Judge Allows Suit Accusing CBS Chief of Backing Viacom Merger for $125 Million Payout

Deutschland Nachrichten Nachrichten

Judge Allows Suit Accusing CBS Chief of Backing Viacom Merger for $125 Million Payout
Deutschland Neuesten Nachrichten,Deutschland Schlagzeilen

A Delaware judge has allowed CBS stockholders to sue over the 2019 merger of Viacom and CBS, finding a reasonable claim that former CBS chief Joseph Ianniello “sold” his support for the…

  • 📰 Variety
  • ⏱ Reading Time:
  • 34 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 17%
  • Publisher: 63%

Ianniello was president and chief operating officer under former CEO Les Moonves, and he sided with Moonves in trying to block the merger, arguing it would be bad for CBS. Redstone owned a controlling stake in both companies through National Amusements Inc., and was seeking to combine them to achieve greater scale.

Vice Chancellor Joseph Slights of the Delaware Chancery Court allowed the case to proceed on Wednesday, rejecting motions from Ianniello andIn the 159-page ruling, Slights noted that Redstone had been critical of Ianniello’s compensation package — which included a $60 million severance provision — when Ianniello was trying to block the merger. But once he switched sides, the judge wrote, Redstone endorsed his pay package and supported giving him tens of millions more.

Ianniello has disputed this, noting that as a CBS shareholder his incentives were aligned with those of the plaintiffs. But in a footnote, the judge said he was unpersuaded.

Wir haben diese Nachrichten zusammengefasst, damit Sie sie schnell lesen können. Wenn Sie sich für die Nachrichten interessieren, können Sie den vollständigen Text hier lesen. Weiterlesen:

Variety /  🏆 108. in DE
 

Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen



Render Time: 2025-01-16 18:43:21