National Amusements Inc., the privately held firm run by media mogul Sumner Redstone, will further reduce its stakes -- but retain voting control -- in CBS Corp. and Viacom in order to pay off NA's creditors.

National Amusements said it expects to make about $600 million from the sale of Viacom shares and about $345 million from the sale of the CBS shares.

National Amusements said it doesn't plan to cut further its ownership stake in CBS and Viacom, and that the company will still hold more than 75% of the voting control in each company after the offerings.

Read more in the Wall Street Journal. [1]