Flickr: Creative Commons by Kriston Lewis

While Republican leaders of the non-reality-based Right grapple with the undeniable reality that they no longer have a valid message, and Warren Buffett continues to make money regardless the economic weather, Sumner is heading for a fall.

Sad that. Wait... What's sad about that? (I'll get back to you.)

The Los Angeles Times reports that Sumner Redstone shed $400 million in nonvoting shares to quell some throbbing debt. National Amusements was looking down the barrel of a margin call. The consequences will be wide spread. According to the Los Angeles Times: 

"Given the rapid softening of the economy and the uncertainty this creates in forecasting advertising growth, we are taking the prudent step of moderating our near-term targets," Viacom Chief Executive Philippe Dauman said in a statement.

Dauman said Viacom, which owns cable channels including MTV, Nickelodeon and Comedy Central along with the Paramount Pictures studio, would move to "quickly adapt to the changing environment" and
"take appropriate steps to secure new efficiencies." Viacom executives declined to elaborate or say whether there soon would be job cuts.

CBS said it would take a write-down of about $14 billion to account for the diminished value of its TV and radio stations, which have been hard hit by the advertising downturn. The noncash charge, which is meant to bring the value of the company's assets in line with the market value of CBS, is expected to be included in third-quarter results at the end of the month.

CBS nonvoting B shares nose-dived Friday, falling 20% to $8.10. A year earlier, they were trading at $30. Viacom's B shares also plunged, at one point trading down 28%. They bounced back a bit, ending the day down 17.9% to $16.50. The shares are down 62.4% since the beginning of the year.