Seeking Alpha

Redstone raises $236M by selling Viacom, CBS shares

  • 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.
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