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Is Sumner Redstone Losing Grip Over CBS & Viacom? (CBS, VIA-B)
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Sumner Redstone is one of the CEO’s we voted as one of Wall Street’s most entrenched CEO’s in the past. It isn’t that he is so well respected or loved, but it is because he is dug in like a tick. In two different filings Redstone has disclosed sales of CBS Corporation (NYSE: CBS) and Viacom Inc. (NYSE: VIA-B). He isn’t out entirely and still has very large stakes, but it is hard to not wonder if Sumner Redstone’s grip and control over those entities isn’t going to be loosened up if he has to keep selling stock.
In a filing today, Redstone disclosed that his national Amusements has sold 17 million shares at $7.10 on October 10, 2008.
In a filing last night, Redstone disclosed that his entity National Amusements has sold 7 million shares of Viacom at $16.35 on October 10, 2008.
He still holds almost 16.4 million shares of stock, so don’t think he’s out of the game entirely. Also, according tothe Wall Street Journal, Shari Redstone gave an explanation for theprivate Redstone unit’s sale of stock. Whether or not you believe thecomments from the interview is up to you.
Jon C. Ogg
October 15, 2008
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