Mergers & Antitrust Law News

Redstone, Viacom Board Sued by Pension Fund Over CBS Merger

Jan. 8, 2020, 10:24 PM

National Amusements Inc. and its owner, media mogul Shari Redstone, were hit with a Delaware lawsuit claiming they “expropriated potentially billions of dollars from Viacom’s minority shareholders” by forcing through its $11.7 billion merger with CBS Corp.

The tie-up, which created ViacomCBS early last month, consummated years of attempts by Redstone to reunite the two companies after they split in 2006. Before the transaction, Redstone, whose father Sumner Redstone helmed the media empire for years, controlled both through NAI, which operates movie theaters.

The Chancery Court suit also targets former Viacom president-CEO Robert M. Bakish—now in the same role for...

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