Paramount to Receive a $167 Million Settlement to Resolve Shareholder Lawsuit Over Viacom-CBS Merger

Paramount Global said Friday 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 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.

This marks the conclusion of long-standing litigation of two shareholder suits, by Viacom 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 February 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 by stockholders, on behalf of the company, against Redstone, National Amusements, CBS board members and Joseph Ianniello, the former CBS president and acting chief executive officer (following Les Moonves’ exit).

Read the source article at finance.yahoo.com