Media magnate, Sumner Redstone is nearing a deal with creditors to restructure $1.6 billion of debt from National Amusements, The Financial Times reports. Half of National Amusement’s $1.6 billion debt was due on Dec. 19.

Redstone controller of MTV cable networks, CBS broadcast network and Paramount movie studios is also expected to sell some of National Amusement’s 1,500 cinemas in the U.S. and the U.K. National Amusements, a holding company, owns cinema chains and has majority stakes in Viacom and CBS.

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