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Entries tagged "Sumner Redstone"Viacom third-quarter earnings previewViacom is expected to announce earnings of 56 cents a share on Tuesday. Vin Diesel makes cameo in Midway Ch. 11As though bankrupt Midway Games didn't have enough problems, 'Fast & Furious' actor Vin Diesel is ticked off at the video game publisher. Redstone likes life at CBS, ViacomTo the chagrin of some shareholders, CBS and Viacom chairman Sumner Redstone has no plans of stepping down anytime soon. National's auction no fun for RedstoneThe company's 1,500 movie theaters are reportedly receiving interest, but garnering the reported $1 billion price tag Sumner Redstone wants may be difficult to get in this economy. Redstone may have found way to keep Viacom, CBSThe 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.... Redstone having a tough time digging out of credit holeMedia titan Sumner Redstone's credit has been maxed out, and he's scrounging for a way out. Redstone already sold his 80% stake in Midway Games Inc. for $100,000, also translating into an estimated $800 million in tax losses on the investment in the video game publisher. Meanwhile, it looks like things are going from bad to worse for Redstone as The Wall Street Journal reported Tuesday that his holding company, National Amusement Inc., will likely not reach a settlement to restructure its $800 million in debt before the end of the year when it's due. Overall, National Amusement owes... Redstone's NAI may have to sell more assetsPali Capital Inc. analyst Rich Greenfield suggests in a Wednesday blog post that National Amusements Inc. is preparing to embark on another anticipated sale of either shares in other companies or of theaters. ... Redstone quits Midway to focus on Nat'l Amusements debt dilemmaLooks like Shari Redstone is running off to help her dad, Sumner, at the expense of Midway Games Inc. Shari Redstone resigned Friday as chairman of Midway to help her father run family-owned National Amusements Inc. and restructure its massive $1.6 billion in debt. And the clock is quickly ticking for the Redstones to deal with the company, as the Los Angeles Times reports that National Amusements is obligated to make an $800 million payment by Dec. 19. ... Redstone assures investors he supports CBS, ViacomMedia 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. ... Redstone unloading CBS or Viacom doesn't add upAll 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.... Redstone sells stake in Viacom, CBS to meet loan termsThe 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 ... Analyst: Redstone should take Viacom privateWith Viacom Inc.'s stock languishing at roughly the same price it fetched two years ago, Richard Greenfield of Pali Capital Inc. urged in a Wednesday note that Sumner Redstone "put investors out of their misery" by taking the media house private.... Top tagsYou have executed a tag search on Dealscape. On the left,you will find a comprehensive list of stories tagged "Sumner Redstone." Below are the most-popular tags for Dealscape. On the right of the page you will find a search box to dig deeper into our content.
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