National Amusements Plans $945M CBS, Viacom Sale

Law360, New York (October 14, 2009, 3:03 PM EDT) -- Theater company National Amusements Inc. plans to sell $600 million of its stake in Viacom Inc. and $345 million of its stake in CBS Corp. in order to pay off debt, the company announced Wednesday.

The planned sale would still leave National Amusements, run by investment mogul Sumner Redstone, as the controlling shareholder of both companies.

Viacom and CBS filed amendments to their National Amusements registration agreements with the U.S. Securities and Exchange Commission to allow the sales, but neither will receive any proceeds from the...
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