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Article: National Amusements to sell shares of Viacom, CBS
- Article from:
- AP Worldstream
- Article date:
- October 14, 2009
- Author:
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Media mogul Sumner Redstone's holding company, National Amusements Inc., said Wednesday it is selling a portion of its stake in CBS Corp. and Viacom Inc. to pay off its debts.
The move appears to alleviate concerns that National Amusements could lose control of the companies or run into trouble with its creditors, allowing it to meet a $500 million debt payment coming up later this month.
With the stock sale, the company plans to retain controlling interests in both CBS and Viacom while paying off its own borrowings in full. It said it will still have 75 percent voting control in each company and does not plan to reduce its stake any further.
Dedham, ...