NEW YORK — Media mogul Sumner Redstone's holding company, National Amusements Inc., is selling some of its stake in CBS Corp. and Viacom Inc. as well as 35 movie theaters to pay off its debts.
The moves will raise around $1 billion in cash and allow National Amusements to meet a $500 million debt payment this month, alleviating concerns that the company could lose control of the media conglomerates or run into trouble with its creditors.
With the asset sales, National Amusements will retain more than 75 percent voting control of both CBS and Viacom while helping pay off some $1.46 billion in debt.
The company ran into problems with its debt late last year as stocks tumbled and the credit markets seized.
It said it did not intend to reduce its stakes further.