Xenu arch enemy Sumner Redstone, who’s a controlling shareholder of Viacom and CBS, might be forced to sell either one of the companies in order to help out with the current financial situation his movie chain is facing.
According to reports, Redstone’s National Amusements Inc is in trouble. The company is $1.6 BILLION in debt mostly due to the large drop in value from CBS and Viacom.
Luckily, though, half the debt (the $800 million) will most likely be paid by the end of the year.
But, according to inside sources, the current cash situation is so bad, that the idea of selling Viacom or CBS is now a possibility.
And, according to another source, even selling parts of CBS, such as radio stations, or even Viacom’s properties wouldn’t be enough to fix the cash deficit.
Reports show that Redstone used shares in Viacom and CBS as collateral for loans that were used to further expansion plans for his National Amusements private company.
Looks like someone is deep in the shitter!
[Image via WENN.]
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