Shari Redstone Les Moonves Gene Maddaus-Senior Media Writera state Delaware stage president Shari Redstone Les Moonves Gene Maddaus-Senior Media Writera state Delaware

Judge Allows Suit Accusing CBS Chief of Backing Viacom Merger for $125 Million Payout

Reading now: 881
variety.com

Gene Maddaus Senior Media WriterA Delaware judge has allowed CBS stockholders to sue over the 2019 merger of Viacom and CBS, finding a reasonable claim that former CBS chief Joseph Ianniello “sold” his support for the deal to Shari Redstone in exchange for a $125 million payout.Ianniello was president and chief operating officer under former CEO Les Moonves, and he sided with Moonves in trying to block the merger, arguing it would be bad for CBS.

Redstone owned a controlling stake in both companies through National Amusements Inc., and was seeking to combine them to achieve greater scale.But after Moonves’ ouster over misconduct allegations in September 2018, Ianniello had a change of heart.

Read more on variety.com
The website starsalert.com is an aggregator of news from open sources. The source is indicated at the beginning and at the end of the announcement. You can send a complaint on the news if you find it unreliable.

Related News

DMCA