<div id="subtitle">Sumner Redstone's company divests Russian theater chain to raise cash, pay off debt</div><div><p>Sumner Redstone's holding company, National Amusements Inc., is selling its Russian theater chain to Redstone's daughter and other investors in a further move to pay down its debts.</p><p>The 86-year-old billionaire media mogul has been selling off theaters and stock in media giants CBS Corp. and Viacom Inc. to fend off creditors.</p><p>His company ran into problems last year with some $1.46 billion in debt it owed as stocks tumbled and credit markets seized up. But it laid out a comprehensive asset-sales plan in October to emerge from the crisis with Redstone's control of CBS and Viacom intact.</p><p>On Thursday, daughter Shari Redstone said she was buying Rising Star Media from National Amusements with the help of UFG Private Equity of Russia. Terms of the deal were not disclosed.</p><p>The younger Redstone, who owns 20 percent of National Amusements compared to her father's 80 percent, will become chairman of the new entity.</p><p>Rising Star owns six multiplex theaters in Russia, all of which are equipped to show 3-D movies. One theater in St. Petersburg and one in Moscow also have IMAX systems.</p><p>The company plans to expand in Russia under the Kinostar brand.</p><p>Late last year, National Amusements reached a deal to sell off up to 35 of its U.S. theaters to Rave Cinemas LLC. It also sold CBS and Viacom nonvoting shares that raised nearly $1 billion in cash.</p><p>National Amusements is holding onto 28 theaters, with 368 screens, located in Massachusetts and New York. Its theaters operate under other brand names, including Showcase, The Bridge and Multiplex Cinemas.</p><img src="http://admatch-syndication.mochila.com/images/ad.gif?aid=66521731&bid=informcom" /></div><div id="copyright"><div>

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