Paramount Global has agreed to a $167.5 million settlement of investors’ lawsuits over the controversial 2019 merger of CBS Corp. and Viacom Inc.
CBS shareholders filed three separate suits, which were later consolidated, alleging the company had overpaid for Viacom, clearing the way for media mogul Shari Redstone to bolster her family’s media empire. Her father initially bought the network in 1999 for $35 billion.
CEO of Viacom Robert M. Bakish and Sherri Redstone attend as ViacomCBS Inc. rings the opening bell at NASDAQ on December 05, 2019, in New York City.Paramount owns CBS, MTV and Nickelodeon.Reuter's contributed to this report.
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