Viacom major domo Sumner Redstone, responding to all the gossip about how much he’s struggling to keep his loans paid off, flat out told the Wall Street Journal: “Not a chance” that I’m sellin’.
And he means his most lucrative properties: CBS network and Viacom Inc.
Unclear whether he’ll have to anyway. But Redstone, who stands firm on issues left and right, makes it clear he wants to retain control. And he doesn’t want to compromise parent company National Amusements, which is run by his daughter Shari Redstone.
Redstone ruled out selling any shares in either of the two companies he controls, even if negotiations with lenders about a debt restructuring turn sour, says the Journal.
Redstone sold $233 million of his family’s Viacom and CBS holdings earlier this month to avoid breaching the terms of a National Amusements loan. The holding company has since been in negotiations with its lenders about restructuring $1.6 billion of debt.