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’Redstone sells Viacom, CBS stakes
Sumner Redstone, controlling shareholder of Viacom and CBS, is raising $945m by selling off all of his non-voting stakes in the two media companies to pay off debt. The stock sale will leave Redstone with 75% control of both companies,
Spending drought hits Time Warner
The prolonged global advertising drought hurt Time Warner in the second quarter as steep double-digit declines in online and magazine publishing sales sent the media group’s net profit down 8% to $519m.
Redstone nears $1.6bn debt deal
Media mogul Sumner Redstone is close to reaching an agreement with creditors to restructure $1.6bn of debt from National Amusements, a holding company that owns cinema chains and his controlling stakes in Viacom and CBS.
Dreamworks and Reliance deal imminent
Steven Spielberg and David Geffen may announce as soon as this week a deal with India’s Reliance ADA Group to set up a new studio and split from Paramount Pictures, reports Reuters. However, the DreamWorks team has not ruled out Paramount as their distributor,
Media groups hit by advertising slump
Advertising weakness is spreading from US newspaper and radio groups to the rest of the media, darkening a year that was supposed to benefit from the Beijing Olympics and a high-spending election season,
DreamWorks in talks with Reliance
Steven Spielberg and the founders of the DreamWorks studio are in talks with India’s Reliance Big Entertainment about financing their new film venture, in a move that will see DreamWorks end its three-year association with Paramount Pictures,
Looking for recession-proof stocks? Think comic books and video games
The numbers are in and they are impressive: Take Two Interactive racked up more than $500m in just one week from sales of Grand Theft Auto IV, the fourth installment of its blockbuster video game franchise.
Viacom’s Redstone sidelines daughter
Sumner Redstone, the 84-year-old chairman of Viacom and CBS, is moving to sideline another in a long line of potential successors at his media empire – this time, his own daughter. People familiar with
Viacom seeks $1bn damages from YouTube
Viacom has launched the first legal challenge against YouTube, suing the Google-owned internet video site for “massive intentional copyright infringement” and asking a federal court for more than $1bn (£518m) in damages.In its suit,