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 by the family company, National Amusements.
On Monday, National Amusements, the privately held company that is run by Ms. Redstone, was forced to sell $233 million worth of stock in Viacom and CBS. On Tuesday, the company issued a statement saying that the sale of shares was prompted by market conditions and not by the operation and expansion of the company's theater business.
An article in The Wall Street Journal on Monday said that National Amusements had sold the shares to back a $1.6 billion loan that was used in part to help expand its movie theater chain. While the statement was not attributed to Mr. Redstone, Ms. Redstone apparently felt it was necessary to issue a statement saying that was not the case. Ms. Redstone declined to comment.