Redstone’s Amusements: The O network

Sumner Redstone is joining the cash-strapped oligarchs club. The 85 year-old media mogul is trying to restructure a $1.6bn loan. He may have to sell holdings in his media companies CBS and Viacom - both at rock bottom prices – to repay the debt. In an echo of the fate of several Russian bigwigs, Redstone could lose much of his wealth because of leveraged bets on concentrated holdings. Redstone’s problem starts with a $1.6bn loan to National Amusements. The movie theatre company, 20% owned by hi...