Sumner Redstone's Marital Split
Sumner Redstone, the 85-year-old chairman of CBS and Viacom, is filing for divorce from his wife of five and a half years, Paula Fortunato. The former couple releasing a statement Tuesday night:
"After five and a half years together, we have amicably ended our marriage. While this is a difficult decision for both of us, we remain close and supportive friends and are committed to each other's continued happiness and success. We will have no further comment and hope that you will respect our privacy. "
TMZ broke the story, acquiring documents filed Monday in court. TMZ, owned by Time Warner's AOL division usually focuses on the likes of Britney Spears, but the fact that Sumner Redstone was worth some $9 billion before the financial meltdown makes him a celebrity.
According to the documents Redstone cites irreconcilable differences and the couple has a prenup which a source close to the couple says is worth about $5 million, which will come from his personal funds and will have no impact on Viacom, CBS , or National Amusements. The source also says that Redstone will probably end up giving Fortunato more than that. The divorce filing says "The parties have entered into a marital settlement agreement, setting forth all their rights and claims to, and division and final disposition of, their separate property assets and debt."
This report comes as Viacom and CBS have been trading near all-time lows, forcing Redstone's privately held theater chain, National Amusements to sell $233 million worth of the two companies' stock to cover a National Amusements loan. Certainly a tumultuous time for the octogenarian media mogul.
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