Redstone lightens hold on CBS/Viacom


CBS/Viacom honcho Sumner Redstone has sold $233M in non-voting stock held by his National Amusements, reportedly to meet loan covenants. This was just over half of the anticipated $400M sell-off widely reported last Friday 11/10/08. Wachovia’s Marci Ryvicker counseled caution when thinking about this stock due to the uncertain advertising environment, but noted that the companies have attributes that make it worth keeping an eye on.