go.
If you watched MTV or CBS or Showtime, have seen a movie produced by Paramount or watched a television show on Nickelodeon – if, in other words, you own a device that shows moving pictures of any kind – you’re a Viacom customer. Sumner Redstone, the man who controls the constellation of companies that make up the Viacom galaxy, has been at the helm for 25 years.
But in the past few years, Redstone – once a meddling and hands-on executive – has seldom been seen in public. His messy personal life, which consists of almost-constant feuds with his family and heirs, and a series of much-younger girlfriends, has been the subject of local Los Angeles gossip.
There are some people – mostly those who are in favour with the elderly Mr Redstone and want to keep it that way – who insist he’s at the top of his game, mentally sharp and totally alert. And there are some people – mostly those who are out of favour with Mr Redstone and aren’t happy about it – who insist that he’s mentally incompetent and should be removed from any position of power. Mr Redstone himself has been absent from meetings for the past year, and communicates only by email.
If you add it all up – an elderly mogul, a couple of mistresses, a complicated and self-interested family, a multibillion-dollar empire, a murky or non-existent plan of succession – you get a plot so lurid and over-the-top that even I, a writer of television scripts, would react to that pitch by saying: “Can’t we make this a little more realistic?”
And yet, the massive collection of media properties he owns continues making movies, producing television, pumping out product every day. Despite – or maybe because of – the utter chaos at the top of the organisation chart, nobody in the Viacom universe is waiting around for the boss’s obituary to appear. They’re just busily going about the task of making entertainment for a world audience.
It’s almost as if – and here I hope that I’m not shocking anyone – it doesn’t really matter who runs these kinds of large companies. It’s almost as if – despite decades of laudatory profiles of this or that CEO, despite the emergence of the “rock star” executive and the brilliant turnaround strategist – the guys at the top (and they usually are guys) are irrelevant. Interchangeable.
Perhaps the myth of the powerful and effective and indispensable corporate mastermind should be laid to rest.
I volunteer to write its obituary.
Rob Long is a writer and producer in Hollywood
On Twitter: @rcbl
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
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Nayanthara: Beyond The Fairy Tale
Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni
Director: Amith Krishnan
Rating: 3.5/5
Pupils in Abu Dhabi are learning the importance of being active, eating well and leading a healthy lifestyle now and throughout adulthood, thanks to a newly launched programme 'Healthy Lifestyle'.
As part of the Healthy Lifestyle programme, specially trained coaches from City Football Schools, along with Healthpoint physicians have visited schools throughout Abu Dhabi to give fun and interactive lessons on working out regularly, making the right food choices, getting enough sleep and staying hydrated, just like their favourite footballers.
Organised by Manchester City FC and Healthpoint, Manchester City FC’s regional healthcare partner and part of Mubadala’s healthcare network, the ‘Healthy Lifestyle’ programme will visit 15 schools, meeting around 1,000 youngsters over the next five months.
Designed to give pupils all the information they need to improve their diet and fitness habits at home, at school and as they grow up, coaches from City Football Schools will work alongside teachers to lead the youngsters through a series of fun, creative and educational classes as well as activities, including playing football and other games.
Dr Mai Ahmed Al Jaber, head of public health at Healthpoint, said: “The programme has different aspects - diet, exercise, sleep and mental well-being. By having a focus on each of those and delivering information in a way that children can absorb easily it can help to address childhood obesity."
A timeline of the Historical Dictionary of the Arabic Language
- 2018: Formal work begins
- November 2021: First 17 volumes launched
- November 2022: Additional 19 volumes released
- October 2023: Another 31 volumes released
- November 2024: All 127 volumes completed
UAE currency: the story behind the money in your pockets
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
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