Sumner Redstone files for divorce from second wife

Televisionpoint.com Correspondent | New York
Media mogul Sumner Redstone, the billionaire whose fortunes have been battered by the financial crisis, has filed for divorce from his second wife after five years of marriage.

The 85-year-old executive chairman of both Viacom Inc and CBS Corp cited "irreconcilable differences" with Paula Fortunato Redstone, a former school teacher who is almost 40 years his junior.

The couple, who live in a gated community overlooking Beverly Hills, have no children together. They had entered into a marital settlement agreement covering their assets.

The agreement covered a $ 5 million payment by Redstone to Fortunato but that he will likely give her more than that. The settlement will have no impact on Redstone's business interests.

Forbes magazine last month estimated Redstone was worth $ 5.1 billion, although that sum has likely been reduced by the global financial turmoil.

"While this is a difficult decision for both of us, we remain close and supportive friends and are committed to each other's continued happiness and success," the couple said in a statement.

Redstone married Fortunato in 2003 after splitting with his wife of more than 50 years, Phyllis, with whom he had two children. He and Fortunato had met two years earlier on a blind date arranged by mutual friends at now-defunct investment bank Bear Stearns. Tony Bennett sang at their wedding.