posted 03-02-2009 11:16 AM                       

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Sumner's debt forces screen sale
Mogul faces prospect of ending exhibition biz
By DADE HAYES

Sumner Redstone, who has long prided himself on his roots in the exhibition biz, is faced with the prospect of ending that long chapter in his career as he looks to unload hundreds of screens in a buyer's market.
The sale talk comes as Redstone's National Amusements, which encompasses a 1,500-screen exhib chain as well as the mogul's majority stakes in Viacom and CBS, confirmed late Friday it has restructured its $1.46 billion in debt.

The restructuring undoubtedly relieves some of the pressure on Viacom and CBS and is a qualified triumph for Redstone. But the impact of the debt episode goes beyond the additional breathing room provided by the revised repayment plan, which extends the deadline to Dec. 31, 2010, with installments along the way.

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