{"id":48365,"date":"2018-05-14T10:53:02","date_gmt":"2018-05-14T17:53:02","guid":{"rendered":"https:\/\/www.trektoday.com\/content\/?p=48365"},"modified":"2018-05-14T10:53:02","modified_gmt":"2018-05-14T17:53:02","slug":"cbs-sues-viacom","status":"publish","type":"post","link":"https:\/\/trektoday.com\/content\/2018\/05\/cbs-sues-viacom\/","title":{"rendered":"CBS Sues Viacom"},"content":{"rendered":"

CBS Corporation <\/em>has filed a lawsuit to stop a merger of CBS <\/em>and Viacom, Inc.<\/em><\/p>\n

CBS<\/em> “seeks a temporary restraining order to prevent Redstone <\/em>and National Amusements Inc.<\/em> \u2014 the Redstone family investment vehicle that is the controlling stockholder of both CBS <\/em>and Viacom<\/em> \u2014 from trying to change CBS<\/em>‘ board members or governance documents before the board can meet Thursday and work to dilute the Redstones’ control over the company.”<\/p>\n

Shari Redstone<\/strong>, who wants the merger between the two companies, is accused of “breaching her fiduciary duty to CBS<\/em> shareholders in her pursuit of a CBS-Viacom<\/em> merger.”<\/p>\n

“Ms. Redstone, through her recently-obtained domination and control of [National Amusements<\/em>], has taken actions over the past two years that have led the Special Committee to conclude that she presents a significant threat of irreparable and irreversible harm to the Company and its stockholders,” said the lawsuit, filed Monday in Chancery Court in Delaware.<\/p>\n

National Amusements<\/em> said it was “outraged” by the lawsuit and “strongly refutes [CBS<\/em>‘] characterization of recent events.” It had “absolutely no intention of replacing the CBS<\/em> board or forcing a deal that was not supported by both companies.”<\/p>\n

The judge will “undoubtedly” grant that temporary restraining order, said C. Kerry Fields<\/strong>, a professor of business law and ethics at the USC Marshall School of Business.<\/em> “Judges typically are sympathetic to applications for temporary restraining orders when there is a matter of great seriousness that might be upset if this injunction isn’t put in place.”<\/p>\n

Fields believes that CBS<\/em> will prevail in the lawsuit and that the merger will not take place.<\/p>\n","protected":false},"excerpt":{"rendered":"

CBS Corporation has filed a lawsuit to stop a merger of CBS and Viacom, Inc….<\/p>\n","protected":false},"author":2,"featured_media":48366,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2700],"tags":[3278,9534,3071],"class_list":["post-48365","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-cbs","tag-redstone","tag-viacom"],"featured_image_urls":{"full":["https:\/\/trektoday.com\/content\/wp-content\/uploads\/2018\/05\/CbsRedston-GettyImages051418.jpg",580,225,false],"thumbnail":["https:\/\/trektoday.com\/content\/wp-content\/uploads\/2018\/05\/CbsRedston-GettyImages051418-150x150.jpg",150,150,true],"medium":["https:\/\/trektoday.com\/content\/wp-content\/uploads\/2018\/05\/CbsRedston-GettyImages051418.jpg",580,225,false],"medium_large":["https:\/\/trektoday.com\/content\/wp-content\/uploads\/2018\/05\/CbsRedston-GettyImages051418.jpg",580,225,false],"large":["https:\/\/trektoday.com\/content\/wp-content\/uploads\/2018\/05\/CbsRedston-GettyImages051418.jpg",580,225,false],"1536x1536":["https:\/\/trektoday.com\/content\/wp-content\/uploads\/2018\/05\/CbsRedston-GettyImages051418.jpg",580,225,false],"2048x2048":["https:\/\/trektoday.com\/content\/wp-content\/uploads\/2018\/05\/CbsRedston-GettyImages051418.jpg",580,225,false],"newsphere-slider-full":["https:\/\/trektoday.com\/content\/wp-content\/uploads\/2018\/05\/CbsRedston-GettyImages051418.jpg",580,225,false],"newsphere-featured":["https:\/\/trektoday.com\/content\/wp-content\/uploads\/2018\/05\/CbsRedston-GettyImages051418.jpg",580,225,false],"newsphere-medium":["https:\/\/trektoday.com\/content\/wp-content\/uploads\/2018\/05\/CbsRedston-GettyImages051418.jpg",580,225,false]},"author_info":{"display_name":"T'Bonz","author_link":"https:\/\/trektoday.com\/content\/author\/tbonz\/"},"category_info":"Business<\/a>","tag_info":"Business","comment_count":"0","_links":{"self":[{"href":"https:\/\/trektoday.com\/content\/wp-json\/wp\/v2\/posts\/48365","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/trektoday.com\/content\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/trektoday.com\/content\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/trektoday.com\/content\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/trektoday.com\/content\/wp-json\/wp\/v2\/comments?post=48365"}],"version-history":[{"count":1,"href":"https:\/\/trektoday.com\/content\/wp-json\/wp\/v2\/posts\/48365\/revisions"}],"predecessor-version":[{"id":48367,"href":"https:\/\/trektoday.com\/content\/wp-json\/wp\/v2\/posts\/48365\/revisions\/48367"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/trektoday.com\/content\/wp-json\/wp\/v2\/media\/48366"}],"wp:attachment":[{"href":"https:\/\/trektoday.com\/content\/wp-json\/wp\/v2\/media?parent=48365"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/trektoday.com\/content\/wp-json\/wp\/v2\/categories?post=48365"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/trektoday.com\/content\/wp-json\/wp\/v2\/tags?post=48365"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}