Viacom deal spotlights Redstone's trading. (Viacom Inc. Chairman Sumner Redstone)
Multichannel News, September, 1993 by Higgins, John M.
Viacom Inc.'s planned acquisition of Paramount Communications Inc. is again calling attention to Viacom chairman Sumner Redstone's heavy purchasing of his own company's stock, which has some Wall Streeters worried about the effect of his actions on the price. In the weeks leading up to the deal, Redstone's relatively heavy buying accounted for a huge portion of the overall trading in the stock - 20 percent to 65 percent on some days.
During Redstone's two waves of heavy purchasing during July and August, the price of Viacom's Class A shares zoomed 24 percent and the Class Bs rose 21 percent. Some analysts and traders who have long been puzzled by Redstone's trading started paying particular attention after the deal was announced last week. That's...
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