Wednesday, 20 June, 2018

CBS sues majority shareholder Shari Redstone to halt Viacom merger

A long-running dispute between CBS and Redstone has erupted into open warfare. Bloomberg’s Nabila Ahmed reports A long-running dispute between CBS and Redstone has erupted into open warfare. Bloomberg’s Nabila Ahmed reports
Jean Garcia | 14 May, 2018, 23:29

During the CBS board meeting Thursday, the directors will consider a dividend of Class A shares to Class B shareholders that would dilute National Amusements' voting interest from about 80 percent to 17 percent.

The lawsuit accuses Shari Redstone, president of majority shareholder National Amusements and vice chair of both CBS and Viacom, of neglecting her fiduciary duty by pressing the deal against the will of the board and precipitating a $7-billion drop in CBS' market cap. The dividend would not dilute the economic interests of any CBS stockholder.

"If consummated, the dividend would enable the company to operate as an independent, non-controlled company and more fully evaluate strategic alternatives", CBS stated.

"We do believe that in a consolidating media industry the unique assets at both CBS and Viacom could drive meaningful premiums to their current trading values, especially if, as we expect, Time Warner/AT&T are successful in defeating the DOJ's antitrust lawsuit to stop the merger", Crockett wrote.

Chipotle fired her for alleged theft. Now it owes her $8 million
Ortiz filed the lawsuit and claimed she was terminated because she took a medical leave, the fourth during her employment. Jurors awarded Ortiz $6 million for emotional distress and $1.97 million for loss of wages, according to the Bee.

The suit, filed Monday in the Chancery Court in DE, is an effort to block National Amusements and its president, Ms. Redstone, from being able to force a recombination of CBS and Viacom, which are both controlled by the Redstones.

Neither CBS nor National Amusements would comment, and Verizon did not respond to multiple requests seeking comment.

CBS and Viacom had reached a deal in price for a merger of the two, according to sources familiar with the situation.

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