
It is, perhaps, fitting that Viacom and CBS chief Sumner Redstone's holding company is called National Amusements, because this economic crisis surely is a national freakin' amusement. Redstone's company, of course, is named after the chain of 1,500 movie theatres his family owns, and which also holds controlling stakes in both media giants. And it was that stake that he was forced to sell off on Friday. Four hundred million dollars worth of stock (of the nonvoting variety), in fact, to pay down debt that is suddenly due in an era when refinancing loans, even for the wealthiest among us, is harder than getting a ticket to space. [LAT]
There are no comments yet. Post yours!