Sumner Redstone selling his share of CBS, Viacom
Posted Oct 15th 2009 9:33AM by Danny Gallagher
Filed under: Industry, Reality-Free
One of television's oldest and most powerful names is about to get a little less powerful.
Media mogul
Sumner Redstone is selling nearly $1 billion shares of CBS and Viacom to pay off a big portion of his debt to preserve his media empire. He owes nearly $1.46 billion and has to pay at least $500,000 of it by the end of October. Maybe he's got some used DVDs he can sell at his local Gamestop.
Of course, he'll still maintaining "controlling interest" in both companies but it won't feel the same. Now, no one will have enough power to make media bigheads like Stephen Colbert (literally) dance.
Tags: cbs, hokey pokey, HokeyPokey, inc., stephen colbert, stephen colbert videos, StephenColbert, StephenColbertVideos, sumner, sumner redstone, sumner-redstone, SumnerRedstone, the colbert report, TheColbertReport, viacom
Please keep your comments relevant to this blog entry. Email addresses are never displayed, but they are required to confirm your comments.
When you enter your name and email address, you'll be sent a link to confirm your comment, and a password. To leave another comment, just use that password.
To create a live link, simply type the URL (including http://) or email address and we will make it a live link for you. You can put up to 3 URLs in your comments. Line breaks and paragraphs are automatically converted — no need to use <p> or <br> tags.
The TV Squad Podcast: The Prisoner, '80s TV, soap news and more
Let's talk about spoilers ...
The Prisoner -- An early look
Reader Comments (Page 1 of 1)
10-15-2009 @ 9:56AM
charles melrose III said...
Check facts much? He'll maintain ownership of 75% of the voting stock of each company, so nothing significant changes there. And he has to pay this month $500 million, not $500,000, which he could pay out of petty cash.
Reply
10-15-2009 @ 11:23AM
MJL said...
No, he doesn't. The same can be said for his grammar:
"...selling nearly $1 billion shares of CBS and Viacom..."
One billion dollar shares? Don't you mean "nearly $1 billion worth of shares?"
10-22-2009 @ 1:19PM
wrobins said...
Sumner possibilly not a billionaire anylonger? My heart bleeds. He also proposed to sell his family's 1,500-screen theater chain in an effort to restructure his large debt load. But i like your idea selling his used dvds. Note to Sumner: if you have used dvds you need to sell call me. Im trying to build up my collection. Personally i preffer to sell to mx123.com. You certainly do better there than Gamestop.
Read more at: http://www.huffingtonpost.com/2008/11/25/sumner-redstone-may-sell_n_146260.html
Reply