If Sumner Redstone had just sold his CBS stock back when it looked like he was in trouble, he might have gotten $10, even $15 per share. Instead he sold only what he was forced to, then wasted a lot of time huffing and puffing in the press about how he would never ever sell another CBS or Viacom share, even though $800 million was due in December. In the meantime CBS shares plummeted to less than $5, and only now is Redstone admitting the obvious: He may have to sell some of that stock. Reports the Times:
Here is what just about everyone, including those in Mr. Redstone’s inner circle, agrees on: if it gets bad enough, Mr. Redstone has indicated he would be willing to part with CBS, but not Viacom, according to three people briefed on the talks who, like the others involved, spoke on condition of anonymity.
In the meantime, Redstone is trying to sell the $500 million movie theater chain run by his daughter, who perpetually kind of hates him and with whom he was recently communicating only by FAX. Shari Redstone previously said this whole financial mess is all her dad's fault and has nothing to do with the theater chain. Still: This is definitely a burn, Shari.