Redstone to possibly sell NA
Faced with mounting debts, Sumner Redstone might be forced to choose one of his companies to sell. It could end up being National Amusements.
To the list of bizarre recent events such as taxpayers owning a chunk of Citigroup, and Lehman Bros., Bear Stearns and Merrill Lynch all biting the dust can be added the prospect of Sumner Redstone selling National Amusements holdings.
Privately held National is essentially the holding company for Redstone’s stakes in both CBS and Viacom as well as the theater chain run by daughter Shari Redstone.
Nothing is official, but a divestment of theaters is on the table as the mogul wrangles over how best to address the looming debt payments of about $800 million. Redstone has repeatedly vowed not to sell “one single share” of either company and to hold onto the 1,500-screen exhib circuit, the original building block of his empire.
Read the full story in Variety.