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Viacom and CBS chairman Sumner Redstone broke a year-old promise to investors last week when his National Amusements Inc. said it would sell nearly $1 billion of its Viacom and CBS shares, but at the same time removed an albatross that has been... Full Article at Multichannel News
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HOLLYWOOD -- A year after it looked as though Sumner Redstone's media empire might collapse under a mountain of debt, the 86-year-old mogul found a way to hold onto his prized assets, including ownership of Viacom Inc. and CBS Corp. Full Article at China Post
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It looks like Sumner Redstone had to sell some of his media holdings after all. Full Article at Multichannel News
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Despite heated assurances to the contrary, Sumner Redstone continues to whittle down his stakes in Viacom and CBS, announcing Wednesday plans to sell another big chunk of stock to settle his debt with banks. Full Article at Variety
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Billionaire Sumner Redstone is breathing easier. Full Article at Los Angeles Times
Related Quotes
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As a result of our actions, National Amusements will be out of debt with its existing creditors and will still control its most important assets ... We believe in the significant long-term value of Viacom and CBS Corporation, both of which are well-positioned for growth in this improving economic enviro...
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This is a smart strategy for Sumner Redstone. He bought time from his banks during the credit crunch by creating an auction process for the theaters ... Since then, the public equity markets have rebounded faster than the credit markets, so he's selling equity to repay debt rather than selling his theat...
SOURCE: China Post -
We had not appropriately acknowledged the cost control discipline Viacom continues to implement in its film studio
SOURCE: Boston Globe -
As a result of our actions, National Amusements will be out of debt with its existing creditors and will still control its most important assets
