CBS, Viacom Not Selling More Stock: Redstone
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 and Viacom 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.