The Deal
Sunday, November 8, 
3:27 pm

Redstone sells stake in Viacom, CBS to meet loan terms

  Share     E-Mail    Discussion (3)     Print Story

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

Continue reading below

Also on Dealscape





Comments

From: Robert Barr,

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


From: Honest Bob,

Its bad when you take on too much debt, because of too much greed.


From: VT Free,

Changing of the guards.


Post a comment





The Deal Pipeline

Deal Video


Inside The Deal: Linklaters' Schmidt says how regulators handled Pfizer Inc.'s acquisition of Wyeth is an outlier of how others merger reviews will be conducted.


More video...

Crisis On Wall Street
Technology
Deals of The Decade

Community

Industry Insight

Dealing with frozen bank lending

If your bank is not willing to lend, what can you do as your company continues to seek growth?


Judgment Call

The coming age of the renminbi

The Chinese currency will play an increasingly important role in international commerce and finance.


Industry Insight

Banking on PE investments

Howls of protest greeted the FDIC policy statement, but the financial services industry should get over it.


footspacer.jpg footspacer.jpg footspacer.jpg footspacer.jpg footspacer.jpg


©Copyright 2009, The Deal, LLC. All rights reserved. Please send all technical questions, comments or concerns to the Webmaster.