Posted on 10/20/2008 1:02:31 PM PDT by abb
NEW YORK -- October 20, 2008: Sumner Redstone, who serves as Exec. Chairman for both Viacom and CBS and is a controlling shareholder in both companies, may be forced to sell one or the other to handle a cash crunch at his own National Amusements Inc., the New York Post reported over the weekend.
The paper cited "sources close to Redstone and Viacom" who said the situation is "so dire that selling CBS or Viacom ... is now a real possibility." Last week National Amusements said it was in talks to renegotiate $1.6 billion in debt. CBS and Viacom shares were used as collateral for the loans to expand National Amusements; with the falloff in the shares' value, the banks want more cash behind the loans.
Another source told the Post that the situation is serious enough that selling off just some segments of CBS or Viacom wouldn't be enough to solve the problem.
ping
Wow! The news division alone must be worth tens of dollars!
http://www.cnbc.com/id/15840232?play=1&video=896763003&__source=yahoo|headline|quote|video|&par=yahoo
Sumner’s Credit Crunch
Sumner Redstone has been hit hard by the credit crunch, with CNBC’s Julia Boorstin
http://www.crainsnewyork.com/apps/pbcs.dll/article?AID=/20081020/FREE/810209984/1084/information
Analyst downgrades Viacom shares
Citing advertising losses unfavorable currency exchange factors, a Barrington Research analyst downgraded Viacom Inc. and lowered his earnings forecast.
http://www.radaronline.com/exclusives/2008/10/sumner-redstones-nogood-very-bad-few-weeks.php
Sumner Redstone’s No-Good, Very Bad Few Weeks
http://www.freemarketnews.com/WorldNews.asp?nid=59689
Sumner Redfaced
TV Guide went for a dollar. CBS should bring at least two.
Who's with me?!?!?!?!?
what a dumb ass....movie theatres or CBS? hmms.
Ok, now Rush, Hannity, Ingraham, Beck et al. need to pool their resources and buy CBS. That way there will be “fairness” and objectivity. If they don’t then they should not be able to b!tch about media being so liberal and unbalanced. Opportunity knocks but once.
Count me in!
Put me in for fiddy cents...
I wonder how Rather feels about collecting the 70 million.
I don’t know why RUSH can’t get together with a few of his NFL owner-buddies, and buy Viacom. Put some dough for ‘downpayment’ and raise the rest of the cash with new company stock. (and fire all the lib asses in CBS). I guarantee you the STOCK PRICE WOULD SOAR!
CBS/VIACOM FIRE SALE!!! AS IS!!!
Bidding will start on EBAY at $5.
They need to have a fire sale. Buy it up and fire everybody.........
http://www.businesssheet.com/2008/10/is-sumner-redstone-really-thinking-about-selling-viacom-or-cbs-
Redstone Selling Viacom or CBS?
http://www.wan-press.org/article17905.html
The ‘Secret Weapon’ of Newspapers in the Digital Age? Paper!
http://adage.com/mediaworks/article?article_id=131849
Sale of TV Guide for $1 Is a Shock but Not a Surprise
If I could buy SeeBS, I would throw every single person in the news division out before the ink was dry!
Viacom selling? maybe neopets will be fun to play again! :o
http://www.editorandpublisher.com/eandp/news/article_display.jsp?vnu_content_id=1003875804
‘Dayton Daily News’ to Make Newsroom Cuts
http://www.editorandpublisher.com/eandp/news/article_display.jsp?vnu_content_id=1003875684
Will Scripps Follow Tribune In Dropping AP?
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