In a sign of renewed tension in media mogul Sumner Redstone's family, his daughter Shari issued a statement Tuesday insisting that the movie theater business she runs wasn't to blame for the forced sale of a chunk of the family's holdings in Viacom Inc. and CBS Corp.
Mr. Redstone's family holding, National Amusements Inc., said Monday it had sold $233 million of its Viacom and CBS stock to avoid breaching covenants on a $1.6 billion loan. People familiar with the situation have said the loan was used, at least in part, to expand the movie theaters, and it was linked to the operating performance of that business, as well as Viacom and CBS stock.
People familiar with the situation say Ms. Redstone is sensitive to criticism about her management of the movie-theater chain from her father, who chairs the family holding company and has differed with his daughter over the future of the movie-theater business. While Mr. Redstone has not made any public comments about the role of the movie theaters in the share sale, Ms. Redstone felt the need to make her own statement.
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