CBS - REDSTONE FATHER AND DAUGHTER FEUDING AGAIN?

REDSTONE FATHER AND DAUGHTER FEUDING AGAIN?

Shari Redstone has disputed a report in the Wall Street Journal that her family's movie-theater business, National Amusements, was forced to sell $233 million worth of stock in CBS and Viacom in order to back a $1.6-billion loan used in large part to expand the theater chain. Redstone, the head of National Amusements and the daughter of company chairman Sumner Redstone, dashed off an email to the Journal , saying, "The implication that this stock sale was required by the operation and expansion of the company's theater circuit is not accurate." She continued "[The sale] was the direct result of last week's historic financial crisis, which included the precipitous ... drop in value of CBS and Viacom stock." Several news reports said that her statement showed signs of renewed tension between Shari Redstone and her father, who has publicly criticized her oversight of the theater chain.

15/10/2008