Redstone sees substantial interest in theaters

posted by Michael Zoldessy on August 4, 2009 at 10:39 am

Sumner Redstone claims getting rid or National Amusements may be easier than many thought.

“We are extremely pleased with the progress we are making,” Redstone, 86, said today on a conference call to discuss New York-based Viacom’s second-quarter earnings.

National Amusements has been seeking a buyer for part of its 1,500-screen theater chain since reaching agreements in February to extend the maturity of $1.46 billion in debt, which is secured on assets including CBS and Viacom shares. A sale would help Redstone meet payments due this year and in 2010, and may avoid further sales of Viacom and CBS shares.

Read the full story at Bloomberg.

Comments (2)

Taxi
Taxi on August 4, 2009 at 11:32 am

I hope they keep their Hartford Area theaters. The theaters here that are not Showcase are poorly managed and not safe. The AMC and Regal theaters I’ve been to are hit and miss, but the BoeTie theaters are the worst.

tom

markp
markp on August 12, 2009 at 9:30 am

The once mighty Redstone empire will soon be history.

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