Sumner Redstone

Sumner Redstone's family-controlled firm, National Amusements Inc., this morning said it was selling nearly $1 billion in stock in CBS Corp. and Viacom Inc. to help retire the enormous debt that once threatened to upend the 86-year-old mogul's media empire -- and his legacy.  

Sumner Redstone's National Amusements is selling CBS (CBS) and Viacom (VIA) shares to pay off its creditors. The CBS sale will bring in $345 million and the Viacom sale will bring in $600 million. Read the rest of this story »See Also:How The Media Moguls Blew It (NWS, DIS, CBS, VIA)CBS Stock Slaughter Costs Sumner Redstone More Millions* (CBS)Sumner Redstone Might Still Lose Control Of CBS and Viacom (CBS, VIA)  

Big gains in the value of his family's shares in Viacom Inc. and CBS Corp. have given the billionaire some badly needed leverage with his lenders. Billionaire Sumner Redstone is breathing easier.  

The mogul will capitalize on the companies' dramatic stock gains to raise nearly $1 billion, which his National Amusements theater chain will then use to help retire $1.46 billion in debt. A year after it looked like Sumner Redstone's media empire might collapse under a mountain of debt, the 86-year-old mogul found a way to keep his grip on Viacom Inc...  

Sumner Redstone's family-controlled firm, National Amusements Inc., said it was selling nearly $1 billion in stock in CBS Corp. and Viacom Inc. to help retire the enormous debt.  

In order to help pay off a $500 loan that's due at the end of October, the immortal Sumner Redstone was forced to sell off a bunch of his stock in Viacom and CBS yesterday. Wait, one second, we just read the original story again. Turns out that's a $500 MILLION loan. Our bad! Don't go crying for Redstone, though; his ownership in each company slipped down to 7 and 6 percent (respectively), but he still controls nearly 75 percent of the voting...  

CBS Corp., the broadcast network controlled by Sumner Redstone, reports its third-quarter earnings Thursday. The following is a summary of key developments and analyst opinion related to the period. OVERVIEW: Advertising trends will be the focus of CBS Corp.'... Sumner Redstone - CBS Corporation - Advertising - CBS - Viacom  

Today, Justice Ira Gammerman of the New York Supreme Court ruled that Viacom chief Sumner Redstone will have to sit for a deposition in Dan Rather's ongoing $70 million lawsuit against CBS. Mr. Rather and his lawyers have been seeking to depose Mr. Redstone, whose company oversees CBS, since the outset of the suit. For months, CBS lawyers have been working to...  

Viacom Chairman Sumner Redstone must submit to a deposition in former CBS News anchor Dan Rather’s suit against the network--and soon--a New York State Supreme Court judge ruled on Monday, reports the Los Angeles Times' Company Town blog.After more than two years of pre-trial wrangling in Rather’s suit against CBS for breach of contract and fraud, Justice Ira Gammerman urged, “Let’s get this case moving.” The judge allowed the deposition of...  

Before turning the Q3 earnings call over to CBS Corp. (NYSE: CBS) president and CEO Les Moonves, Sumner Redstone, the company’s executive chairman heaped praise on the company’s efforts to manage the downturn and sounded relieved to say “there is finally light at the end of the tunnel.” Moonves echoed his sentiment: “We’ve said that the second half would be improved and it was. We’re pleased that in this marketplace, revenues were down only...  

TV News: National Amusements retains control -- 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.  

Sumner Redstone's decision that his family-controlled firm, National Amusements Inc. sell nearly $1 billion in stock in CBS Corp. and Viacom Inc. -- to wipe out its massive debt -- has lifted the prospects for improved stock prices, according to analysts.  

By Jeffrey Jolson - Mogul Sumner Redstone is doing something very crazy in a recession. He is selling off valued entertainment stock, when everyone knows that the harder the economy, the better that movie and TV shows do. Why? Because he owes...  

TVNewser: The saga of a six-year-old boy in a hot air balloon (or not) captivated the network news channels this afternoon. Editor & Publisher: The Huffington Post has surpassed WashingtonPost.com in terms of unique visitors for last month, according to numbers tracked by Nielsen Online. New York Times: Sumner Redstone will sell nearly $1 billion in Viacom and CBS shares in order to pay down debt. The Wrap: Some choice soundbites from the...  

Here's why the Wall Street Journal's Martin Peers is one of my favorite business journalists covering Big Media. He wrote today, "Sumner Redstone is true to his word. He said a year ago that he did 'not intend to sell one more share of stock in Viacom or CBS.' Wednesday he said he would sell [...]