Redstone to Divorce (Again)

Couple of 5 years splits 'amicably' as Viacom, CBS chief tackles $1.6B debt
By Ambreen Ali,  Newser User
Posted Oct 22, 2008 2:41 PM CDT
Viacom chairman and CEO Sumner Redstone and his wife Paula Fortunato celebrate the 60th anniversary of Israel at Paramount Studios in Los Angeles last month.   (AP Photo)
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(Newser) – Media magnate Sumner Redstone is calling it quits with his wife of 5 years, the Los Angeles Times reports, even as the Viacom and CBS chairman tries to maneuver his family company through a debt crisis. Though the 85-year-old cited irreconcilable differences in ending his marriage to Paula Fortunato, the pair said in statement that they did so “amicably.”

The couple says they have already divided up their assets; Fortunato stands to gain $5 million under a prenuptial agreement. Redstone, meanwhile, recently sold $233 million in shares of Viacom and CBS in order to pay off some of the $1.6 billion in debt facing his family’s National Amusements Inc.