Economy

CBS and the Redstones may want to book Judge Judy

CBS and the Redstones may want to book Judge Judy

"(CBS) Lawsuit Means All Out War, Rules Out Friendly Transaction with Viacom (VIAB) - CNBC" on May 14, 2018, also Streetinsider.com published article titled: "Viacom (VIAB) May option implied volatility increases after CBS (CBS) files suit against National Amusements", Streetinsider.com published: "Wall Street gains as trade worries subside" on May 14, 2018.

CBS has filed a suit against National Amusements alleging breach of fiduciary duty and seeking to prevent it from interfering in a special meeting where CBS directors will consider a dividend of class A common shares to be distributed to all stockholders.

"In a move that escalates an internal battle for control, CBS has filed a lawsuit in Delaware Chancery Court against Shari Redstone, Sumner Redstone and National Amusements, Inc., now the controlling stakeholder for CBS", The Hollywood Reporter's THR, Esq., reports.

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. Viacom shares dropped 7 per cent to $28.05, giving it a market value of $12 billion, as investors fretted over the company's prospects as a stand-alone company. (NAI), the holding company created by her father, 94-year-old Sumner Redstone. A sticking point in merger talks is what role her handpicked lieutenant - Viacom CEO Bob Bakish - would play. The firm has "Hold" rating by Loop Capital given on Friday, November 17.

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Lawyers for CBS reveal in the filing that the board of directors plans to hold an emergency meeting on Thursday to discuss ways to dilute National Amusement's voting power moving forward.

In a sign that CBS is keeping the door open to negotiations with Redstone, CBS said in its lawsuit that if it is granted an injunction against Redstone, it would agree not to issue the dividend once it approves it, pending further orders from the court.

"Even if Ms. Redstone does not attempt to force a merger with Viacom, the harm to CBS and it stockholders is clear: despite management's record performance in the face of Ms. Redstone's conduct, CBS's stock has fallen from almost $70 to around $50 in the last several months-an approximately $7 billion loss in market cap born by Class B stockholders", the suit states.

"The dividend would not dilute the economic interests of any CBS stockholder", CBS said in a press release. Verizon declined to comment. "With the expectation that the Redstones may attempt to interfere with the planned meeting, CBS in a preemptive measure is demanding a temporary restraining order from a DE judge".


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