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Family strife dogs the Redstones

By Muckety

July 21, 2007 at 8:20am

Differences with her father, Sumner Redstone, have led Shari Redstone to consider selling her 20% stake in the family business, National Amusements.

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Sumner Redstone posted a letter on Forbes.com Friday, saying he would weigh a fair offer from his daughter. Ms. Redstone issued a statement later in the day saying she would consider a sale, and noting that National Amusements had been “publicly valued at $8 billion.”

That price was cited in a lawsuit filed by her brother, Brent, against their father. Sumner Redstone settled the case by buying Brent’s share of National Amusements.

The Wall Street Journal reports that the negotiations are likely to result in Shari Redstone leaving her posts as vice chair of Viacom and CBS.

Family troubles don’t end with the siblings. Sumner Redstone’s nephew, Michael Redstone, also has filed suit, claiming he was cheated out of his share in the business.

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