Redstone cuts stake in Waukegan's WMS Industries

Sumner Redstone cut his stake in slot-machine maker WMS Industries Inc. to 4.9 percent as he sells assets to restructure debt at his National Amusements Inc. family holding company.

The investor sold 445,000 WMS shares yesterday, lowering his stake to 2.41 million, after disposing of 1.14 million shares on April 8, according to a regulatory filing today. He already sold shares last year, reducing holdings he's held for decades to 4 million as of July 28, according to Bloomberg data.

Redstone, who controls CBS Corp. and Viacom Inc., is also seeking a buyer for some of his movie theater operations. He was forced to sell $233 million of Viacom and CBS holdings in October after a plunge in the two media companies' share prices put National Amusements in violation of loan terms.

The billionaire has invested in Waukegan-based WMS since the company made pinball machines. WMS has since become the third-largest U.S. maker of slot machines, including those based on the Monopoly game.

Redstone is selling U.S. cinemas, except those in New England, three people told Bloomberg in February. National Amusements is also looking for buyers of some movie theater operations outside the U.S., said the people, who asked not to be named because the talks are private.