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SEC Reports: CEO of Viacom (CBS) dumps nearly $12 million in Stock
PreciseTruth blog ^ | 9/19/04 | self

Posted on 09/19/2004 9:59:45 AM PDT by Steven W.

At the height of Rathergate, it appears Sumner Redstone, Chairman and CEO of Viacom Corporation, has issued his first verdict on the collapse of credibility for its CBS News operation and 60 Minutes programming. In disclosure mandated by the SEC, "STATEMENT OF CHANGES OF BENEFICIAL OWNERSHIP OF SECURITIES", Redstone reveals his transaction promptly followed the disasterous & defiant appearance by Dan Rather on last Monday evening's edition of the CBS Evening News. In official filing, and with Viacom currently selling near 5 year lows, records reveal Redstone sold 341,500 shares of Viacom stock options for an otherwise undisclosed 401K account on Tuesday of last week, September 14, 2004. Overall, with shares still selling for $11,952,500 at only $35 a share, his gross profit from the transaction appears to have yielded around $6,744,625 in cash.


TOPICS: Business/Economy; Constitution/Conservatism; Crime/Corruption; Culture/Society; Government; News/Current Events; Politics/Elections
KEYWORDS: cbs; cbsnews; forgery; goingdown; killian; rather; rathergate; redstone; sec; stocks; viacom
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To: Howlin

http://www.sec.gov/Archives/edgar/data/813828/000081382804000150/xslF345X02/red370.xml

Here is a list of some analysts that follow Viacom, as well as Viacom Investor Relation contacts. E-mail them with concerns you have about the liberal bias of Dan Rather and Mary Mapes adversely affecting CBS ratings. Also ask them why Redstone is dumping part of his investment by exercising options on 9-14.

The analysts will usually forecast Viacom’s prospects and its attractiveness as an investment. If CBS market share significantly declines, then its prospects are not good.

Be nice. These people are on the outside of Viacom and they do have some influence.

Analysts that follow Viacom
Jessica Reif Cohen - Jessica_Reif@ml.com
Katherine Styponias - katherine_styponias@prusec.com
Spencer Wang - spencer.wang@jpmorgan.com
Henry Ellenbogen - henry_ellenbogen@troweprice.com
Stacey Widlitz - swidlitz@fulcrumgp.com
John Hill - john.hill@schwab.com

Viacom Investor Relations Contacts
Carl D. Folta - carl.folta@viacom.com
Susan Duffy - susan.duffy@viacom.com
Martin Shea - marty.shea@viacom.com
James Bombassei - james.bombassei@viacom.com


101 posted on 09/19/2004 3:14:07 PM PDT by woodb01 (Take out the 'dnC'BS "news" trash... Make dnCBS EXTINCT)
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To: Lady Jag
LOLOL! :^D

102 posted on 09/19/2004 3:26:21 PM PDT by MeekOneGOP (There is only one GOOD 'RAT: one that has been voted OUT of POWER !! Straight ticket GOP!)
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To: woodb01
Someone break out the hot dogs and marshmallows... this media BBQ is going to be burning for a LONG time.

cbs news lies sumner stock options

What did Sumner know and when did he know it? HOW corrupt is TV News?

cbs news lies sumner stock options book cbs news lies sumner stock options magazine

Buy these while they're HOT!

cbs lies

The CBS LIES Store
103 posted on 09/19/2004 3:46:06 PM PDT by rantblogger (Rantblogger can be seen http://la4israel.org/wordpress)
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To: Steven W.

That's it. He didn't have to sell when he did; he knew how it would look and he did it anyway. He did it out of fear.


104 posted on 09/19/2004 4:07:22 PM PDT by stands2reason (Limousine Liberal--a man who has his cake, eats his cake, and complains that other people have cake.)
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To: Grampa Dave

Thanks for your cogent insights, and for keeping the thread going strong.


105 posted on 09/19/2004 5:15:00 PM PDT by Liz
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To: MeekOneGOP; Grampa Dave
They tried to match but they're too damn ugly and I lost my lunch and couldn't finish.


106 posted on 09/19/2004 5:18:10 PM PDT by Lady Jag (Googolplex Star Thinker of the Seventh Galaxy of Light and Ingenuity)
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To: Steven W.
disasterous & defiant appearance

disastrous
107 posted on 09/19/2004 5:19:00 PM PDT by aruanan
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To: rantblogger

Redstone did not sell 1/3 of his stock. He's probably still got an investment of over 40 BILLION in just the voting stock. $12 Million to him is pocket change - really!


108 posted on 09/19/2004 5:20:13 PM PDT by DmBarch
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To: Steven W.

Bumped and bookmarked. This could get VERY interesting after the election.


109 posted on 09/19/2004 5:22:42 PM PDT by asgardshill (By direct order, I LOVE ALAN KEYES!)
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To: Steven W.

If I had Viacom I would dump it, too.
That's one stock that doesn't seem to have much of a future.

It will be interesting to see who scoops up a bunch of Viacom in the days before they finally get rid of Rather.


110 posted on 09/19/2004 5:23:33 PM PDT by Lancey Howard
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To: Steven W.

BTTT


111 posted on 09/19/2004 5:34:05 PM PDT by Fiddlstix (This Tagline for sale. (Presented by TagLines R US))
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To: Steven W.
Actions speak louder than words :)


Hmmm, WHY is Marthe Steward heading for the slammer???
112 posted on 09/19/2004 5:37:26 PM PDT by danamco
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To: Southack
Saj, is Sumner just writing covered calls in this article when they say that he is "selling stock options" or is it that he dumped options that he'd purchased earlier?

Nah, he had just put in his stop lose when "Buckhead" hit the nail!!!
113 posted on 09/19/2004 5:40:42 PM PDT by danamco
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To: Lady Jag
LOL!

114 posted on 09/19/2004 7:43:15 PM PDT by MeekOneGOP (There is only one GOOD 'RAT: one that has been voted OUT of POWER !! Straight ticket GOP!)
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To: Steven W.

. .rats leaving a sinking ship!
we need a graphic of that


115 posted on 09/19/2004 7:48:34 PM PDT by captmar-vell
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To: Steven W.

What did Sumner know, and when did he know it bump?
Did he know this was coming on the day he unloaded his stock? Is that why the statement was delayed and perhaps changed from the original leak of admitting they were forgeries? Just asking bump.


116 posted on 09/20/2004 9:38:02 AM PDT by mabelkitty (Watch for a CBS employee in a trench coat going by DeepWord.....)
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To: mabelkitty; All
Has this story been reported anywhere else?

I am admitted ignoramus when it comes to stocks, but unless this can be explained as something Mr. Redstone regularly does, the seriousness of the action seems to be reason enough to investigate Mr. Redstone. He, after all, is the one that could decree which day Mr. Rather and Ms. Mapes will leave, stay, or give 'em up for indictment.

Is this worth notifing Neal Cavuto?

117 posted on 09/22/2004 12:51:08 PM PDT by uvular (Release your uncensored military, senatorial, and medical records, Mr. Kerry)
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To: Howlin

Nah, Howlin, ya gotta treat your jaw better than that [g]. It was a tiny fraction of Redstone's holdings in Viacom. It may have been a programmed sale -- one set up in advance to occur according to stock price. Do we know that Redstone was informed about CBS's planned story? He wouldn't necessarily have been. And if he had, and was worried about the effect on stock price, why didn't he spike the damn story? Did danrather threaten to quit?

These superrich guys should and often do strive to diversify their holdings for estate reasons.


118 posted on 09/26/2004 1:41:37 PM PDT by Lee Shore
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