Filed at 3:44 p.m. EST on Feb. 27, 2009
National Amusements, the theater chain controlled by Viacom and CBS chairman Sumner Redstone, has reportedly reached a deal with its lenders, assuring at least for the near future that the media mogul won't have to reduce his stakes in the two media giants.
According to a report in The Wall Street Journal citing unnamed sources, National Amusements has reached an agreement to restructure its $1.6 billion in debt. And while that may require the sale of some assets, the Journal said those assets would be selected by NAI, not its creditors.
Redstone came under fire last October when he revealed that he had to sell about $233 million worth of his Viacom and CBS stock to satisfy loan commitments at NAI. That sparked fears that the mogul would have to further reduce his interests in the media companies.