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, 2009 |
Media conglomerate Viacom Inc. said its first-quarter profit fell 34%, hurt by falling ad and entertainment revenue. But there are signs things may be easing. Chief Executive Philippe Dauman during a conference call pointed to signs of an advertising turnaround, a crucial factor for the company's cable properties. "We are not seeing any further deterioration," he said. "Over the past few weeks we have seen the advertising market stabilize." The New York company, which is controlled by Sumner Redstone and includes the Paramount movie studio as well as cable networks MTV and Comedy Central, said it earned $177 million, or 29 cents a share, down from $270 million, or 42 cents, last year.
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 30, 2007 |
Thirteen years ago, when Sumner Redstone was busy building Viacom Inc. into a media powerhouse and needed a helping hand to run the family's theater chain, he turned to his daughter, Shari Redstone, who was home raising her three children. When theater circuits began going belly up in the late 1990s, it was Shari who kept National Amusements Inc. on track. She expanded the company globally, taking National into Russia and Latin America.
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.