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.
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.
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.
October 22, 2008 |
Media magnate Sumner Redstone has filed for divorce from his wife of five years, Paula Fortunato, citing irreconcilable differences. The split comes as the 85-year-old chairman of Viacom Inc. and CBS Corp. faces financial difficulties. His family-owned holding company, National Amusements Inc., is scrambling to restructure $1.6 billion in debt after it violated the covenants of its bank agreements.
December 22, 2009 |
Sumner Redstone's family-owned movie theater circuit, National Amusements Inc., has closed a deal to unload 29 of the 35 non-core cinema assets it is selling to Texas-based Rave Cinemas. Financial terms weren't disclosed. A transaction for the remaining six -- which includes the Bridge Cinema de Lux multiplex in Los Angeles -- is expected to be finalized in the next couple of weeks. Redstone will use the proceeds of the sale to help pay off National Amusements' outstanding debt.
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.
June 7, 2011 |
Shari Redstone and her partners have sold the Russian theater circuit Rising Star Media to Cinema Park, Russia's largest cinema chain. Redstone, daughter of media mogul and Viacom Inc. and CBS Corp. Chairman Sumner Redstone, announced Monday that she and her partners, Paul Heth and investment banker Charlie Ryan of UFG Private Equity of Russia, sold the 75-theater chain last week to Cinema Park. Financial terms were not disclosed. However, people close to the deal said the theater chain was sold for about $200 million.
February 27, 1987 |
Locked in an escalating bidding war, a management-led group seeking to buy Viacom International sweetened its offer again Thursday for the cable, broadcast and TV programming concern. Separately, Viacom reported that its income for the fourth quarter plunged 92%, to $700,000 on revenue of $246 million. For the full year, the company said it recorded a loss of $9.9 million on revenue of $919 million.
October 5, 1990 |
A movie theater bowed to pressure from town officials and canceled the showing of "Henry and June," the first film rated NC-17, the designation that replaced the X rating. Showcase Cinema was to have started screening "Henry and June" today. The film based on the diaries of Anais Nin chronicles her affairs with writer Henry Miller and his wife. "They can call it whatever they want to call it," Anthony Taurasi, chairman of the town's board of selectmen, said Thursday.