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CBS RADIO LAYOFFS

Per what Radio Star was sharing...from Inside Radio:

"Redstone sells Midway stake.
There's less pressure on Sumner Redstone to sell CBS after he strikes a deal to sell his 87% stake in video game maker Midway Games. The deal with investor Mark Thomas helps cut the $1.6 billion debt by his theater chain National Amusements. Redstone's already sold CBS shares worth $230 million."


The Redstone family is quite dysfunctional, Sumner is up to his neck in crap dealing with siblings along with the CBS shareholders/board
 
Hey BOOTB, I think the drive thru is waiting for their cheeseburger and fries.
 
Bob Whitten said:
RadioStarOne said:
And how much did he get for his stake in Midway?
Click to expand...

Answer: Not Much:

"Mr. Redstone’s holding company, National Amusements, is expected to announce Monday that it sold its 87 percent stake in Midway to investor Mark Thomas for about $100,000, plus the assumption of $70 million debt, The Journal said."

Source:
http://dealbook.blogs.nytimes.com/2008/12/01/redstone-said-to-sell-midway-games/
Click to expand...

This is the world called entertainment these days.

Look at Citadel's stock at .15 cents the company is worth a few million dollars ($40 mil at today's closing price. Yes, $40m would buy it out... BUT, you'd also inherit their debt, and in this credit crunch you're going to have the same problem they and CBS (and others) are having... They can't refinance their debt.

So, to say offloading $70m in debt was "not much" in this market might be a little unfair. That is $70m in debt he no longer has to try and refi, and $70m in debt payments that can go towards the more profitable CBS.

At today's closing price MWY was worth $30m, which is 43% of outstanding debt., CBS was worth $3.6bn, which is a multiple of its debt load of $1.35bn. Plus, the huge loss on Midway is a HUGE tax benefit at the end of a tough year. Wouldn't you sell Midway, too?
 
I'd hate to see what WWON.OB (Westwood One Inc.) is like since their stock went
up a mere 2 cents to 7 cents a share on Monday...weren't they delisted, or
threatened to be delisted, of late?
--jay
 
djj said:
I'd hate to see what WWON.OB (Westwood One Inc.) is like since their stock went
up a mere 2 cents to 7 cents a share on Monday...weren't they delisted, or
threatened to be delisted, of late?
--jay
Click to expand...

Wow, up 40% in one day. Imagine putting $10k into that Friday and having $14k today?

NOTE: Playing with penny stocks is dangerous. I'm speaking (typing) facetiously.
 
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