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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.
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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