Redstone’s Media Empire Faces Uncertain Future

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Sumner Redstone could soon learn whether the fire sale of much of his family’s movie theater chain will raise enough cash to make a looming debt payment — or force him to resort to a Plan B to salvage his shrinking media empire.

Bids for the U.S. theaters owned by Redstone’s family firm, National Amusements Inc., are due Tuesday and offers for its British cinemas are expected next week, according to people familiar with the auction who asked not to be identified because the sales process is supposed to be confidential.

The 86-year-old media mogul must come up with $500 million by October to help pay down his firm’s $1.46-billion debt or find himself in default and at the mercy of his lenders. If he doesn’t raise enough money from the auction, he could be forced to unload more stock in the media companies that he controls through National, Viacom Inc., which owns Paramount Pictures, MTV and Nickelodeon, and broadcast giant CBS Corp.


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