WASHINGTON—Viacom Inc. Chairman Sumner Redstone sold 490,739 shares of common stock back to the media conglomerate for about $18.8 million, according to a Securities and Exchange Commission filing.
In a Form 4 filed Tuesday with the SEC, Redstone reported he sold the shares Friday for $38.24 apiece. Redstone owned the shares indirectly through NAIRI Inc. Both NAIRI and parent company National Amusements Inc., of which Redstone is the controlling shareholder, participate in Viacom's stock purchase program.
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.
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