Sumner Redstone Is in Need of Some Extra Pocket Change

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In order to help pay off a $500 loan that's due at the end of October, the immortal Sumner Redstone was forced to sell off a bunch of his stock in Viacom and CBS yesterday. Wait, one second, we just read the original story again. Turns out that's a $500 MILLION loan. Our bad! Don't go crying for Redstone, though; his ownership in each company slipped down to 7 and 6 percent (respectively), but he still controls nearly 75 percent of the voting stock in each company. [NYT]