What did Sumner know and when did he know it? HOW corrupt is TV News?
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The CBS LIES Store
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.
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
LOLOL! :^D
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.
Thanks for your cogent insights, and for keeping the thread going strong.
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!
Bumped and bookmarked. This could get VERY interesting after the election.
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.
BTTT
LOL!
. .rats leaving a sinking ship!
we need a graphic of that
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.
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?
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.
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