His company’s stock is diving, the debt is mounting, and the legendary 85-year-old chairman of Viacom and CBS may now be forced to sell off chunks of his empire. But even more painful for Sumner Redstone may be the rift dividing his family. The tale of a latter-day King Lear.

The contract, which now runs until 2014, was renewed on Wednesday, a year earlier than scheduled, the paper said.

Time Warner Cable extended a deal to carry CBS television stations, CBS said on Tuesday, avoiding what could have been another heated industry dispute.

Universal Pictures, a division of General Electric, has sold horror and thriller film label Rogue Pictures to its longtime financing partner Relativity Media.

Shares of Viacom Inc. rose Friday after the media conglomerate reached a last-minute deal with Time Warner Cable Inc. to keep its 19 channels on the cable operator's service.

Though there are ads saying otherwise, Viacom said Friday its MTV Networks channels remain available on Time Warner Cable after the companies agreed on compensation Thursday that kept Nickelodeon, MTV and 17 other channels on the air.

Will Santa squeak in a rally before the ball drops? Early moves suggest it could happen: Stocks continued to rise Tuesday, adding to the more than 2-percent gain logged on Wednesday.

Will Santa squeak in a rally before the ball drops? Early moves suggest it could happen: Stocks continued to rise Tuesday, adding to the more than 2-percent gain logged on Wednesday.

Will Santa squeak in a rally before the ball drops? Early moves suggest it could happen: Stocks continued to rise Tuesday, adding to the more than 2-percent gain logged on Wednesday.

Futures turned higher Wednesday after a report showed a sharp drop in jobless claims last week.

Viacom Tuesday said it will pull its cable television networks, including Nickelodeon, Comedy Central and MTV, off Time Warner Cable if the companies do not reach a deal on carriage fees by Jan. 1.

Hollywood loves breaking box-office records, yet studio executives aren't griping that their 2008 lineup will fall a bit shy of the all-time high set a year earlier.

The Big Three CEOs returned to Washington to meet with the Senate Banking Committee today, as AT&T and other companies reported job cuts. Following are today's top videos:

Comic book publisher Marvel Entertainment posted a quarterly profit that topped estimates, helped by earlier-than-expected box office and DVD revenue from its film "Iron Man."

CNBC presenter Ross Westgate offers his view of how audiovisual and content companies are grappling with a financial meltdown across the globe from the Mipcom conference in Cannes.