Media mogul Sumner Redstone appears to be sticking with his decision to not sell more shares in Viacom and CBS. Here’s the Financial Times:
Media mogul Sumner Redstone has reached agreement with his daughter, Shari, to put some of National Amusement’s 1,500 cinemas on the block rather than the entire division, as part of debt-restructuring discussions to avoid selling more shares of Viacom and CBS, according to people familiar with the matter.
If lenders agree, the plan would clear the way to sell a part of the US group and 19 theatres in the UK. A prospectus is not expected to be released until early January, one person familiar with the discussions said.
It was not immediately clear how much the proposed partial sale would fetch. The entire chain is valued at $500m to $700m by analysts and at about $1billion by Mr Redstone.
This comes after National Amusements sold its stake in video game company Midway for $100,000 and a big tax writeoff.