Sumner Redstone, the infamous mogul who controls two of the world’s best-known media companies Viacom and CBS, was forced to sell significant stock in both those companies last year to pay down debt at National Amusements.,
But now, in an interview with CNBC, he is crowing about his rebounding assets.
Last October, Redstone’s family-controlled firm sold nearly $1 billion in stock total in CBS Corp. and Viacom Inc. to help pay off $1.46 billion in debt at National Amusements.
“NAI will be in a position to pay off all of its existing creditors in full,” the company said in a statement. But Redstone maintained controlling stakes in the companies.
“People thought we were going to have to sell CBS,” Redstone said during a CNBC interview this morning with David Farber. He said the debt was very “manageable” at National Amusements. But then the markets collapsed.
There’s going to be some “modest institutional debt” at National Amusements, he said, but that will be “minuscule” compared to the company’s assets, which will be worth $3 billion. The NAI drama “ended on a triumphant note,” he said.
“We’ll never sell another share again,” Redstone said on CNBC. “Those who think I’ll sell CBS, they don’t know what they’re talking about.”
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