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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Its bad when you have to sell your stock at half price to meet your debt obligations!