Posted on 10/11/2008 7:55:54 AM PDT by TigerLikesRooster
SUMNER TAKES A FALL
By PETER LAURIA
October 11, 2008 --
Sumner Redstone had his own Black Friday yesterday.
All three of the companies Redstone controls - National Amusements Inc., CBS, and Viacom - took hits as a result of the credit crunch.
The most ominous move - and one that raised concerns that Redstone might be experiencing liquidity issues - came from movie theater operator National Amusements, which is being forced to sell $400 million of stock in Viacom and CBS to meet debt-covenant agreements.
The sale will reduce Redstone's combined stakes in Viacom and CBS by 20 percent based on the roughly $2 billion valuation of his stock holdings in both companies prior to yesterday's close.
According to a source familiar with the matter, the stock sale will reduce National Amusements' debt to $1.2 billion from $1.6 billion.
The bad news coming out of National Amusements yesterday was compounded by downwardly revised 2008 financial guidance from Viacom and CBS, which sent the stocks of both companies into a tailspin.
Citing weak economic conditions, Viacom said it expects diluted earnings-per-share growth in the range of mid single- to low double-digits for the full year. The company had previously forecast no less than low double-digit growth on a earnings-per-share basis through 2010.
(Excerpt) Read more at nypost.com ...
Ping!
cool bump!
If the Dems think we’ll let them bail out the liberal media, then they have another thing coming.
Waaah! Waaah! Waaah!
Shows how stupid the MSM owners are —They think the stupid liberal policies and candidates that they push isn’t going to affect them
Let him and his empire fall, especially CBS and MTV.
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It affects their look, too.
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Well, at least he didn’t go the plastic surgery route.
He looks about right for an 85-year old guy.
And at least applied his brainpower in the US Army during WWII
decoding Japanese communication.
http://en.wikipedia.org/wiki/Sumner_Redstone
Awww, too bad. I still suspect he’s got more ratholed away than the average working stiff will earn in ten lifetimes:
Maybe he’ll sell CBS dirt cheap to Fox. :)
Rush has been doing well, but I don’t think he has the deep pockets to buy CBS. Maybe the USG will float him a low priced loan given our dire financial straights. (s.)
I feel sorry for the poor billionaire. Better put some ice on it.
here’s a good post for your media deathwatch list
85
Maybe Tom Cruise will bail him out.
Bad news for Redstone is good news for America.
Bad news for Redstone is good news for America.
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Is he that old? I thought he is in 60’s.
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About the only reason I even had a guess about his age is that maybe
a decade ago, I heard a profile on him on TV. And remembered it was
mentioned that he had served in WWII.
Which means, even if he was a sixteen year old genius that got
an exemption (or lied about his age) to get into the US Military
in 1945 (last year of the war), he’d be at least 79 years old.
e.g.,
2008-1945 = 63 years
plus if he was only 16... 63 + 16 = 79 years old minimum.
I also marveled when I saw the Redstone profile on TV that a guy
his age has influence/control on something like MTV.
(I’m not praising Redstone...just noting his power in the media)
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