{"id":145221,"date":"2021-01-01T00:33:26","date_gmt":"2020-12-31T21:33:26","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/ex-viacom-shareholders-can-sue-shari-redstone-over-viacomcbs-merger\/"},"modified":"2021-01-01T00:33:26","modified_gmt":"2020-12-31T21:33:26","slug":"ex-viacom-shareholders-can-sue-shari-redstone-over-viacomcbs-merger","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/ex-viacom-shareholders-can-sue-shari-redstone-over-viacomcbs-merger\/","title":{"rendered":"#Ex-Viacom shareholders can sue Shari Redstone over ViacomCBS merger"},"content":{"rendered":"

“#Ex-Viacom shareholders can sue Shari Redstone over ViacomCBS merger<\/strong>”
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A Delaware judge ruled this week that former\u00a0Viacom\u00a0shareholders may pursue a lawsuit accusing Shari Redstone of engineering a \u201cpatently unfair\u201d merger that created\u00a0ViacomCBS so she could become a media<\/a> magnate like her late father, Sumner Redstone.<\/p>\n

Vice Chancellor Joseph Slights of the Delaware Chancery Court said it was reasonable to infer from the plaintiffs\u2019 claims that the December 2019 merger was \u201cnot entirely fair,\u201d and that Redstone used it \u201cto consolidate her control of\u00a0Viacom\u00a0and CBS at the expense of the\u00a0Viacom\u00a0minority stockholders.\u201d<\/p>\n

Shari Redstone\u2019s National Amusements Inc had controlled about 80 percent of the voting power of both\u00a0Viacom\u00a0and CBS, despite owning about 10 percent of the respective shares.<\/p>\n

Viacom\u00a0shareholders, led by the California Public Employees\u2019 Retirement System, the largest US public pension fund, accused Redstone of relentlessly pursuing a merger to advance her interests, including by replacing \u201csubversive\u201d directors with friends and relatives to get her way.<\/p>\n

In his 76-page decision, Slights let the shareholders pursue breach of fiduciary duty claims against Redstone, National Amusements and\u00a0Viacom\u00a0directors who negotiated the merger.<\/p>\n

He dismissed the same claim against\u00a0ViacomCBS Chief Executive Bob Bakish, finding no evidence of wrongdoing and saying it app<\/a>eared Bakish \u201cdeliberately chose not to flaunt his power as chief executive.\u201d<\/p>\n

ViacomCBS\u2019 businesses include CBS television, CBS News<\/a>, Showtime, Comedy Central, MTV, Nickelodeon and the Paramount movie studio. Redstone is the New York-based company\u2019s non-executive chairman.<\/p>\n

Slights\u2019 decision is dated Tuesday. Lawyers for the defendants and the shareholders did not immediately respond on Thursday to requests for comment.<\/p>\n

ViacomCBS is not a defendant. A related lawsuit by former CBS shareholders against Redstone, National Amusements and former CBS directors is pending in the Delaware court.<\/p>\n

The\u00a0ViacomCBS merger followed unsuccessful merger attempts in 2016 and 2018. Sumner Redstone had split the companies at the beginning of 2006. He died on Aug. 11 at age 97.\n <\/p><\/div>\n

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Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

“#Ex-Viacom shareholders can sue Shari Redstone over ViacomCBS merger” A Delaware judge ruled this week that former\u00a0Viacom\u00a0shareholders may pursue a lawsuit accusing Shari Redstone of engineering a \u201cpatently unfair\u201d merger that created\u00a0ViacomCBS so she could become a media magnate like her late father, Sumner Redstone. Vice Chancellor Joseph Slights of the Delaware Chancery Court said…<\/p>\n","protected":false},"author":1,"featured_media":145222,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2020\/12\/shari-redstone-viacomcbs-lawsuit.jpg?quality=90&strip=all&w=1200","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[88228,70446,70584,88271,88272,26655],"class_list":["post-145221","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-12-31-20","tag-lawsuits","tag-mergers-acquisitions","tag-shareholders","tag-shari-redstone","tag-viacomcbs"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/145221","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=145221"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/145221\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/145222"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=145221"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=145221"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=145221"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}