Sumner Redstone Dumps $400 Million in Stock While It Still Has Value
Think local, amuse national
 

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]

Comments (0)

There are no comments yet. Post yours!

Leave a Comment

It's easier to leave comments when you register for an account. It's quick.

Already have an account? Then log in!

NEW: You can add images to your comment by clicking here and entering the URL of the picture.

 
Scroll Posts
Jossip Home | Advertise | Copyright 2009 Jossip Initiatives