View Single Post
Old November 26 2008, 01:51 AM   #1
Dusty Ayres
Commodore
 
Location: ANS Yamato, Sector 5, Sol System
Sumner Redstone May Sell CBS, Possibly No Longer Billionaire

Sumner Redstone, the controlling shareholder of CBS and Viacom, saw both those stocks hit five-year lows last week, further exacerbating what has already been an incredibly rough autumn. And while he has previously maintained that he will not sell CBS, the New York Times' Tim Arango reports that he is open to the sale and is more seriously considering selling off his family's 1,500-screen movie theater chain to restructure his $1.6 billion in debt:
In an effort to stave off the dismantling of his media empire, Sumner M. Redstone, the controlling shareholder of Viacom and CBS, recently proposed to sell his family's 1,500-screen theater chain in an effort to restructure his large debt load.
The proposal was made in a plan submitted to his bankers, according to two people briefed on the negotiations who spoke on condition they not be identified. But the proposed sale may not be enough to placate bankers, not least because no one can seem to agree on what the movie theaters are worth.

Here is what just about everyone, including those in Mr. Redstone's inner circle, agrees on: if it gets bad enough, Mr. Redstone has indicated he would be willing to part with CBS, but not Viacom, according to three people briefed on the talks who, like the others involved, spoke on condition of anonymity.


Sumner Redstone May Sell CBS, Possibly No Longer Billionaire
Dusty Ayres is offline   Reply With Quote