Redstone to Sell $400 Mil of Viacom, CBS Stake

Oct 10, 2008  •  Post A Comment

Sumner Redstone will sell $400 million of his National Amusement Inc. non-voting stock in Viacom and CBS in order to lower the company’s debts and adhere to credit agreement covenants, Reuters reports. The announcement was made shortly after Viacom said it expects lower earnings growth than originally predicted earlier in the year, according to TelevisionWeek. The sale accounts for an estimated 20% of Redstone’s stake in Viacom and CBS, Reuters says.
—Sergio Ibarra

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