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REDSTONE SELLS $1BN OF STOCK

SUMNER Redstone plans to sell $945m (£591m) of stock in CBS and Viacom, two media companies he controls, to pay off loans that threatened to unravel his media empire. Shares of both CBS and Viacom dropped after Redstone revealed he would use the proceeds to pay off the debts of his privately-held cinema chain, National Amusements.