logo
Share SHARE
FONT-SIZE Plus   Neg

Viacom Chairman Sells Class B Shares

Viacom Inc.'s (VIA: Quote,VIAB: Quote) 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
Computer and printer maker Hewlett-Packard Co. said Thursday after the markets closed that its second quarter profit fell 21% from last year, hurt by lower revenue and costs related to the planned separation of the company. However, the company's quarterly earnings per share, excluding items, came in above analysts' expectations, but its quarterly revenue fell short of analysts' forecast. Accounting software maker Intuit reported a plunge in third-quarter profit, hurt by impairment charges, even as results topped Wall Street estimates, driven by growth in small business segment amid a strong tax season. Struggling teen-apparel retailer Aeropostale Inc. (ARO), Thursday said its first-quarter loss narrowed from a year ago, driven largely by stronger margins even as revenues continued to plunge dropped. Nevertheless, the company lost almost one-fifth of its market value in after-hours trade, with the...
comments powered by Disqus
RELATED NEWS
Trade VIA now with 
Follow RTT