CBS' Redstone Rumored to be Selling Shares

Rumors have it Sumner Redstone, CBS Chair might move to sell shares in the company, according to Wall Street Journal's "Heard on the Street" column. CBS has been hard hit by the economic turmoil, and is especially volunerable since the split up (CBS and Viacom) and heavy reliance on local media broadcast structure.

In the Q4 '08 Earnings call (February 18th 2009) Leslie Moonves, the CEO, articulated the challenges the company is facing: "there is no doubt that our local assets in radio, outdoor and television are three areas that are being hurt right now.

CBS announced it will reduce the dividend paid on its stock from $0.20 to $0.05 per quarter.

For a full transcript of the call, click here.