Redstone Rejects Viacom, CBS Sale

Media mogul Sumner Redstone said Wednesday there's "not a chance" he'll sell Viacom or CBS to resolve the debt issues facing his family holding company, National Amusements. He ruled out selling any shares in either of the two companies he controls, even if negotiations with lenders about a debt restructuring turn sour. Redstone acknowledged there is "no guarantee" those negotiations will result in a deal, but he described them as "extremely constructive." Redstone rushed to sell $233 million of his family's Viacom and CBS holdings earlier this month to avoid breaching the terms of a National Amusements loan. The holding company based in Norwood, Mass., has since been in urgent negotiations with its lenders about restructuring $1.6 billion of debt. Investors have been concerned that Redstone may be forced to sell more of his family's holdings and even the companies themselves.