11/11/2008 05:12 am ET | Updated May 25, 2011

Sumner Redstone's Credit Crisis Hits CBS And Viacom

Billionaire Sumner Redstone got caught in the credit crunch Friday.

The 85-year-old mogul, who has long bragged about his financial savvy and competitive drive, was forced to sell a fifth of his family's stake in his two media companies -- Viacom Inc. and CBS Corp. -- on a day when the companies' shares were trading at record lows. It shows that even the wealthiest people are not immune to the meltdown in the markets and are being thrust into once-unimaginable situations.

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