Sumner Redstone

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...  

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)  

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...  

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  

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.  

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,...  

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...  

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...  

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 [...]