Shari Redstone, daughter of media mogul Sumner Redstone and president of the family-owned National Amusements, agreed to buy a chain of Russia-based theatres owned by National Amusements.
Shari agreed to buy Rising Star Media, the company she co-founded in 2002, with fellow co-founder Paul Heath for an as yet undisclosed amount. Shari will serve as chairman of the newly independent business, which owns the top five grossing theatres in Russia.
Rising Star Media is the latest asset to be unloaded by National Amusements, controlled by 86-year-old Sumner Redstone, as the company attempts to reduce its debts through the sale of non-core assets. In October the cinema and broadcasting business sold $945 million of stocks in Viacom and CBS, although the company retained controlling stakes in both businesses. (Click here to read our coverage of the story)
Sumner and Shari (pictured) own National Amusements together, however the two have had public disagreements in the past over the future of the family business and succession issues. Shari was set to take over Sumner's role in the business until he retracted his endorsement of her in 2007 and it is now unclear if she will ever lead the company.
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