Redstone: CBS, Viacom Not for Sale

NEW YORK: Speaking to CBS shareholders yesterday, Sumner Redstone, executive chairman of Viacom and CBS Corporation, reiterated that he has no plans to sell either of the companies.

According to wire reports, Redstone said: "I will never, N-E-V-E-R, sell Viacom or CBS," in response to a question from a CBS Corporation shareholder. There has been some speculation on Wall Street that CBS could be put up for sale.

Last October, Redstone did offload shares in Viacom and CBS in order to meet payments on the debt held by his company, National Amusements. The company still has full voting control of Viacom and CBS Corporation, owning 75 percent of the voting Class A common stock.