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BUSINESS
November 4, 2008 | Meg James, James is a Times staff writer.
Sumner Redstone hinted Monday that he might sell his family's movie theaters to fix his pressing debt problems. In a conference call with analysts, the 85-year old media mogul said his privately held National Amusements Inc., which operates 1,500 theaters, owns "valuable real estate holdings throughout the country." The company must come up with an $800-million debt payment next month as it negotiates with lenders to restructure $1.6 billion in loans. Redstone, during the call for Viacom Inc.'
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NEWS
December 20, 1993 | JONATHAN PETERSON, TIMES STAFF WRITER
As the takeover battle for Paramount Communications Inc. approaches a final deadline, Viacom Inc. on Sunday responded to questions about purchases of its stock that have added controversy to its bid. In a written statement, Viacom Chairman Sumner M. Redstone said purchases of Viacom stock by National Amusements Inc., which he owns, were "totally lawful and appropriate." He also described as "totally inaccurate" assumptions that he controls WMS Industries Inc.
BUSINESS
October 14, 2008 | Meg James, Times Staff Writer
Billionaire Sumner Redstone's National Amusements Inc. said Monday that it had sold $233 million worth of stock in Viacom Inc. and CBS Corp. to raise cash to comply with debt covenants -- $167 million less than the company said three days earlier that it would need.
BUSINESS
February 9, 1988 | AL DELUGACH, Times Staff Writer
Continuing a quiet duel for Orion Pictures' stock, Sumner M. Redstone disclosed Monday in a filing with the Securities and Exchange Commission that he is seeking federal antitrust clearance to boost his holdings in the company to 36%. Redstone, who owns television industry giant Viacom International and a major movie theater chain, also reported in the filing that he raised his Orion stake last week to 26.8%. On Jan.
BUSINESS
May 6, 1989 | AL DELUGACH, Times Staff Writer
Television giant Viacom International and Gulf & Western, the owner of Paramount Pictures, have told industry analysts they are discussing a potential merger or other combination, and Viacom stock shot up $3 a share Friday to $52. The flurry came as observers continued to await a boffo sequel to Gulf & Western's disclosure almost a month ago that it intends to transform itself from a conglomerate into an entertainment and publishing concern to...
BUSINESS
November 19, 1989 | KATHRYN HARRIS, TIMES STAFF WRITER
His grandchildren call him "Grumpy," and some businessmen regard Sumner M. Redstone as the steeliest of opponents. But at 66, with a Forbes magazine ranking as America's third-wealthiest person in America, Redstone can afford to be almost anything that he wants. He personally chose the "Grumpy" nickname because, he says, "It has no age connotations and because it's consistent with what some people say is my personality--which is not true."
NEWS
September 13, 1993 | KATHRYN HARRIS, TIMES STAFF WRITER
Viacom Inc. and Paramount Communications Inc. solemnized their vows Sunday, with the two boards approving a merger agreement that gives Viacom Chairman Sumner M. Redstone an astounding 69% of the voting stock: a degree of control seemingly unparalleled for a publicly held entertainment conglomerate. The deal ends a remarkable four-year saga that began with Paramount in the driver's seat, but ended quite differently.
BUSINESS
November 19, 1989 | KATHRYN HARRIS, TIMES STAFF WRITER
Shortly after his 63rd birthday, Sumner M. Redstone decided to take a flyer. He gave up a quiet New England life to acquire Viacom International, the media company best known for cable networks such as Nickelodeon and MTV. Running his campaign from a room at the Carlyle Hotel in Manhattan, Redstone persuaded banks to lend two-thirds of the $3.2 billion purchase price.
BUSINESS
November 4, 2008 | Meg James, James is a Times staff writer.
Sumner Redstone hinted Monday that he might sell his family's movie theaters to fix his pressing debt problems. In a conference call with analysts, the 85-year old media mogul said his privately held National Amusements Inc., which operates 1,500 theaters, owns "valuable real estate holdings throughout the country." The company must come up with an $800-million debt payment next month as it negotiates with lenders to restructure $1.6 billion in loans. Redstone, during the call for Viacom Inc.'
ENTERTAINMENT
July 27, 2007 | PATRICK GOLDSTEIN
American presidents can serve only two terms. In baseball, even a great slugger is lucky to get a seven-year contract. But at Viacom, Sumner Redstone is apparently king for life.
BUSINESS
July 21, 2007 | Claudia Eller and Michael A. Hiltzik, Times Staff Writers
The conflict between media mogul Sumner Redstone and his daughter, Shari, broke into open warfare Friday when he publicly disparaged her as having made "little or no contribution" to the entertainment empire he built, which includes Viacom Inc. and CBS Corp. Redstone's comments, in a letter to Forbes magazine, and a subsequent statement issued on behalf of his daughter provide new insights into the mounting family feud over control of the media empire.
BUSINESS
March 16, 2007 | Dawn C. Chmielewski, Times Staff Writer
Media mogul Sumner Redstone has had a love-hate affair with YouTube Inc. this week. No sooner had one company he controls, Viacom Inc., sued the online video site for $1 billion than CBS Inc., which he also controls, struck a major deal with it. Under an agreement announced Thursday, YouTube will show CBS clips from the March Madness NCAA basketball tournament.
BUSINESS
March 14, 2007 | From Bloomberg News
CBS Corp. Chairman Sumner Redstone, bowing to shareholder complaints that company directors and top executives were overpaid, cut his salary and cash bonus for 2007 and linked his compensation to the stock's performance. CBS also said in a statement Tuesday that it resolved a case with shareholders who filed a complaint in 2005 charging the company with overpaying top executives.
BUSINESS
September 26, 2006 | Charles Duhigg, Times Staff Writer
Viacom Inc. Chairman Sumner Redstone might be a little poorer -- but just a little. The corporate parent of MTV, Comedy Central and Paramount Pictures announced Monday that Redstone's 2007 salary and bonus would not exceed $4.5 million, down from as much as $9.1 million. The pay cut is designed to make Redstone's compensation similar to packages awarded to Philippe Dauman and Thomas Dooley, two longtime Redstone confidants who replaced recently fired Chief Executive Tom Freston.
ENTERTAINMENT
August 25, 2006 | PATRICK GOLDSTEIN
I have to admit that when I first read Sumner Redstone's barbed remarks about Tom Cruise on the front page of the Wednesday Wall Street Journal -- especially that wonderfully tart "we don't think someone who effectuates creative suicide and costs the company revenue should be on the lot" -- there was only one person who instantly came to mind: George Steinbrenner.
BUSINESS
January 18, 1996 | JAMES BATES and SALLIE HOFMEISTER, TIMES STAFF WRITERS
Viacom Inc. Chief Executive Frank Biondi Jr. became the entertainment industry's latest executive casualty when he was fired from his post by Chairman Sumner Redstone, who said he would assume the day-to-day responsibilities for running the entertainment giant.
BUSINESS
April 29, 1998 | CLAUDIA ELLER and MARK SAYLOR, Times Staff Writers
Viacom Inc. Chairman Sumner Redstone, who turns 75 next month and shows no signs of slowing down, controls one of the world's largest entertainment companies and is still regarded as one of the industry's shrewdest and most aggressive media moguls. A Harvard-educated lawyer, Redstone took over his family's Boston-based movie theater business in the mid-1950s, building it into the largest privately held chain in America, with more than 1,110 screens worldwide.
BUSINESS
August 24, 2006 | Meg James and Sallie Hofmeister, Times Staff Writers
Viacom Inc. Chairman Sumner Redstone was strutting Wednesday, the day after his harsh public dismissal of superstar Tom Cruise sent shivers through Hollywood and destroyed the feel-good spirit that had imbued his company's Paramount Pictures studio this summer. For Redstone, a slight bump in Viacom's stock price Wednesday outweighed any hangover that his blunt remarks may have caused.
BUSINESS
August 23, 2006 | Kim Christensen and Claire Hoffman, Times Staff Writers
Paramount Pictures is severing its lucrative 14-year relationship with Tom Cruise, whose recent off-screen behavior proved to be too much for Viacom Inc. Chairman Sumner Redstone, who disclosed the superstar's termination Tuesday. "His recent conduct has not been acceptable to Paramount," Redstone said in an interview with the Wall Street Journal. Paramount is Viacom's moviemaking arm.
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