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Paramount Gets $167M In Settlement Of Suit By CBS Shareholders Against Shari Redstone, Directors, Ending Years-Long Merger Litigation

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Paramount Global said that, pending court approval, it will receive $167.5 million in settlement of a suit by shareholders of the former CBS Corp. against some of the broadcaster’s former off…

Corp. against some of the broadcaster’s former officers and directors, including Shari Redstone and Joseph Ianiello. Called a derivative suit, it’s filed on behalf of the company, whose parent is getting the cash.and CBS stockholders, in Delaware Chancery Court, both related to the 2019 merger of Viacom and CBS. ViacomCBS changed its name to Paramount Global in Feb. of 2022.

The Viacom suit was settled last year, with Paramount agreeing to pay shareholders $122 million directly in a settlement. The CBS suit was a bit different in structure, brought on behalf of the company against Shari Redstone, National Amusements, CBS board members, andThe complaint, a consolidation of three class action suits, alleges breaches of fiduciary duties in connection with the negotiation and approval of the merger agreement.

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