Shares in Viacom Inc. and CBS Corp. held by Sumner Redstone and his family have recently risen in value, giving him leverage with his lenders, t
he
Los Angeles Times
reported.
Redstone must make a $500 million debt payment in the next two weeks, the article said.
Redstone’s privately held family holding company, National Amusements Inc., had planned to sell most if not all of its theater circuit to cover the looming debt oayment. But with an improvement in his financial position as well as a loosening of the credit markets, Redstone has decided to hold on to the cinemas — at least for now….
Redstone owns 80% of National Amusements. His daughter, Shari, who runs the chain, holds the remaining 20%. (Source:
Los Angeles Times,
Oct. 14, 2009.)
-
659 reads