August 31, 1987
Viacom International Inc., New York, said Friday that the head of its entertainment and broadcast groups is resigning, marking the latest high-level departure since the company was acquired by National Amusements Inc. Paul M. Hughes, who had been president of the Entertainment Group since last October and president of the Broadcast Group since April, 1982, resigned to pursue other opportunities, the company said.
October 15, 2008 |
The bitter feud between billionaire Sumner Redstone and his daughter, Shari, erupted again Tuesday over the murky circumstances surrounding the sale of $233 million in non-voting Viacom Inc. and CBS Corp. shares by the family's privately held National Amusements Inc. Friday, National Amusements disclosed that it needed to raise cash to comply with debt covenants on a $1.6-billion loan. The purpose of the loan is unclear, and the firm has declined to provide an explanation.
July 31, 2009 |
Regal Entertainment Group, the largest U.S. cinema operator, reported a second-quarter profit Thursday that missed analysts' expectations. Shares of Regal, based in Knoxville, Tenn., fell 97 cents, or 7%, to $12.94. The shares have gained 27% this year. Second-quarter profit of 26 cents a share missed the 31-cent average estimate of analysts in a Bloomberg survey.
December 20, 2008 |
Blackstone Group, Shari Redstone's advisor, has expanded its role in recent weeks to assist National Amusements Inc. in restructuring $1.6 billion in debt, four people familiar with the discussions said. National Amusements is negotiating with its bankers to refinance two $800-million loans, one that was due Friday and another that is due next year.
February 13, 2009 |
Seeking to avoid mortal combat with its creditors, Midway Games Inc. filed for Chapter 11 bankruptcy protection Thursday. This probably isn't game over for the Chicago game publisher. Midway would have tipped over years ago if not for Sumner Redstone, whose family owns National Amusements Inc., a holding company that has controlling stakes in Viacom Inc. and CBS Corp. Redstone, who has his own financial troubles, pumped hundreds of millions of dollars into Midway before he was forced to sell it last year, for pennies on the dollar, to an investor named Mark Thomas.
May 1, 2013 |
Viacom Inc. and CBS Corp. Chairman Sumner Redstone may be a billionaire, but according to the U.S. Internal Revenue Service he's also a tax deliquent. Emphasis on the word delinquent. According to a U.S. tax court filing, first obtained by Bloomberg, the IRS says Redstone owes $1.1 million in back taxes, penalties and interest from a series of unreported taxable gifts to his family in 1972. PHOTOS: Hollywood Backlot moments More than four decades later, the IRS wants its money -- saying that Redstone failed to file a return after giving stock in the family's National Amusements Inc. to his son and daughter.
September 20, 1999 |
The wife of media titan Sumner Redstone, chairman and chief executive of Viacom Inc., whose company is in a $37-billion deal to acquire CBS Inc., has filed for divorce and is seeking $3 billion, her attorney said Sunday. Phyllis Redstone, 74, filed in a Boston court for divorce from her 76-year-old husband, according to a Viacom spokesman. They have been married for 52 years.
December 9, 2009 |
Media mogul Sumner Redstone's family movie theater chain National Amusements Inc. has reached an agreement to sell 35 theaters to Dallas-based exhibitor Rave Motion Pictures, people close to the matter confirmed. Details of the deal, which is believed to include Los Angeles' Bridge: Cinema de Lux multiplex, are still being worked out, but the transaction is expected to be finalized in the next two weeks. Redstone would probably use the proceeds from the sale to retire a portion of National's debt, which was an onerous $1.46 billion until he announced plans in mid-October to sell nearly $1 billion in stock in the two media companies he controls, Viacom Inc. and CBS Corp.
December 2, 2009 |
Sumner Redstone has prevailed in his latest family legal squabble, this time with nephew Michael Redstone over a disputed trust in a case that could have cost the media mogul hundreds of millions of dollars. At issue was Michael Redstone's contention that he'd been unfairly deprived of shares in National Amusements Inc., the holding company through which Sumner Redstone owns controlling stakes in CBS Corp. and Viacom Inc. Michael claimed that his late grandfather, Mickey Redstone -- Sumner's father and National Amusements' founder -- had created an oral trust to give him additional shares in the company.
July 29, 2009 |
As if a tough earnings report for Viacom Inc. and the looming debt issues of National Amusements Inc. weren't enough of a headache for Sumner Redstone this week, he's also dealing with the latest legal fight involving his fractious family. Today marks the third and final day of testimony in a lawsuit by the Viacom and CBS Corp. chairman's nephew Michael Redstone against his father, Edward, and uncle Sumner.