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Sumner Redstone Cbs

Sumner Redstone: 'I Will Never, Never Sell Viacom Or CBS'

Hollywood Reporter | Posted 05.25.2011 | Media

"I will never, never sell Viacom or CBS," Redstone said at the CBS Corp. annual shareholder meeting in New York on Wednesday. ...

Sumner Redstone Sells Shares Of Viacom, CBS

Posted 05.25.2011 | Media

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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 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's Credit Crisis Hits CBS And Viacom

Los Angeles Times | Meg James | Posted 05.25.2011 | Business

Billionaire Sumner Redstone got caught in the credit crunch Friday. The 85-year-old mogul, who has long bragged about his financial savvy and competi...