Report Examines Sumner Redstone's Recent Sale Of Hundreds Of Millions In CBS, Viacom Stock
May 28, 2014 at 4:27 AM (PT)
THE WALL STREET JOURNAL is reporting that SUMNER REDSTONE has been selling off significant portions of stock in CBS CORP. and VIACOM.
REDSTONE, who turned 91 on TUESDAY, has sold hundreds of millions of dollars in stock in the past few weeks, cashing out over $300 million thus far this year. His total holdings in the two companies are worth about $6 million and also receives over $10 million in salary and bonuses each year from each company, plus dividends.
The moves by the companies' Executive Chairman appear to be connected with estate issues and donations to several entities, including HARVARD LAW SCHOOL, BOSTON UNIVERSITY SCHOOL OF LAW, and GEORGE WASHINGTON UNIVERSITY. He has vowed in the past not to sell the companies, although speculation has centered around a sale to address estate tax issues.