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Redstone, Viacom Board Deny Wrongdoing in CBS Merger

Sept. 15, 2020, 10:26 PM

Media mogul Shari Redstone and Viacom Inc. board members pushed back against allegations that they forced through the company’s $11.7 billion merger with CBS Corp. at shareholders’ expense.

Viacom shareholders sued Redstone, several board members, and related companies National Amusements Inc. and NAI Entertainment Holdings LLC in Delaware’s Court of Chancery in 2019, just before the merger closed. They allege Redstone was obsessed with gaining control of the media empire from her late father, Viacom founder Sumner Redstone, and installing company leaders that she could control.

“This is a case about a controller on a mission” to combine the two ...