CBS Stabilizes After Redstone's Promise
Reuters, Friday, November 14, 2008 9:15 AM
To halt a downward spiral in Viacom and CBS stock yesterday, Sumner Redstone had to make a statement repeating that he has no plans to sell stock in either company. He also said that talks with bankers over a looming debt crunch at his National Amusements were "proceeding in a smooth and constructive manner."
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The promises were made after CBS shares dropped about 15% percent and Viacom shares dropped about 10% Wednesday. Shares of both media companies were up about 3% on Thursday after Redstone issued the statement.
Last month, Redstone's National Amusements sold a total of about $230 million in shares of Viacom and CBS to help meet debt obligations. Investors are concerned about profits in light of the advertising downturn, and are worried that Redstone's recent stock sales will not be his last.
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