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National Amusements

Sumner Redstone Sells Shares Of Viacom, CBS

Posted 05.25.2011 | Media


Sumner Redstone Sells Shares Of Viacom, CBS

AP | Posted 05.25.2011 | Media

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.

Sumner Redstone Wins Debt Restructuring Deal, Buys Two Years' Breathing Room

AP | RYAN NAKASHIMA | Posted 05.25.2011 | Media

LOS ANGELES — Billionaire media mogul Sumner Redstone's family theater chain, National Amusements Inc., said Friday it has reached an agreement ...

Sumner Redstone May Sell CBS, Possibly No Longer Billionaire

Huffington Post | Posted 05.25.2011 | Media

Sumner Redstone, the controlling shareholder of CBS and Viacom, saw both those stocks hit five-year lows last week, further exacerbating what has alre...

Sumner Redstone Struggling To Get Agreement On Refinancing

New York Post | Posted 05.25.2011 | Business

National Amusements, the movie-theater chain that controls Sumner Redstone's interests in Viacom and CBS, faces the difficult task of getting more tha...

Sumner vs. Shari: Redstone Family Feud Continues Over Share Sell-Off

New York Times | Geraldine Fabrikant | Posted 05.25.2011 | Media

Shari Redstone and her father, Sumner M. Redstone, appear to be battling in public again -- this time over the reason for a large sell-off of shares b...