Redstone raises $236M by selling Viacom, CBS shares

|About: Viacom Inc. (VIA)|By:, SA News Editor

Sumner Redstone has sold $236M in Viacom (VIA) and CBS (CBS) shares after exercising options over the past week or so.

The transactions take Redstone's sales to $300M in 2014, his biggest cash-out in five years.

The 90-year-old has been rearranging his assets to take advantage of tax benefits, the WSJ reports, and he needs to pay for philanthropic pledges he has made.

Redstone is executive chairman at both companies, with his holdings in the firms worth $6B.