I’ve temporarily abandoned the story of over-leveraged Sumner Redstone’s protracted debt reorganization because at this point it continues to be nothing but speculation. And, frankly, one source’s predictions are no more meaningful than another’s, as I’ve learned from experience on this story. Hey, no one knows what the crazy old coot who controls Viacom, CBS, and National Amusements is really gonna do. Still, it’s downright shocking that The New York Times continues to let its guesser-in-residence Tim Arango (you can’t call him a reporter anymore) pretend to advance the story with all sorts of unconfirmed speculation. At least slug the articles “thumb-suckers”. That this output is from the new-fangled Media Desk doesn’t bode well. As for The Wall Street Journal and New York Post, which also purport to know what’s going on, Rupert Murdoch has long hated Redstone almost as much as he does Ted Turner. Let’s call it: Sumner is increasingly gaga. Someone really needs to take conservatorship over his empire before it all goes permanently to hell.
- Over-Leveraged Redstone Sells Midway For $100K In Tax Loss Play Worth $800M
- More Stock Trouble For Sumner Redstone
- Sumner Sells $233M Stock In Viacom/CBS
- The 411 Behind NYT’s New Media Desk…
Editor-in-Chief Nikki Finke - tip her here.