Viacom and CBS majority shareholder Sumner Redstone remains in debt trouble and his net worth may be down from $8 billion to below $1 billion.
Sumner’s plan to get out of it is to sell many of the movie theatres his holding company National Amusements owns. Problem is, Sumner’s daughter, Shari Redstone, has run the the movie theatre business for National Amusements since 1999 and she doesn’t want Dad selling any of her theatres to save his arse — especially since she’s been trying to buy the theatres from him for quite some time.
The New York Times reports that “During a recent meeting of a special committee at National Amusements, the Redstones’ movie theatre company, which also controls Viacom and CBS, Ms. Redstone’s vote was the only one against the plan.”
That means Sumner could have to sell yet more of his Viacom and CBS stock, something he pledged not to do after selling $200 million worth in October.
Sumner has some leverage over his daughter, though. A couple years back he arranged it so that if Shari is on the Viacom and CBS boards when he dies, she’ll automatically become chairwoman. As both companies’ majority shareholder, Sumner is threatening to remove Shari from those boards if she doesn’t cooperate.
Hope the London Broil is tasty on Christmas, Redstone clan!