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.
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.
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.
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 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.
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.
June 9, 2005 |
Regal Entertainment Group, the nation's largest movie theater chain, has agreed to alter nearly 1,000 stadium-style auditoriums so that people in wheelchairs have better views, the Justice Department announced Wednesday. In addition, all new Regal theaters will be designed with wheelchair seating in the middle or farther back.