- Spain's Debt Costs Near Danger Level: Is Bailout Next?
- US Markets Will Be Watching Europe—And Jobs Report
- European Companies Plan for Greek Unrest and Euro Exit
- Public Pensions Faulted for Bets on Rosy Returns
- Greece to Leave Euro Zone on June 18: Wealth Manager
- Italy 2-Year Borrowing Costs at Peak Since December
- Euro Bond Wins Supporters, but Details Remain Vague
- German, UK Bond Yields Will Go Even Lower
- Labor Board Member Resigns Over Leak to GOP Allies
MOST SHARED
- Greece Pours $22.6 Billion Into Four Biggest Banks
- Europe Has Wall Street's Bull on a Short Leash
- Greece to Leave Euro Zone on June 18: Wealth Manager
- Spain's Borrowing Costs Near Danger Level: Bailout Next?
- Winemaking Lures the Wealthy, But Not With Profits
- Collectors Wary Of Investing In Josh Hamilton
- The Shortage of Women Billionaires
- 5 Spots Where the Dollar Buys a Great Vacation
- 10 Ways to Save Money by Spending More
MOST POPULAR
HOT ON FACEBOOK
CBS, Viacom Not Selling More Stock: Redstone
Text Size 
CNBC Anchor and Reporter
CBS and Viacom have regained their strength in the marketplace and neither company will be selling any more stock, Sumner Redstone, Viacom and CBS chairman, told CNBC.
"We don't have to sell any stock and we'll never sell another share again, and those who think I will sell CBS, they don't know what they are talking about," said Redstone.
Last October, after the stock market collapsed, the company had to sell stock in CBS [CBS
Loading...
()
] and Viacom [VIA
Loading...
()
] to pay down $1 billion worth of debt.
In the next few weeks National Amusements, the parent company of CBS and Viacom, will be entirely out of debt to its current creditors, Redstone said.
National Amusement will keep control of Viacom and CBS and all theaters in England, Brazil and core theaters in the United States, said Redstone.
"It's been a very, very, very tough road, but frankly, I don't want to sound arrogant, it's ended up on a very triumphant note," Redstone said. "Today, National is doing great, Viacom is doing great, CBS is doing great, that makes me feel good."
Despite speculation on Wall Street that a successor is standing in the wings, Redstone said he has no plans of retiring any time soon.
"I'm not going anywhere," said Redstone.
When Redstone does decide to retire, he said trustees, including his daughter Shari Redstone, who is currently the president of National Amusements and vice-chairman of CBS and Viacom, will continue to run National Amusement. He said he will leave it to the board of governors to appoint his successor as chairman.
- Critical elections are scheduled for Greece in June. Here are some of the players and their roles.
- Our financial system is still not designed to meet the needs of poor families, says this author.
- Statistics show there aren’t many women billionaires compared to their male counterparts. Why?
- Click to see various forms of funding and what entrepreneurs have used to build successful companies.
- Here are some of the most expensive hotels in the world to book. And we mean expen$$ive.
- Always drink responsibly and when you do, try one of these more unusual and tasty drinks. Cheers!
Data is a real-time snapshot *Data is delayed at least 15 minutes
