Looks like old Viacom chief Sumner Redstone is the first media mogul to take a significant hit from the present awful economic climate for media companies (Pictured: Viacom's stock chart for the last year). And by "significant hit," we mean "being forced to sell $400 million worth of stock."
Sumner Redstone, the billionaire who controls Viacom Inc. and CBS Corp., is being forced to sell about one-fifth of his stake in the media companies to meet loan terms at his holding company, National Amusements Inc. The sale plan followed a statement from Viacom today that third-quarter earnings missed analysts' estimates, sending the stock down as much as 28 percent. CBS fell as much as 15 percent after cutting its profit forecast this year.