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Tom Freston Net Worth, Biography & Wiki 2017
Thomas E. Freston was born on the 22nd November 1945 New York City, USA, and is an entertainment industry executive and entrepreneur, best known as one of the founders of MTV: Music Television, and the President and CEO of MTV Networks from 1987 to 2004.
Have you ever wondered how rich Tom Freston is, as of mid- 2017? According to authoritative sources, it has been estimated that Freston’s net worth is as high as $300 million, an amount earned through his successful career as an executive and entrepreneur, which started in 1979. In addition to being a CEO and President of MTV, Freston has also been involved in numerous other business endeavors, which steadily improved his wealth.
Tom Freston Net Worth $300 Million
Tom Freston grew up in Connecticut and went to Saint Michael’s College, from where he graduated with a Bachelor of Arts before enrolling at the New York University, earning his MBA. Tom started his career in 1971 as an advertiser for Benton & Bowles, while in 1972 he launched his textile and clothing business in South Asia.
Freston returned to the US in 1979 and began working for the Warner-Amex Satellite Entertainment Company. Several years later, Tom was a part of the team that founded MTV, and then served as a head of marketing before became the President and CEO of MTV Networks in 1987. Thanks to the success of the newly-formed television franchise, Freston’s net worth significantly increased.
During his guidance, MTV launched numerous other networks, such as Nickelodeon, VH1, Comedy Central, Spike, Country Music Channel, and others. He managed to develop the station and help in creating cult characters and shows such as “Beavis and Butt-head”, “SpongeBob SquarePants”, “South Park”, “The Daily Show with Jon Stewart”, and “Rugrats”, among many others.
Freston left his post in 2004 to join Viacom, after their President & COO Mel Karmazin stepped down, but the Chairman Sumner Redstone shockingly fired him in 2006 – apparently the main reason was Freston’s failure to purchase the most popular social network at the time, My Space, which was sold to Rupert Murdoch’s News Corporation. However, My Space’s stock price drastically decreased after the rise of the Facebook, and Murdoch’s company was forced to sell it for only $35 million – Freston must have smiled.
At the moment, Freston works in several positions, including as the principal of the consulting and Investment Company called Firefly3 LLC. He is also an advisor to the boutique merchant bank named the Raine Group, and also an advisor to the Vice Media and the Moby Group. Recently he has become a movie producer, and produced a few films including Barry Levinson’s comedy “Rock the Kasbah” (2015) starring Bill Murray, Leem Lubany, and Zooey Deschanel.
Regarding his personal life, Tom Freston was married to Margaret Ellen Badali from 1980 until the late ’90s and has two children with her. He later married Kathy Freston in 1998, and the marriage lasted until 2014.