Around the Net

Redstone Says Viacom, CBS Won't Sell More Stock

  • CNBC, Tuesday, March 2, 2010 10:44 PM
CBS and Viacom have regained their strength in the marketplace and neither company will be selling any more stock, says Sumner Redstone, Viacom and CBS chairman. Last October, after the stock market collapsed, the company had to sell stock in CBS to pay down $1 billion worth of debt.

In the next few weeks National Amusements, the parent company of CBS and Viacom, will be entirely out of debt to its current creditors, Redstone said. Redstone said he has no plans of retiring any time soon but when he does the trustees, including daughter Shari Redstone, president of National Amusements, will continue to run NA. The board of governors will appoint his successor as chairman.

Read the whole story at CNBC »

Next story loading loading..