October 15, 2009 |
A year after it looked like Sumner Redstone's media empire might collapse under a mountain of debt, the 86-year-old mogul found a way to keep his grip on Viacom Inc., CBS Corp. and other prized assets. On Wednesday, Redstone's privately held National Amusements Inc., the controlling shareholder of Viacom and CBS, said it would sell nearly $1 billion in stock in those companies to help retire $1.46 billion in debt. Redstone plans to sell all of his nonvoting shares in the two entertainment giants -- which could yield as much as $600 million from Viacom and as much as $345 million from CBS. The proceeds would allow Redstone to more than cover a $500-million debt payment due this month.
December 17, 2008 |
Hines Horticulture Inc., an Irvine operator of commercial nurseries, won Bankruptcy Court approval to sell nearly all its assets to a unit of Black Diamond Capital Management. Black Diamond offered about $58 million in cash and an agreement to take on as much as $45.9 million in liabilities, court documents said.
November 27, 2008 |
Media mogul Sumner Redstone has proposed selling part of his family holding company's movie theater circuit to pare down its debt, according to people close to the situation. A restructuring plan submitted to bankers this week by Redstone's private holding company, National Amusements Inc., also proposed shedding stakes in the video game company Midway Games Inc. and slot machine maker WMS Industries Inc.
November 14, 2008 |
Lehman Brothers Holdings Inc. said it planned to sell about $8 million of artworks warehoused in New York and Paris to help pay creditors. Lehman, which filed the biggest U.S. bankruptcy Sept. 15 with liabilities of $613 billion, said in a court filing it had a "desire to monetize the art collection through sales, for the benefit of" creditors. It asked the court to allow it to pay $20,000 in overdue bills to art-handlers who would move artworks to and from the warehouses and display them to prospective purchasers.
June 10, 2008 |
Negotiations between Tribune Co. and an Illinois state agency that wants to buy Wrigley Field have again broken down over how to finance the deal, officials from both sides said Monday. The problem is devising a transaction that would not involve taxpayer money and thus could gain approval from city and state officials, said former Gov. Jim Thompson, executive director of the Illinois Sports Facilities Authority. Outside experts believe that a package that includes Wrigley Field, the second-oldest park in the major leagues, together with the Chicago Cubs could fetch as much as $1 billion for the cash-crunched media conglomerate, parent of the Los Angeles Times.
May 13, 2008
Dish Network Corp., the second- largest U.S. satellite-television company, said first-quarter profit rose 65% after the January spinoff of its equipment business. Net income increased to $258.6 million, or 57 cents a share, from $157.1 million, or 35 cents, a year earlier, the Englewood, Colo.-based company said. Sales rose 75% to $2.84 billion. Shares of Dish Network gained 6 cents to $30.45.