Media magnate Sumner Redstone has filed for divorce from his wife of five years, Paula Fortunato, citing irreconcilable differences.

The split comes as the 85-year-old chairman of Viacom Inc. and CBS Corp. faces financial difficulties. His family-owned holding company, National Amusements Inc., is scrambling to restructure $1.6 billion in debt after it violated the covenants of its bank agreements.

A prenuptial agreement signed by Fortunato before she married Redstone in April 2003 stipulates that she receive at least $5 million, or $1 million for each year of their union, according to people familiar with terms of the agreement.

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