Shareholder lawsuit blasts Shari Redstone's 'persistent influence' in Viacom-CBS merger [Los Angeles Times (CA)]
ViacomCBS Inc. - Class A (VIACA)
Company Research
Source: Los Angeles Times
ViacomCBS investors in a sweeping class-action lawsuit allege that controlling shareholder Shari Redstone used her “persistent influence” to push through a controversial merger and sideline those who stood in her way. CBS had fiercely resisted a merger with Viacom — until last year. But Redstone enlisted the support of pliant board members and executives to orchestrate the deal, according to a 117-page lawsuit filed in Delaware Chancery Court, which was made public this week. The case details behind-the-scenes maneuverings that led to a softening of CBS’ position, paving the way for the December union between the two companies. The companies were worth more than $30 billion before the merger was announced last summer. ViacomCBS’ stock, however, has been on a precipitous decline this year, worsened by weak earnings and the coronavirus outbreak, which has pummeled traditional entertainment companies. On Thursday, the value of the combined ViacomCBS was $9.7 billion. Its shares, which cl
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