Report: Redstone Considers Sale of Theater Chain

NEW YORK, November 4:
According to published reports, Sumner Redstone has hinted at the possible sale
of his family's movie theater chain in order to alleviate National Amusements'
debt problems.

Last month, Redstone
offloaded $233 million in Viacom and CBS stock in order to raise debt repayment
funds for National Amusements. Redstone's family-owned company is the
controlling shareholder in Viacom and CBS and owns some 1,500 theaters across
the country, among other assets. The Los
Angeles Times reports that Redstone has indicated a desire to offload these
"valuable
real estate holdings throughout the country" in bid to come up with an
$800 million debt payment as it negotiates the restructuring of $1.6 billion in
loans. Redstone has maintained that he has "no intention" of
disposing of further Viacom or CBS stock.

—By
Mansha Daswani