Judge Rules for Fairness Review in ViacomCBS Merger Shareholder Lawsuit
Cynthia Littleton Business EditorThe 2019 Viacom-CBS merger will undergo strict legal scrutiny now that a Delaware Chancery Court judge has allowed a lawsuit to proceed from shareholders who say they were shortchanged in the transaction because of pressure applied by ViacomCBS controlling shareholder Shari Redstone.Judge Joseph Slights ruled that the plaintiffs made a credible enough case, or as he put it, a “reasonably conceivable basis,” that there were irregularities that benefitted Redstone and thus a review of the process for “entire fairness” was warranted.