Redstone Sells Off CBS, Viacom Stock
October 15, 2009 at 4:07 AM (PT)
NATIONAL AMUSEMENTS INC., SUMNER REDSTONE's privately held firm has reduced its stake - but has retained voting control - in CBS CORP. and VIACOM INC. in order to pay off the company's creditors, reports THE WALL STREET JOURNAL. REDSTONE's company will pay off all of its existing creditors in full from the stock sale, which is expected to net $600 million..
THE JOURNAL writes REDSTONE's firm "doesn't plan to cut further its ownership stake in CBS and VIACOM, and that the company will still hold more than 75% of the voting control in each company after the offerings."
VIACOM has more than doubled their Class B stock since a MARCH low, but remains more than a third lower from the start of 2008.
CBS shares fell 2.6% to $11.83, in pre-market trading, while VIACOM shares were untraded and closed TUESDAY at $28.70.
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