Sumner Redstone’s National Amusements is selling CBS (CBS) and Viacom (VIA) shares to pay off its creditors.
The CBS sale will bring in $345 million and the Viacom sale will bring in $600 million.
During the great bull run of the last seven months, Viacom’s stock doubled while CBS’s has tripled, saving Redstone from having to sell National Amusements’ theatre chain to pay down his debt.
With this stock sale, he’ll be able to pay of his creditors in full and still maintain a controlling interest in CBS and Viacom.
Following the announcement of the sale, CBS reiterated its outlook with full year 2009 OIBDA in the range of $1.725 to $1.925 billion