Paramount to pay $122.5 million to settle lawsuit over CBS deal
LA TimesShari Redstone, now Paramount Global chairman, at the premiere of “Ghost in the Shell” at AMC Loews Lincoln Square in New York. Paramount Global has agreed to pay $122.5 million to settle a 3-year-old lawsuit brought by several large investment funds that believed the company pushed through the 2019 merger of Viacom and CBS at the expense of minority shareholders. The plaintiffs argued the company’s controlling shareholder Shari Redstone, now chairman of Paramount Global, breached her fiduciary duties by filling the Viacom board with friends and allies so that she could push through her merger agenda. Under the nearly $12-billion deal, CBS, the top-rated broadcast television network, combined with the smaller Viacom, which owned such brands as MTV, Nickelodeon, Comedy Central and Paramount Pictures. Entertainment & Arts CBS-Viacom merger officially completed CBS and Viacom formally completed their merger, temporarily claiming the spot as the biggest media merger until the AOL-Time Warner deal closes.
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