Paramount Agrees To Largest Class Action Settlement In Delaware History Over CBS-Viacom Merger
Paramount Global PARA has agreed to pay $122.5 million in a lawsuit settlement claiming that the CBS-Viacom merger was unfair to shareholders. The ...
Paramount Global PARA has agreed to pay $122.5 million in a lawsuit settlement claiming that the CBS-Viacom merger was unfair to shareholders. The company revealed that it has agreed to settle the class action litigation now pending in the Delaware Court of Chancery, reports the Variety. According to the lawsuit, during the merger process, CBS stock was overpriced, and Viacom was undervalued, causing harm to Viacom shareholders. The lawsuit alleged that Paramount Global's chairwoman, Shari Redstone, ousted the board members in a 'tyrannical' effort to merge the two companies, as reported by Variety.