October 22, 2008 / 4:29 PM / 9 years ago

Redstone says no plans to sell Viacom, CBS stock

NEW YORK (Reuters) - Media magnate Sumner Redstone does not plan to sell any more shares in Viacom Inc VIAb.N or CBS Corp (CBS.N), two companies he controls, he told cable television network CNBC.

Because of a debt crunch, Redstone’s National Amusements Inc recently sold $233 million of its nonvoting stock in CBS and Viacom, sales that kept shares of the media companies under pressure.

    Meanwhile, National Amusement has been in talks with bankers to revisit terms of a $1.6 billion debt. According to CNBC, Redstone said those meetings have been very constructive so far.

    Viacom’s shares were down 0.5 percent at $19.03 in midday trading on the New York Stock Exchange, after dropping nearly 30 percent in the last month. CBS shares were down 5 percent at $8.58. CBS is down more than 45 percent in the last month.

    Redstone is the executive chairman and controlling shareholder of both of Viacom and CBS.

    Reporting by S John Tilak, editing by Matthew Lewis

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