The Plot Thickens At Viacom…

Thursday, October, 23, 2008 by Mel Phillips.

It started with the stock downgrade from “outperform” to “market perform” earlier this week, now the New York Post reports more trouble for Viacom.  Is it now possible that in order to climb out of the $1.6 billion hole they’re in, Viacom might sell the mothership or CBS and Sumner Redstone may not be able to stop it…

One banking source says “The banks are the ones who will decide if they want to handle the situation internally or look for solutions outside of Sumner.”  The debt problems were created by the Shari Redstone led National Amusements which forced the company to sell off $233 million of its stock in CBS and Viacom.  It gets worse.  Apparently Daddy Redstone never told Viacom or CBS that National Amusements was hemorrhaging through every orifice, until minutes before NA issued a press release announcing the stock sale…

Viacom Chief Executive Philippe Dauman and Sumner Redstone have recused themselves from refinancing talks between the banks and National Amusements because the company came close to violating its debt covenants prior to the forced stock sale…

By the way, $800 million of that debt comes due in December.  Sumner Redstone & Philippe Dauman:  What’s in your wallet??? 

10 Timeline Memories:

1. 1915] Suffragettes: 25,000-30,000 women march on Fifth Avenue in Manhattan demanding the right to vote…
2. 1946] UN meets to greet: The United Nations General Assembly convenes for the first time in a Flushing Meadows auditorium…
3. 1956] Debuted on this date: NBC-TV broadcasts the first video tape coast-to-coast. It’s a tape of Jonathan Winters performing.  Winters is seen here on “The Steve Allen Show” following Patrice Munsel…
4. 1973] Dead air: President Richard M. Nixon agrees to turn over the Watergate tapes as the clock ticks…
5. 1983] Beirut blast: A suicide truck bombing at Beirut International Airport in Lebanon kills 241 U.S. Marines and sailors. Another attack kills 58 French paratroopers…
6. 1989] Bizarre Boston story: Charles Stuart claims that he and his pregnant wife had been shot by a black robber. Carol Stuart and her prematurely delivered baby died. Stuart, who was white, was later implicated in the shootings and apparently committed suicide…
7. 1993] Walk-off: Toronto Blue Jays outfielder Joe Carterhits the 2nd walk-off home run in World Series history and for the first time a team from outside the U.S. wins the Fall Classic. The (Mitch) Phillies (Williams) are the (Mitch) losers (Williams) in game 6, 8-6.  Here’s the home run call by Tom Cheek.  Bill Mazeroski of the Pirates hit the 1st walk-off HR in Series history to beat the Yankees in 1960…
8. 1998] Sniper attack: Dr. Barnett Slepian, an abortion doctor was killed at his home in suburban Buffalo when a sniper fired through his kitchen window. James Kopp is convicted of the murder and is serving 25-to-life in prison…
9. 1998] Land-for-Peace: Israeli Prime Minister Benjamin Netanyahu and Palestinian leader Yasser Arafat sign a land-for-peace agreement at the White House…
10. 2004] “Happy Trails“: Legendary tenor Robert Merrill, a fixture singing our national anthem and ‘God Bless America’at Yankee Stadium, dies at 87 while watching game one of the 2004 World Series (Red Sox-Cardinals) at home.  Here Merrill sings ‘Pagliacci‘..

Music Memories:

• 1965] Released on this date: 1965] “Turn, Turn, Turn” - Byrds (my daughter Lynn’s 1st favorite song)…

Commentary:

With the mention by David Hinckley in The New York Daily News that Dan Taylor, morning man at WCBS-FM will be doing a guest stint as weatherman on Channel 11 tomorrow morning, some advice for you Dan:  Throw in “a circular motion”, “swirling winds” and call the clouds cumulus, whether or not they are.  Take the credit for an accurate weather forecast but blame Mr. G should it crap out…  

“Happy Birthday…happy birthday“:

Al Leiter (43), Doug Flutie (46), Weird Al Yankovic (49), Nancy Grace (49), Dwight Yoakam (52), Michael Crichton (66), Ellie Greenwich (68), Pele (68) and baseball hall-of-famer/Senator Jim Bunning (77)…

Timeline Countdown: 8 nights until Halloween, 9 nights until Standard (back one hour) Time and 12 days until Election Day…

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