Where's Shakespeare when you need him? The credit crunch is throwing up sagas that cry out for dramatic treatment.

Take the Sumner Redstone story. The irascible octogenarian has fallen out with one son and two wives, has a fraught relationship with his daughter and is battling to save his MTV-to-CBS kingdom.

Now the bankers are calling in their loans and he has barely enough assets to back the $1.6 billion of debts collected at the family holding company. It is touch and go whether he can pull off a refinancing, in which he does not have to sell more of his shares in CBS or Viacom, owner of MTV.

Meanwhile, in Dublin, Sir Anthony O'Reilly faces a battle to keep control of his newspaper group, having amassed €1.4 billion in debts, and with a bond repayment looming.

It doesn't help that the long-running problems at Waterford Wedgwood are deepening as it falls behind on a bond repayment of its own. China and glass may have less emotional attachment than newspapers, however, and Sir Anthony may sacrifice control of Waterford as it raises money to survive.

Perhaps it would be better if Sir Anthony considered the same approach at Independent News & Media if it helped to raise cash for investment in its titles.

A less sentimental approach would certainly help Mr Redstone, who is looking rather short of heirs. He would probably see the value of Viacom, in particular, soar if he were to give up the control he exercises through a two-tier voting structure.

But then, willingness to yield would make the drama less compelling.

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