I go out for a while and Redstone finally restructures his massive $1.5 billion debt. The announcement came this afternoon that his National Amusements will have a repayment extension to December 31st, 2010 with certain repayments coming in 2009 and 2010. The good news for Sumner is that he won’t have to sell more of his controlling interests in CBS or Viacom. The continuing bad news is that the share prices of both those companies are barely treading water.
Sumner Can Now Breath Sigh Of Relief
By NIKKI FINKE | Friday February 27, 2009 @ 7:39pm PSTTags: Studios
This article was printed from http://www.deadline.com/2009/02/sumner-can-now-breath-sigh-of-relief/
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Two Weeks of Posts Comments 1 ‘John Carter’ Tracking Shockingly Soft: “Could 306 2 Tight Race For #1: ‘Safe House’ $23.9M, ‘The 206 3 RECORD-BREAKING WEEKEND! 4 Films Open $20+M: ‘The 201 4 Oprah Winfrey Begs Public For OWN Ratings 136 5 ICM Parting Ways With 3 Movie Lit Agents 118 Oscar Etiquette
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Title Studio Gross 1 Safe House UNI $23.6M 2 The Vow SNY $23.1M 3 Journey 2: The WB $19.8M 4 Ghost Rider: Spirit of SNY $22.1M 5 This Means War FOX $17.4M 6 Star Wars: Episode 1 FOX $8.0M 7 Chronicle FOX $7.6M 8 The Secret World Of DIS $6.4M 9 The Woman In Black CBS $6.7M 10 The Grey OPRD $3.1M 11 The Descendants FSL $2.9M 12 Big Miracle UNI $2.3M 13 The Artist TWC $2.4M 14 Hugo PAR $1.7M 15 Red Tails FOX $1.4M 16 Underworld: Awake... SNY $1.1M 17 The Iron Lady TWC $1.1M 18 One For The Money LGF $0.8M 19 Extremely Loud & WB $0.6M 20 Alvin And The FOX $0.5M SOURCE: RENTRAKBox Office Poll
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No sweat. He’ll just withhold paying his film rental until he can stay far enough in arrears — 90 days, 120 days — to float a mess o’ cash.
You’d think a man who lived through two Depressions, eight recessions, and three years of McKinley-nomics wouldn’t let himself get so overextended.
Or am I thinking about Mr. Burns from the Simpsons?
Sometimes I can’t tell them apart.