securities filing. CBS shareholders had alleged that it overpaid for Viacom in 2019 so that Shari Redstone could consolidate her family’s media empire.According to a securities filing Friday, the company will be paid $167.5 million to settle the suit.
It is separate from another settlement revealed in March, in which former Viacom shareholders received $122.5 million from the company.In the latest settlement, the CBS shareholders alleged that the company overpaid for Viacom so that Redstone (the controlling shareholder of both companies) could consolidate her family’s media empire.
It also took issue with “waste and unjust enrichment in connection with certain aspects of … compensation awards” for Joe Ianniello, former CEO of CBS after the exit of Les Moonves.
Read more on thewrap.com
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