Redstone to sell $1 billion in assets

DEDHAM, Mass., Oct. 14 (UPI) -- U.S. media giant National Amusements Inc. said Wednesday it would sell nearly $1 billion in stock to help clear its books of $1.46 billion in debts.

"NAI will be in a position to pay off all of its existing creditors in full," the company said in the statement, The Los Angeles Times reported.

The firm controlled by the Sumner Redstone family said it would unload $600 million in Viacom shares and $345 million in CBS stocks, the newspaper said.

Most of the sale would be in non-voting stocks, which would leave control of the company in the family's hands.

The recovering stock market has allowed Redstone to maintain most of a vast media empire, although the sale announced Wednesday could include some of the company's theaters outside of New York and New England, a source close to the company said.

"As a result of our actions, National Amusements will be out of debt with its existing creditors and will still control its most important assets," Redstone said.