Redstone Okay With CBS Radio Spin
Sumner Redstone opposes Viacom’s plan to sell a stake in Paramount Pictures, but he supports the company’s plans to sell or spin off the radio division.
That’s according to CBS Chairman/CEO Leslie Moonves.
Speaking at a shareholder’s meeting Thursday, Moonves was asked if a deal to sell or spin-off the 117 radio station group is dependent on Redstone’s approval as controlling shareholder.
“Our situation with radio has absolutely nothing to do with Viacom. We have received full support from Mr. Redstone with what we are doing,” Variety reported Moonves said.