In October, when Sumner Redstone was forced to sell more than $200 million of stock in CBS and Viacom to satisfy the terms of a big bank loan, the media mogul and his daughter, Shari Redstone, with whom he has often feuded, presented a united front. Father and daughter were pushed together by the common interest of saving the family business from the banks.
That has not turned out to be the case. In fact, Ms. Redstone has opposed the plan as backed by her father, which has been presented to lenders as an offer to renegotiate some $800 million in debt due to expire on Friday.
During a recent meeting of a special committee at National Amusements, the Redstones' movie theater company, which also controls Viacom and CBS, Ms. Redstone's vote was the only one against the plan, according to people familiar with National Amusements' board deliberations. These people spoke anonymously because such proceedings are meant to be kept secret.
The continuing discord between the two represents another obstacle to an orderly debt renegotiation that would allow Mr. Redstone to maintain his grip on Viacom and CBS. The latest episode has made him a public example of what many industry titans are facing these days: declining personal wealth. Mr. Redstone's net worth was once estimated by Forbes at more than $8 billion, but today it is questionable as to whether he is worth even $1 billion.
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