CBS sues Redstone firm over dilutive dividend, endangering Viacom deal

15 May, 2018, 21:53 | Author: Rafael Roberts
  • CBS declares war on Shari Redstone over Viacom merger

"Ms. Redstone interfered with the CBS Board nomination process and installed on the Board the Redstones" personal lawyer, who has sought to implement her directives, ' states one.

The lawsuit was pre-emptive, CBS said, because Ms. Redstone had considered replacing CBS's board if it continued to resist a merger with Viacom.

NAI says it is outraged by the actions and is expected to file its response to the courts on Tuesday.

Monday's suit is created to prevent Redstone "from interfering", according to a CBS statement. Though National Amusements abandoned a proposal for CBS and Viacom to combine in 2016, CBS fears it may come up again.

CBS has raised the stakes in its ongoing power struggle with the Redstone family as it tries to prevent a forced merger with Viacom.

CBS and Viacom formed special committees to explore the merger in February.

Fox Doubles Down on Familiar Funny Faces After Axing 'Brooklyn Nine-Nine'
It had nothing to do with Roseanne that we were interested in the first place. With Thursday Night Football , there were two fewer hours to program.

Moonves wants CBS COO Joseph Ianniello to be president and COO of the merged entity, and to succeed him as CEO when he retires. A sticking point in merger talks is what role her handpicked lieutenant - Viacom CEO Bob Bakish - would play. "This is not too dissimilar to the course of action at Viacom sometime back when the board sued the Redstones, but the circumstances were different due to the ground of litigation as well as credibility of the management team at Viacom", Venkateshwar wrote in a research note.

National Amusements may view a combined media property, whose assets include a top broadcast network, a film studio and multiple cable outlets, as positioned to fetch a higher price from a potential acquirer.

CBS said the committee is seeking to "protect stockholders' interests and unlock significant stockholder value".

Ms. Redstone has called the CBS Lawsuit 'Outrageous, "Precipitous, ' and 'Bullying.' A statement from National Amusements responded, "NAI had absolutely no intention of replacing the CBS board or forcing a deal that was not supported by both companies". NAI has made every effort to deal with this matter privately and confidentially.

The lawsuit came at the beginning of a big week for CBS. On Wednesday, the company will hold its 2018-2019 Upfront presentation in NY. Moonves typically speaks on stage and promotes the strength of the network at the Carnegie Hall event.

Recommended:

  • Growing Apple Music has a massive 50 million active users

    Growing Apple Music has a massive 50 million active users

    Last month Apple also announced the promotion of Oliver Schusser to lead Apple Music Worldwide. The company now has more retail stores in China than in any other country outside of the U.S.
    UP dust storm toll mounts to 39; 50 injured

    UP dust storm toll mounts to 39; 50 injured

    Air travel in Delhi was also affected, with around 70 flights being diverted from the city's worldwide airport on Sunday night. Hail, wind and thunderstorms brought down walls, trees and power pylons in Uttar Pradesh state, killing 48 people, T.
    China remains committed to Iran deal despite United States  pullout

    China remains committed to Iran deal despite United States pullout

    Michael Rubin, an Iran expert at the American Enterprise Institute, said the USA invasion of Iraq under George W. And he added, "I don't trust these three countries", Britain, France and Germany. "We're out of the deal.
  • Amazon Go cashier-less stores are coming to Chicago and San Francisco

    Amazon Go cashier-less stores are coming to Chicago and San Francisco

    Amazon's technology, including overhead cameras, keeps track of what they buy and charges customers after they leave. No checkout is required; people are charged for the items they take shortly after leaving the store.
    AAA Michigan: Statewide average gas prices up 7 cents

    AAA Michigan: Statewide average gas prices up 7 cents

    As of Sunday afternoon, the Colorado average was $2.72 a gallon, which is the cheapest in the Rockies region. Overall, the national average of gas prices has risen 15 cents per gallon during the last month.
    Ryan Reynolds recalls surreal encounter with honeymooning fans

    Ryan Reynolds recalls surreal encounter with honeymooning fans

    The host announced (in subtitles), "This contestant is the main character of the movie " Deadpool ". After the special stage, it was time to reveal the identity of the "Unicorn". "Hello everybody.
  • Have a look at Rage 2's first gameplay trailer

    Have a look at Rage 2's first gameplay trailer

    The company finally officially unveiled the first-person shooter in a two-minute gameplay trailer, which can be viewed below. We will play for Walker, the last Ranger of the Badlands, which is a hard path of struggle against oppressive Government.
    Gotham renewed for fifth and final season

    Gotham renewed for fifth and final season

    The renewal is somewhat surprising given the show's ratings , and the fact that Fox has been swinging its axe with reckless abandon.
    Footage from scene of Offaly light aircraft crash

    Footage from scene of Offaly light aircraft crash

    However, an eyewitness told the Herald that, a short time later, he saw the plane flying low overhead. He then called 999 and waited at the scene to direct the emergency services to the crash site.
  • Australian astronomers find black hole as big as 20 billion suns

    Australian astronomers find black hole as big as 20 billion suns

    Astronomers are not yet sure how this black hole grew so large, so quickly in the early days of the universe. Previously, astronomers had already found black holes much heavier than they should be due to their age.
    Hero Gotze Misses Out On Germany's World Cup Squad

    Hero Gotze Misses Out On Germany's World Cup Squad

    The 32-year-old last played in a competitive outing for the Bavarians in September 2017 against 1. But there is a notable absentee with World Cup final goal scorer Mario Gotze missing out.
    Rage 2 Teaser Trailer Leaks

    Rage 2 Teaser Trailer Leaks

    We're not sure what else the Fallout publisher has up its sleeve, but it has been a while since a brand new Elder Scrolls game ... That's set to drop at the same time that this one did, at 7 AM PT / 10 AM ET / 3 PM BST (12 AM AET on May 16).


Popular

Russian Federation qualify for 2019 World Cup in Japan after Romania docked points
They are scheduled to play Japan in the tournament's opening match on September 20 next year at the Tokyo Stadium. The change comes after an investigation led to three teams in the European qualifiers being deducted points.

Inmate clashes may have prompted Surabaya bombings
He also said he will look into enforcing new anti-terrorism regulations if parliament fails to pass a bill in the next month. The country launched a crackdown on militants following bombings by radical is Bali in 2002 killed 202 people.

Watch 2018 NBA Draft Lottery Online
The 1993 Magic entered the lottery with the 11th-best odds and won, taking Chris Webber before flipping him for Penny Hardaway. The team will have an 8.4 percent chance of receiving the seventh pick and a 0.4 percent chance of receiving the eighth pick.

Honor 7C arrives in India on May 22
Camera wise, it sports a dual rear camera with a 13MP primary camera with LED flash, f/2.2 aperture, and a secondary 2MP camera. If that wasn't enough, Honor's choice of colours for the Honor 10 , Phantom Blue and Midnight Black, is crazier still.

Iran, EU try to save nuclear deal
The EU's energy commissioner is also traveling this week to Iran to discuss strengthening European energy support to Iran. Mogherini said "the aim" is to see how Iran and the Europeans "can coordinate actions" in order to preserve the deal.

Uber to Stop Forcing Sexual Assault Victims into Arbitration
West added that Uber will not require confidentiality provisions in any settlements. Uber also announced two other policy changes pertaining to sexual assault.

Ex-Trinidad and Tobago defender Jlloyd Samuel dies at 37
BT Sport tweeted: "The condolences of everyone at BT Sport are with the family, friends and team-mates of Jlloyd Samuel". Samuel, 37, was returning home in England after dropping his kids off at school before the tragedy.

Apple faces class action over MacBook keyboard
Apple knew that the MacBook is defective at or before the time it began selling the affected models to the public. The suit is demanding damages, legal fees, a public disclosure, and a free replacement or fix of defective units.

Concert announcement: Drake and Migos team up for tour, will play Vancouver
The Aubrey & The Three Amigos Tour will stop at Vancouver's Rogers Arena for back-to-back shows on November 3 and November 4. Drake has released the singles "God's Plan" and "Nice For What" ahead of his anticipated fifth studio album " Scorpion ".

Mercedes-AMG GT S Roadster joins GT line-up
Mercedes-AMG is taking pre-orders for the GT S Roadster now, although it won't be launched in the United Kingdom until July. The model, which is based on the standard GT S, has been slotted between the AMG GT Roadster and the AMG GT C Roadster .