Several large investment funds had sued Paramount Global alleging that the company pushed through the 2019 merger of Viacom and CBS at the expense of minority shareholders.
Paramount Global has agreed to pay $122.5 million to settle a 3-year-old lawsuit brought by several large investment funds that believed the company pushed through the 2019 merger of Viacom and CBS at the expense of minority shareholders.
The settlement, revealed in a financial filing by Paramount, marks the resolution of the suit filed in Delaware Chancery Court., now chairman of Paramount Global, breached her fiduciary duties by filling the Viacom board with friends and allies so that she could push through her merger agenda. The suit contended that the Viacom-CBS merger was enacted to protect the fortunes of the Redstone family and its investment vehicle, National Amusements Inc., rather than rank-and-file CBS shareholders. Under the nearly $12-billion deal, CBS, the top-rated broadcast television network, combined with the smaller Viacom, which owned such brands as MTV, Nickelodeon, Comedy Central and Paramount Pictures.
CBS and Viacom were first merged in 2000. But the companies were separated in 2006 when Sumner Redstone, Shari’s father, feared that the challenges facing CBS’ broadcast business would slow the growth of the stock. CBS turned out to be the more prosperous company in the years that followed.CBS and Viacom formally completed their merger, temporarily claiming the spot as the biggest media merger until the AOL-Time Warner deal closes.
The Redstone family controlled nearly 80% of the voting stock of both Viacom and CBS. The merged company
Brasil Últimas Notícias, Brasil Manchetes
Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.
Paramount Global to Pay $122 Million to Settle Shareholder Suits Over Viacom-CBS MergerParamount Global disclosed on Friday that it will pay $122.5 million to settle lawsuits from Viacom shareholders arising from the company’s merger with CBS. In a securities filing, the compan…
Consulte Mais informação »
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…
Consulte Mais informação »
Paramount Will Pay $122.5M to Settle CBS-Viacom Merger LawsuitShareholders brought the suit in 2019, alleging that CBS overpaid for Viacom, at the urging of Shari Redstone.
Consulte Mais informação »
‘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…
Consulte Mais informação »
‘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…
Consulte Mais informação »
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.
Consulte Mais informação »