Sumner Redstone, 86-old controlling shareholder of Viacom and CBS (a really juicy collection of media assets comprising CBS, Simon & Schuster, MTV, BET, Paramount and DreamWorks, to name a few) is reportedly in a cash squeeze and being forced to sell almost $600 million in Viacom stock and $345 million in CBS. Redstone controls Viacom and CBS through National Amusements, the original movie theatre distribution company he inherited from his father and then built into the third-biggest media conglomerate in the US. In the process of expansion, National Amusements accumulated debt that has now come to haunt the ageing tycoon.
While we have your attention...
An increasingly rare commodity, quality independent journalism costs money - though not nearly as much as its absence.
Every article, every day, is our contribution to Defending Truth in South Africa. If you would like to join us on this mission, you could do much worse than support Daily Maverick's quest by becoming a Maverick Insider.
Click here to become a Maverick Insider and get a closer look at the Truth.
Canola oil is named such as to remove the "rape" from its origin as rapeseed oil.