Redstone sells stake in Viacom, CBS to meet loan terms

The credit crunch is hitting the pockets of all Americans, even billionaire Sumner Redstone. The media mogul, who controls Viacom and CBS Corp., is selling about one-fifth of his stake in the two media companies to meet loan terms at his privately held holding company, National Amusements Inc. The divestment of nonvoting stock amounted to a sale of about $400 million. Bloomberg says, "Redstone is facing pressure from lenders to meet loan requirements during a period when credit markets have frozen." - Gerald Magpily

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