Viacom chair Redstone excercises options
EmptyNEW YORK -- The chairman of film production and cable television company Viacom exercised options for 24,430 shares of common stock and sold 14,538 additional shares under a prearranged trading plan, according to a Securities and Exchange Commission filing on Wednesday.
In Form 4s filed with the SEC, Sumner M. Redstone reported he exercised the shares on Monday for $22.07 apiece and then sold 3,600 of them the same day for $41.41 to $41.73 apiece. He also sold 14,538 shares for between $41.74 and $42.28.
The stock sales were conducted under a prearranged 10b5-1 trading plan which allows a company insider to set up a program in advance for such transactions and proceed with them even if he or she comes into possession of material nonpublic information.
Insiders file Form 4s with the SEC to report transactions in their companies' shares. Open market purchases and sales must be reported within two business days of the transaction.
Viacom is based in New York.