has agreed to a $167.5 million settlement of a case stemming from the 2019 merger of Viacom Inc and CBS Corp that created the entertainment company, a filing showed.
The settlement, reached on Tuesday, provides for the dismissal of the case in exchange for the payment to Paramount, according to a Securities and Exchange Commission filing published on Friday. CBS shareholders filed three separate suits, which were later consolidated, alleging the company had overpaid for Viacom, clearing the way for media mogul Shari Redstone to reunite the family's media holdings.
Paramount reached a $122.5 million settlement in March with Viacom shareholders that also stemmed from the merger.
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Paramount to Pay $167.5M to Settle Shareholder Suit Tied to CBS-Viacom MergerThe settlement comes a month after the company agree to pay $122.5M in a similar suit.
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Paramount to Receive $167.5M to Settle Shareholder Suit Tied to CBS-Viacom MergerThe settlement comes a month after the company agree to pay $122.5M in another suit related to the merger.
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Paramount Gets $167M In Settlement Of Suit By CBS Shareholders Against Shari Redstone, Directors, Ending Years-Long Merger LitigationParamount 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…
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