logo
Share SHARE
FONT-SIZE Plus   Neg

Viacom Chairman Sells Class B Shares

Viacom Inc.'s (VIA,VIAB) chairman Summer Redstone sold 128,777 common Class B shares for about $7.5 million on February 7, a regulatory filing showed.

The media conglomerate's chairman sold 125,077 shares at $58.6842 per share, while 3,700 shares were sold at $59.0589 per share.

The Class B shares of Viacom do not have voting rights.

Viacom owns MTV, Nickelodeon and Comedy Central as well as film unit Paramount Pictures.

The company recently reported a sharply lower profit from continuing operations for the first quarter, as revenues declined 16 percent owing mainly to lower Filmed Entertainment revenues due to the timing and mix of releases.

VIAB closed on Monday at $59.31.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Shares of Fred's Inc. tumbled more than 20 percent in pre-market trades Thursday after the company's agreement with Walgreens Boots Alliance Inc. and Rite Aid Corp. to purchase 865 stores was terminated. The termination of the deal comes after Rite Aid and Walgreens Boots said they have mutually agreed to terminate their previous agreement under which Walgreens was to acquire Rite Aid. Tesla's Elon Musk was adjudged the most cautious CEO by Watson supercomputer of IBM. Cisco's Chuck Robbins, Microsoft's Satya Nadella, and Oracle's Larry Ellison are the other toppers in the list. Online thrift store ThredUP is opening physical retail locations to complement its online presence. The startup has announced the opening of its first store in San Marcos, Texas. The company, which raised over $130 million in funding, said it plans to open four additional brick and mortar retail stores by the end of the year.
comments powered by Disqus
Follow RTT