Shareholders brought the suit in 2019, alleging that CBS overpaid for Viacom, at the urging of Shari Redstone.
Indeed, Redstone was at the center of the suit, which claimed that Viacom’s board accepted a lower price for the merger in order to secure Redstone’s governance priorities .
“Plaintiffs allege that the willingness of the fiduciaries who served on Viacom’s transaction committee to allow Ms. Redstone to dominate their decision-making rendered them servile tools in Ms. Redstone’s relentless pursuit of a Viacom/CBS combination to advance her interests,” Vice Chancellor Joseph Slights wrote in a Dec. 2020 decision allowing the litigation to proceed.
Slights added in another decision a month later that the claims “allow a reasonable inference that CBS’s acquisition of Viacom was motivated not only by Ms. Redstone’s concerns about Viacom’s viability as a going concern, but also her desire to shop NAI following their consolidation.” Redstone, of course, pushed for the merger of the companies that her father, the tycoon Sumner Redstone, had built over decades. Sumner Redstone
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Paramount To Pay $122.5M To Settle 2019 Shareholder Lawsuit Over Viacom-CBS MergerParamount has agreed to pay $122.5 million to settle a 2019 lawsuit by Viacom shareholders over the company’s merger with CBS. The settlement was disclosed today in an SEC filing. In the fili…
Read more »
‘Star Trek: Discovery’ To End With Fifth Season In Early 2024 On Paramount+The end is in sight for Star Trek: Discovery. Paramount+ announced today that its longest-running original drama series will end with its upcoming fifth season in early 2024. Leading up to the fina…
Read more »
‘Star Trek: Discovery’ to End With Season 5, Paramount+ Pushes Premiere to 2024“Star Trek: Discovery” will end with the upcoming Season 5 at Paramount+, Variety has learned. In addition, the fifth and final season will now debut in early 2024 as opposed to this ye…
Read more »
Star Trek: Discovery Season 5 To Be The Paramount+ Show's LastParamount+ announces that their flagship Star Trek series Star Trek: Discovery will be ending with its upcoming season 5, due to premiere in 2023.
Read more »
‘Matlock’: Skye P. Marshall Joins Kathy Bates In CBS PilotEXCLUSIVE: Skye P. Marshall has been tapped as a lead opposite Kathy Bates in CBS’ drama pilot ‘Matlock,’ a new take on the classic legal TV drama starring Andy Griffith, which comes from Jennie Snyder Urman and Eric Christian Olsen
Read more »