Breaking: Redstone to sell CBS and Viacom shares


After saying repeatedly that he had no intention of selling any more shares of CBS Corporation or Viacom, Sumner Redstone is doing just that. He stunned the stock market by announcing Wednesday morning that National Amusements Inc. (NAI), the private company through which Redstone controls both CBS and Viacom, will sell $600 million of Viacom stock and $345 million of CBS stock.

The stock sales will allow NAI to repay all of the debt it owes to its lenders. NAI will still retain voting control of both CBS and Viacom.