Will Redstone Sell CBS ???

Wednesday, November, 26, 2008 by Mel Phillips.

(Thanksgiving Edition)

The New York Times reports that “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 spoke on condition of anonymity.”  The betting is that he will sell National Amusements in order to restructure $1.6 billion of bank debt.  Half of that debt, or $800 million is due on December 19th and since Sumner has already dumped $200 million of stock in Viacom and CBS, he’ll sell National Amusements next.  One thing he’ll never sell is Viacom which is part of his DNA.  Nothing else holds as much meaning to Sumner Redstone as Viacom - his baby…

Although CBS stock is off 78%, shares were up more than 20% as recent as Monday giving Redstone some breathing room.  Viacom, down 67.5% for the year, was also up 7.5%.  By selling National Amusements, Redstone would probably clear his $1.6 billion debt, just barely…

Rich Greenfield of Pali Research reports that Wall Street “was largely expecting Mr. Redstone would be forced to sell more of his stock in CBS and Viacom.”  “While a block trade by the chairman and founder cannot be looked at as a positive, we believe investors are already assuming it will happen.” …

There’s a reason to be thankful that we’re not in Sumner Redstone’s shoes.  Three months ago, Redstone was listed by Forbes magazine as the 66th richest American with a net worth of $5.1 billion.  Today it’s not clear if he remains a billionaire.  Happy Thanksgiving… 

10 Timeline Memories:

1. 1582] Wedding Bells: Young Will Shakespeare having already asked Anne Hathaway, “wouldst thou taketh thine hand in holy matrimony” and gotten a “yea, merrily”, walks down the aisle with Anne as Bard and Bardess tie the knot poetically (11/28)…1940] Lucille Ball and Desi Arnaz conga down the aisle to a latin beat (11/30)…1982] Miles Davis and Cecily Tyson tie the knot in an on again/off again marriage until Davis’ death (11/26)…1993] Another odd couple work their way down the aisle as James Carville and Mary Matalin marry (11/26)…
2. 1789] 1st Thanksgiving: A day of Thanksgiving is set aside by President George Washington to observe the adoption of the U.S. Constitution (11/26)…
3. 1910] A New York original: The original Pennsylvania Station opens to the public, where the 8th Avenue Post Office is now located. One day that location may house a new Penn Station (11/27)…
4. 1925] Debuted on this date: The longest running live music show debuts on WSM Nashville when host George Dewey Hay invites an 83-year old Civil War veteran to play fiddle for an hour. The ‘WSM Barn Dance’ begins (11/28). In 1927 its name is changed to the “Grand Ole Opry“. Willie Nelson will make his debut 39 years to the date that the ‘Barn Dance’ debuted (1964)…1939] New York’s LaGuardia Airport begins operations as a plane from Chicago lands at 12:01 a.m. (11/30)…1942] “Casablanca” starring Humphrey Bogart and Ingrid Bergman debuts at the Hollywood Theater in Manhattan (11/26)…1948] “Kukla, Fran and Ollie” debuts on NBC-TV (11/29)…
5. 1934] A Thanksgiving Day tradition begins: The Detroit Lions begin an annual NFL tradition, dropping a 19-16 decision to da Bearsss. It was the first NFL game aired on national radio. Brent Mus-sorry, Graham McNamee did the play-by-play (11/29). A Lions win over Tennessee would be Detroit’s first win this season…
6. 1942] Down in flames: A devastating and deadly fire destroys the Cocoanut Grove night club in Boston, taking nearly 500 lives (11/28)…
7. 1948] Get the picture?: The first Polaroid camera is sold (11/28). Today that camera would be worth a fortune…
8. 1978] City Hall massacre: San Francisco mayor George Moscone and City Hall Supervisor Harvey Milk, a gay rights activist, are shot to death inside City Hall by former Supervisor Dan White (11/27). Sean Penn plays Milk in a soon-to-be released movie of the event…
9. 1981] “Happy Trails“: Natalie Wood drowns in a boating accident off Santa Catalina Island at the age of 43. Natalie who was with husband R.J. (Wagner) and Christopher Walken, could not swim (11/29)…1986] Leading man Cary Grant dies of a stroke at 82 (11/29)…1994] 1960s war protester Jerry Rubin dies two weeks after being hit by a car. Rubin was 56 (11/28)…1996] After performing on stage, Tiny Tim collapses and dies from congestive heart failure at 71 (11/30)…2001] Beatle George Harrison loses his battle with cancer at 58 (11/29)…2007] Washington Redskins free safety Sean Taylor, 24, is murdered in his Miami home (11/27)…2007] Daredevil motorcycle rider Evel Knievel passes away from a terminal lung disease at 69 (11/30)…
10. 2003] A presidential turkey delivery: George Bush plays commander-in-chief and brings Thanksgiving turkey to our troops in a clandestine trip to Iraq (11/27)…

Music Memories:

• 1958] Released on this date: “16 Candles” - Crests (11/30)…1965] “You Didn’t Have To Be So Nice” - Lovin’ Spoonful (11/27)…1968] “Everyday People” - Sly & Family Stone (11/30)…1970] “My Sweet Lord” - George Harrison (11/28)…1970] “Your Song” - Elton John (11/28)…1970] “All Things Must Pass” LP - George Harrison (11/27)…
• 1964] Number One on this date: “Ringo” - Lorne Green (11/29)…1967] “Incense & Peppermints” - Strawberry Alarm Clock (11/26)…1969] “Come Together“/”Something” - Beatles (11/29)…1972] “Papa Was A Rolling Stone” - Temptations (11/29)…1994] “I’ll Make Love To You” - Boyz II Men (11/26)…

“Happy Birthday…happy birthday“:

(11/26) Harry Carson (55), John McVie (63), Jean Terrell (64), Tina Turner (69) and Rich Little (70)…(11/27) Jaleel “Urkel” White (32), Samantha Harris (35), Robin Givens (44), Caroline Kennedy Schlossberg (51), Jayne Kennedy (57) and Manola Blahnik (66)…(11/28) Jon Stewart (46), Judd Nelson (49), S. Epatha Merkerson (56), Paul Shaffer (59), Randy Newman (65), Bruce Channel (68), Gary Hart (72) and Berry Gordy Jr. (79)…(11/29) Mariano Rivera (39), Don Cheadle (44), Kim Delaney (49), Howard Johnson (48), Howie Mandel (53), Gary Shandling (59), Suzy“Chapstick” Chaffee (62), Felix Cavaliere (66), Chuck Mangione (68), Vin Scully (81) and Minnie Minoso (86)…(11/30) Clay Aiken (30), Ben Stiller (43), Bo Jackson (46), Billy Idol (53), Mandy Patinkin (56), Jimmy Bowen (71), Frank Ifield (71), G. Gordon Liddy (78), Dick Clark (79), Robert Guillaume (81) and Efrem Zimbalist Jr. (90)…

Timeline Countdown: Tomorrow is Thanksgiving, 25 days until winter, 26 days until Hanukah and 29 shopping days until Christmas…

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