Entries tagged "National Amusements"
The objective for media mogul Sumner Redstone is to hold on to his controlling stakes in both Viacom Corp. and CBS Corp. And now, according to the Financial Times, which cites people familiar with the situation, Redstone may have found a way to that with a reported agreement to sell part of National Amusements Inc.'s 1,500 movie theaters. The move would generate the funds needed to make a payment for the $800 million National Amusements owes, avoiding more divestments of Redstone's stake in CBS and Viacom....
Media mogul Sumner Redstone tried Thursday to assuage concerns about the "extraordinary circumstances" and "clearly atypical" actions taken by his privately held theater chain National Amusements Inc. ...
All this hot air that Sumner Redstone may have to give up control of CBS Corp. or Viacom Inc. to satisfy debt covenants overlooks a couple of cold facts. The first fact is that National Amusements Inc., the Redstone-controlled company confronting an $800 million maturity at the end of this year, could sell the rest of its nonvoting shares of CBS and Viacom for more than $500 million. Add this to the $233 million in CBS and Viacom shares that privately held NAI has already sold, and total proceeds would be pushing $750 million....
