Sumner Redstone

Media mogul Sumner Redstone's family movie circuit National Amusements Inc. has reached an agreement to sell 35 theaters to Dallas-based exhibitor Rave Motion Pictures, a person close to the matter confirmed.  

The deal with Rave Motion Pictures is thought to include L.A.'s Bridge multiplex. Redstone has been selling assets to reduce crushing debt. Media mogul Sumner Redstone's family movie theater chain National Amusements Inc. has reached an agreement to sell 35 theaters to Dallas-based exhibitor Rave Motion Pictures, people close to the matter confirmed.  

Sumner Redstone's National Amusements to sell 35 theaters to Dallas chainLos Angeles Times... billion until he announced plans in mid-October to sell nearly $1 billion in stock in the two media companies he controls, Viacom Inc. and CBS Corp. ...Aggressive Texas theater chain Rave to buy 35 theaters from Sumner RedstoneLos Angeles Timesall 3 news articles »  

A Massachusetts judge says Michael Redstone didn't prove his claim that his grandfather meant for him to receive more shares of National Amusements. The ruling saves Sumner Redstone millions. Sumner Redstone has prevailed in his latest family legal squabble, this time with nephew Michael Redstone over a disputed trust in a case that could have cost the...  

A Massachusetts judge says Michael Redstone didn't prove his claim that his grandfather meant for him to receive more shares of National Amusements. The ruling saves Sumner Redstone millions. Sumner Redstone has prevailed in his latest family legal squabble, this time with nephew Michael Redstone over a disputed trust in a case that could have cost the...  

Film News: Deal likely to include Bridge Theater in Los Angeles -- Sumner Redstone's family-run biz National Amusements is set to sell 35 of its theaters to upscale exhib Rave Motion Pictures in a deal likely to include the Bridge Theater in Los Angeles.  

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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.  

Media mogul Sumner Redstone's holding company, National Amusements, is selling a portion of its stake in CBS and Viacom to pay ...  

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)  

Sumner Redstone, the media mogul who runs privately held National Amusements Inc., achieved a victory.  

One of television's oldest and most powerful names is about to get a little less powerful. Media mogul Sumner Redstone is selling nearly $1 billion shares of CBS and Viacom to pay off a big portion of his debt to preserve his media empire. He owes nearly $1.46 billion and has to pay at least $500,000 of it by the end of October. Maybe he's got some used DVDs he can sell at his local Gamestop. Of course, he'll still maintaining "controlling...  

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...  

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...  

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.  

L.A.'s The Bridge will be among those sold, though the bulk are in the Midwest and south of New York, including Washington D.C.  

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  

Media mogul Sumner Redstone's holding company, National Amusements Inc., said Wednesday it is selling a portion of its stake in CBS Corp. and Viacom Inc. to pay off its debts. The move appears to alleviate concerns that National Amusements could lose control... Sponsored Topics: Viacom - Sumner Redstone - National Amusements - CBS - CBS Corporation  

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.  

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...  

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.  

Media mogul Sumner Redstone’s holding company, National Amusements Inc., is selling some of its stakes in CBS Corp. and Viacom Inc. , as well as 35 movie theaters, to pay off debt. The moves will raise about $1 billion and allow the Dedham, Mass., company to meet a $500 million debt payment this month.  

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...  

It looks like Sumner Redstone had to sell some of his media holdings after...  

Sumner Redstone, controlling shareholder of Viacom and CBS, is raising $945m by selling off all of his non-voting stakes in the two media companies to pay off debt. The stock sale will leave Redstone with 75% control of both companies, despite cutting his equity stake by a third, and will help avert a fire sale of nearly all the movie theatres he owns through National Amusements,...  

NEW YORK - Media mogul Sumner Redstone's holding company, National Amusements Inc., said Wednesday it is selling a portion of its stake in CBS Corp. and Viacom Inc. to pay off its debts. The move appears to alleviate concerns that National Amusements ...  

That was then, this is now. After the “forced” sales of $233 million in Viacom (NYSE: VIA) and CBS shares sent the stocks into a spiral last October, Sumner Redstone promised that National Amusements “has no intention of selling a single share of Viacom or CBS stock”—but he didn’t say how long that promise would last. Turns out he meant about a year. The now-restructured National Amusements debt needs to be serviced and the theater company...  

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...  

Media mogul Sumner Redstone's holding company, Dedham-based National Amusements Inc., is selling some of its stake in CBS Corp. and Viacom Inc. as well as 35 movie theaters...  

Sumner Redstone, controlling shareholder of Viacom and CBS, is raising $945m by selling off all of his non-voting stake in the two media companies  

LONDON - Media mogul Sumner Redstone plans to sell some of his stake in CBS Corp, owner of CBS Outdoor, and in MTV owner Viacom, to pay down debts owed by his holding company, National Amusements.  

With shares in Viacom Inc. and CBS Corp. showing strong gains since the beginning of the year, Sumner Redstone's National Amusements Inc. said Tuesday that it plans to sell off...  

NEW YORK - Media mogul Sumner Redstone's holding company, National Amusements Inc., said Wednesday it is selling a portion of its stake in CBS Corp. and Viacom Inc. to pay off its debts. The move ap...  

Sumner Redstone’s sale of nearly $1 billion in shares of Viacom and CBS stock sent share prices in both companies up, the Los Angeles Times reports.Usually when the chairman of a company sells his own shares, the opposite happens. But Wall Street has been concerned for some time that Redstone’s National Amusements, controlling shareholder in both companies, was struggling to pay its debt, which could have hurt the two if National Amusements...  

Viacom and CBS chairman Sumner Redstone broke a year-old promise to investors last week when his...  

Sumner Redstone's National Amusements will take advantage of a rebound in stocks to sell more shares of Viacom and CBS Corp. to raise about $945 million and get rid of its debt.  

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 [...]  

National Amusements Inc., the investment vehicle of Sumner Redstone, is selling off shares in CBS Corp. and Viacom Inc. in an effort to pay off its debt in full. (VIA) (CBS)  

National Amusements plans to sell a portion of its stock in CBS Corporation (CBS) and Viacom (VIA) to repay debt. National Amusements has no plans to further reduce its holdings in CBS or Viacom and will retain about 75% of the voting control of each company when the sale is complete. “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 ” Sumner...