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.

Read the whole story here.

Comments

[MikeClash]

As everyone is having a good time dancing for joy at poor Sumner's plight, let me remind you all that Sumner will be just fine. However, when Phillipe Dauman (CEO) says that they are going to "take appropriate steps to secure new efficiencies", it sound to me like some people are going to lose their jobs. And I'm sure they're not all multi-millionaires.
Hope you all keep enjoying yourself now.

[lucite]

Glad to hear it. Maybe he'll get lucky and be able to salvage one of his homes for retirement.
I love her the meida is turning the tables. News Flash. ACORN collapsed the economy. This is F0x New's new sound bite.

[JScott]

Next we'll be seein EVEN CRAPPIER shows (wall to wall infomercials) on any Viacom network (MTV et al.)and 60 minutes becoming like 20/20 (crappy) OOOOHHHH NNNNOOOOO!!!!!

[Haditup2here]

That's already occurred. Look at BET.

[george99]

This is great news to me to get these Corporate a**holes out of the news business. Crisis of credibility starts with the Corporations. They run and ruin everything, from the media to the government.

[majorteddy]

This mean old ba****d has done in a lot of other people and he deserves to go down after all the dirt he has dished out. There are a lot of others that have acted about as he has that deserve the same thing.They think they are immune from the law and the consequences of their actions toward others and society because of their wealth. But great wealth has been known to disappear in the blink of an eye.

[dadw5boys]

REDSTONE GOT WHAT HE DESERVED!

HIS DAUGHTER WAS BETTER AT RUNNING THE BUSINESS AND HE WAS TO GREEDIE TO LET IT GO.

[DeSwiss]

I was thinkin' the same thing..... :-)

[Okieborn]

MY MY CAN HIS FAMILY MAKE IT WITH LESS BILLIONS !!!!!

[KillTheMessenger]

WC. Who cares?

[skippypicasso]

If this is a step toward breaking up the vertical integration and mega-multi-national-corporate dominace of all media, then it's cool; otherwise I don't care.

[Village]

Target is hiring! LOLROTF

Summer Redstone divorced Barbara Walters and killed the career of Tom Cruise.

Other than that, I am playing the world's smallest violin for him. How long do you think it will take for him to buy all the stock back?

[strangerinthenight]

Divorcing Walters, I didn't know that ! Cruise is just doing very well.

[InfiniteShibumi]

Redstone was never married to Walters.

[Lion24]

Hi Sumner:

Target is hiring.

[BlueMist602]

KARMA!!!

[MadMoll]

He should have taken delivery of the Pencils the WGA delivered:
http://picasaweb.google.com/TheRoaringGirl/WGA#5156466862302605906
(photo by Rob Kutner, writer, The Daily Show)
instead of directing us to the Mail Room:
http://picasaweb.google.com/TheRoaringGirl/WGA#5156466239532347810

[RobinSeattle]

Sumner Redstone is a Republican. So no sympathy from me about whatever troubles he and Viacom are having right now.

[SCG2]

He keeps Comedy Central on the air.

[ErnestineBass]

Stewart, Colbert and their writers would jump ship in a New York minute if another network made a reasonable offer.

NOBODY enjoys working for the "Old Raisin Redstone".

[dadw5boys]

His daughter was right !!!!!!!!!