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CBS & Viacom M&A $167.5M Shareholder Settlement
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Delaware court of ChanceryCourt
13 Aug 2019Class period Start
04 Dec 2019Class period End
A settlement of $167.5 million has been reached by investors to resolve allegations of breached fiduciary duties in relation to the 2019 CBS & Viacom merger.
The specific allegation was that Shari Redstone utilized her controlling stake to secure an unfair agreement.
ALL CURRENT HOLDERS OF PARAMOUNT GLOBAL STOCK AND ALL PERSONS OR ENTITIES WHO OR WHICH HELD SHARES OF CBS CORPORATION CLASS B STOCK AT ANY TIME BETWEEN AND INCLUDING AUGUST 13, 2019, AND DECEMBER 4, 2019.
CBS & Viacom M&A:
- On August 13, 2019, Viacom and CBS Corporation announced that they had entered into an agreement pursuant to which Viacom would merge with and into $CBS in a stock-for-stock merger transaction.
- Each outstanding share of Class A common stock of Viacom would be converted into the right to receive 0.59625 shares of Class A common stock of $CBS,
- Each outstanding share of Class B common stock of Viacom would be converted into the right to receive 0.59625 shares of Class B common stock of CBS.
20 February 2020
Cleveland Bakers and Teamsters Pension Fund, International Union of Operating Engineers of Eastern Pennsylvania and Delaware
Prickett, Jones & Elliott, P.A., Kessler Topaz Meltzer & Check, LLP, Grant & Eisenhofer P.A.
National Amusements, Inc., the Sumner M. Redstone National Amusements Trust, Shari E. Redstone, Candace K. Beinecke, Barbara M. Byrne, Gary L. Countryman, Linda M. Griego, Robert N. Klieger, Martha L. Minow, Susan Schuman, Frederick O. Terrell, Strauss Zelnick, Joseph Ianniello
A.B. Data Ltd
Settlement agreement date
Court hearing date
06 September 2023
22 August 2023
22 August 2023
Trades matching type
+$167,500,000Total Settlement Amount
07 September 2023
$CBS $167.5M Settlement:
Delaware vice chancellor approved the $167.5 million settlement of long-standing direct & derivative litigation over $CBS Corporation's $30 billion acquisition of Viacom in 2019.