NEW YORK -- On Tuesday, the life and legacy of Sumner Redstone, the former executive chairman of CBS, was honored with the renaming of West 44th Street and Seventh Avenue as Sumner Redstone Way.

The new sign in the shadow of Paramount Global Headquarters commemorates the media giant's contributions.

"My dad was really a legend. He dedicated his life to this company, he loved this city, and to see it all come together today like this is just incredible," said Shari Redstone, who is Sumner's daughter, the current chair of Paramount Global, and president and CEO of the Redstone Family Foundation.

Redstone fell in love with the entertainment industry early on. In 2001, he appeared on CBS Sunday Morning with Charles Osgood and reminisced about working at his dad's movie theater selling popcorn and soft drinks. It was one of the first drive-ins in the country.

Under Redstone, the business grew into a theater chain that became known as National Amusements and evolved into an empire of multiplex theaters. Redstone was driven by his belief in the power of content.

"You could have the best drive-in theater, but if you didn't have the best picture, you lost," he said.

"He always made decisions because he believed it was the right thing to do, and he saw the future and he integrated that into everything he did," Shari Redstone said.

His story is worthy of a Hollywood blockbuster of its own. Redstone literally cheated death in 1979 as he clung to a ledge during a deadly blaze at the Copley Plaza Hotel in Boston. He was severely burned. In later years, that experience inspired Redstone's philanthropic endeavor to help treat other burn victims.

His vision remained unwavering. In 1987, he planted the seeds for what became Viacom, adding cable networks such as MTV, Showtime, Nickelodeon, BET, Comedy Central and others. In 1999, Viacom acquired CBS. Today, it is all recognized as Paramount Global.

"He always, always, always saw what was next. He never lived in what was now or what was then. And I think that will be part of his greatest legacy," Shari Redstone said.

Sumner Redstone Way is a fitting acknowledgment of the incredible contributions to the industry that was his life's passion.

"I think my dad would be very, very happy," Shari Redstone said.

His legendary spirit and vision continues to inspire and drive the next generation.

Redstone died at the age of 97 in 2020. He was the former executive chairman of CBS, a division of Paramount Global, which is the parent company of CBS New York.