National Amusements tied up in family disagreement
The Redstones are clashing over a debt renegotiation plan that could hold up future plans for National Amusements.
During a recent meeting of a special committee at National Amusements, the Redstones' movie theater company, which also controls Viacom and CBS, Ms. Redstone’s vote was the only one against the plan, according to people familiar with National Amusements' board deliberations. These people spoke anonymously because such proceedings are meant to be kept secret.
The continuing discord between the two represents another obstacle to an orderly debt renegotiation that would allow Mr. Redstone to maintain his grip on Viacom and CBS. The latest episode has made him a public example of what many industry titans are facing these days: declining personal wealth. Mr. Redstone’s net worth was once estimated by Forbes at more than $8 billion, but today it is questionable as to whether he is worth even $1 billion.
Read more in the New York Times.