CBS Dividend Cuts Whack Redstone

Things couldn't get much worse for CBS Chairman Sumner Redstone.The 85-year-old billionaire, whose National Amusements theater chain is in tense negotiations with bankers over restructuring some of its $1.6 billion debt, just saw his wallet get a little lighter. CBS (CBS) announced on Feb. 18 an $11.7 billion loss after taking writedowns for its radio, television, and billboard businesses, and said it will slash its 27¢ qarterly dividend to 5¢. That's a hit of nearly $14 million for Redstone in this quarter alone, as National Amusements owns 39.8 million of the company's "A" shares and another 22.8 million of its "B" shares, according to the company's most recent filing.

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