Redstone Delayed CBS Dividend Cut, Report Says

Mar 4, 2009  •  Post A Comment

CBS Corp. executive chairman Sumner Redstone is accused of trying to delay the company’s dividend cut for the sake of his own personal financial interests, Crain’s New York Business reports, citing an analyst with Pali Research. After CBS Corp. slashed its dividend by 80% and stock prices fell, the company was upgraded to neutral, Crain’s New York said. However, Redstone “resisted other board members’ desire to cut the CBS dividend for a substantial period of time … in favor of his own personal financial needs,” Pali Research’s Richard Greenfield wrote in a report, according to the trade publication.
—Sergio Ibarra

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