PARAMOUNT PICTURES - REDSTONE MIGHT SELL OFF THEATER CHAIN

REDSTONE MIGHT SELL OFF THEATER CHAIN

On the same day that Viacom reported a 37 percent fall in third-quarter profit, its chairman, Sumner Redstone, vowed to hold on to the company, even, he suggested, if that means selling off all or part of his National Amusements theater chain. Reporting on Redstone's phone conference with reporters and analysts Monday, the Los Angeles Times said that "he sounded almost like a real estate agent with a hot listing, as he noted that National Amusements owns 'valuable real estate holdings throughout the country'" that could be used to prop up Viacom, which owns Paramount Pictures and the cable networks MTV, VH1,Comedy Central, Spike, BET and Nickelodeon.

04/11/2008