Billionaire Sumner Redstone, who has been under pressure to restructure his family company's $1.6 billion in debt, said this morning that "substantial progress" had been made in talks with banks.
"An agreement is now within reach," the 85-year-old Redstone said during a conference call to discuss Viacom Inc.'s quarterly earnings.
In October, Redstone got caught in the stock-market avalanche, which created a credit crisis for the mogul, who owns controlling stakes in Viacom -- which owns MTV, Nickelodeon, Comedy Central and Paramount Pictures movie studio -- and television and radio broadcasting behemoth CBS Corp.
His family company, National Amusements Inc., was forced to sell non-voting shares in Viacom and CBS at record-low prices to come up with cash to satisfy bankers after National Amusements defaulted on bank loans. Since late last fall, National Amusements -- led by Redstone's daughter, Shari Redstone -- has been working closely with banks to restructure the company's debt.
A December deadline for National Amusements to repay $800 million in bank loans was extended into this year, a signal that the elder Redstone might be able to pull off his high-wire credit act and save his media empire. In December, National Amusements jettisoned its ailing video-game company and said that it would sell some of its movie theaters to pay down debt.
Redstone did not say when he expected an agreement would be reached, and he declined to answer questions. However, two people close to National Amusements said this week that a deal could come within the the next few weeks.
-- Meg James
Weird star alert: Joaquin Phoenix mystifies David Letterman
Wow. What on Earth is going on with Joaquin Phoenix?
He appeared on "The Late Show With David Letterman" Wednesday night, but let's just say, he wasn't the most cooperative guest in the world. He spoke in monosyllables, chewed gum, wore shades and mumbled about his new rap career.
And you thought nothing could be more surreal than Dave's interview with Rod Blagojevich.
How bizarre was Phoenix? At the end of the interview, David Letterman said, "We owe an apology to Farrah Fawcett."
Because by comparison to the bearded actor, her wacky appearance a few years ago now seems relatively sane. (Newsday's Verne Gay has a side-by-side comparison of Fawcett vs. Joaquin, as well as footage of other freaky Letterman appearances. My colleague Phil Rosenthal compares and contrasts majorly awkward Letterman guests, including Madonna. And just for fun, Herc has video of the infamous incident with Crispin Glover, who may still rank as the all-time weirdest Letterman guest.)
Of course, Letterman being Letterman, he gave the uncooperative Phoenix nobreaks, and who can blame him? If a star comes on to your show topromote his or her movie, but instead speaks incoherently and sticks a piece of chewing gum onyour desk, well, that's not going to get a favorable reception from Dave.
"What can you tell us about your days with the Unabomber?" Letterman said at one point.
"Joaquin, I'm sorry you couldn't be here tonight," he said as the strange interview came to an end.
I hope to have the full video of the Phoenix interview on Thursday, but for now, you can watch a 5-minute highlight reel of the awkwardness below:
UPDATE: Here's the full video of Phoenix's entire Letterman appearance:
Adolphe unmasked
To most fans of the original Wenge Musica Four by Four, Adolphe Dominguez was the man to watch, not least for his dance moves and sense of fashion. After performing alongside big names like JB Mpiana, Werrason, Alain Makaba, Blaise Bula, Alain Mpela, Toutou Caloudji, Roberto Ekokota and AimÈlia Alias, Adolphe continues to play in the big league even after the break up of Wenge. Indeed, his energetic stage performances and bewitching vocals have ensured his staying power.
Big, Bad Business: Hollywood's Corporate Villains
Movie critic Bob Mondello says we get the villains that are perfect for our time — and when we're feeling jumpy, Hollywood likes to cast big business as the boogeyman.
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