Downward Mobility

Woe is Redstone

Can someone give Sumner Redstone a bailout? The controlling shareholder of Viacom and CBS is in big trouble, with half of his $1.6 billion of debt due on December 19. According to The Times, Redstone is considering selling his family’s 1,500-screen theater chain and has indicated to insiders that he is willing to part with CBS, but not Viacom. Media watchers think Redstone’s unloading of CBS and Viacom stock could be a good thing: They attribute much of the decline in those companies’ share prices to uncertainness over their controlling shareholder’s financial status.