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December 19, 2014

Sumner Redstone selling his share of CBS, Viacom

by Danny Gallagher, posted Oct 15th 2009 9:33AM
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 interest" in both companies but it won't feel the same. Now, no one will have enough power to make media bigheads like Stephen Colbert (literally) dance.

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wrobins

Sumner possibilly not a billionaire anylonger? My heart bleeds. He also proposed to sell his family's 1,500-screen theater chain in an effort to restructure his large debt load. But i like your idea selling his used dvds. Note to Sumner: if you have used dvds you need to sell call me. Im trying to build up my collection. Personally i preffer to sell to mx123.com. You certainly do better there than Gamestop.
Read more at: http://www.huffingtonpost.com/2008/11/25/sumner-redstone-may-sell_n_146260.html

October 22 2009 at 12:53 PM Report abuse rate up rate down Reply
charles melrose III

Check facts much? He'll maintain ownership of 75% of the voting stock of each company, so nothing significant changes there. And he has to pay this month $500 million, not $500,000, which he could pay out of petty cash.

October 15 2009 at 9:56 AM Report abuse rate up rate down Reply
1 reply to charles melrose III's comment
MJL

No, he doesn't. The same can be said for his grammar:

"...selling nearly $1 billion shares of CBS and Viacom..."

One billion dollar shares? Don't you mean "nearly $1 billion worth of shares?"

October 15 2009 at 11:22 AM Report abuse rate up rate down Reply

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