The lawsuit filed Monday accuses Ms. Redstone of breaching her fiduciary duty to CBS shareholders by pressing for a merger of the companies against the wishes of CBS board members.
Redstone reportedly wanted Viacom's CEO Bob Bakish to take the reigns as COO of a combined Viacom-CBS, while Moonves was pushing for current COO, Joe Ianniello. The dividend would not dilute the economic interests of any CBS stockholder, ' states the release.
Redstone, daughter of retired Viacom mogul Sumner Redstone, wants CBS and sister media company Viacom to merge - a move that CBSCEO Leslie Moonves and the CBS board of directors have had reservations about.
National Amusements controls a similar share of the vote at Viacom.
The CBS board is considering issuing a dividend from Class A stock to shareholders across Classes A and B to dilute National Amusements' voting interest from 79 percent to about 17 percent.
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.
Viacom and CBS first split in 2006, and the recent lawsuit comes after months of talks between the two about a potential remerger. Viacom's investors would receive 0.6135 CBS shares for each Viacom share they own, according to a person familiar with the matter who was not authorized to discuss the negotiations.
The Redstone family booted Viacom CEO Philippe Dauman off the board along with four other directors so the controlling shareholder could change Viacom's management, which the Redstones blamed for the company's declining stock price at the time.
CBS accused Redstone of interfering with the CBS board nomination process, of undermining CBS' management team and blocking another unnamed acquisition partner from pursuing a deal with CBS.
National Amusements says it is "outraged" and has no intention of forcing a deal not supported by both companies. After a year and a half of resisting National Amusements's entreaties to pair up the businesses, CBS made a decision to challenge its controlling shareholder - a move that could give its leadership greater power to merge with other companies.
The Rapid City Area School Board approved the preliminary budget for next school year on Monday night at about $221 million. The board would consist of three members of the School Board , two members of the City Council and the Mayor.
Al parecer, Melania Trump padecía un problema renal que la llevará a permanecer hospitalizada durante al menos una semana. Diez años antes, en 1977, Rosalynn Carter tuvo que operarse para la extirpación de un tumor benigno en el pecho.
Punch reports that 4,000 doses of Ebola vaccine would be sent to DRC by World Health Organization in the nearest furture. Currently, the outbreak does not meet the criteria for declaring a "public health event of global concern".
To begin with, Sasha Baron Cohen was supposed to play Mercury, but he stepped down due to "creative differences". After a year in the role, Singer was sacked for behavioural reason, and Dexter Fletcher resumed the post .
We are set and full of energy to convey new impetus to our relations in both political and trade-economic sectors. We will remind that Nikol Pashinyan on April 17 announced the beginning of the "velvet revolution" in Armenia.
If you are driving a Tesla equipped with Autopilot hardware, you are 3.7 times less likely to be involved in a fatal accident. Musk said in the memo that Tesla still plans to hire more people to help it ramp up its Model 3 production .
NASA's Launch Services Program, based at the agency's Kennedy Space Center in Florida, is responsible for launch management. Thus far, all our explorations of Mars have taken place from space or on the surface with rovers .
Jay-Z Working On New Prince Album For TIDAL
The family wishes through its investigation to shed light on this epidemic and how to better the fight to save lives. Since Prince's passing we've seen a reissue of Purple Rain and a greatest hits compilation.
Rep. Himes Questions Trump's Support Of Chinese Telecom Company
A security firm, Kryptowire, disclosed in 2016 that Chinese phones are loaded with software that sends a user's data to Beijing. Given the amount is only 2.5 per cent of China's annual exports, many economists believe the direct impact would be small.
Joe Hart left out of England's World Cup squad
Newcastle's Jonjo Shelvey has performed well recently but last donned the Three Lions in November 2015. Joe Hart will be left at home by Southgate following a disappointing campaign on loan at West Ham.
Rage 2 gameplay trailer
Between the two I expect we'll see Rage 2 in depth, plus everything else this first teaser is missing: Release date, et cetera. Annoyingly there's no indication as to what quarter of 2019 Rage 2 will arrive, but we'll get our wingsticks ready regardless.
Samsung, Apple faced California district courtroom
The legal battle has been raging for seven years now, after Apple first sued Samsung for copying its iPhone designs in 2011. Neither Apple CEO Tim Cook nor the company's design chief Jony Ive is expected to testify.
Confirmed Ebola cases in Congo spikes to 39
The global health agency announced last week its plans to send the vaccine, developed in 2016 by the pharmaceutical company Merck. The 393 close contacts now under surveillance for symptoms of Ebola would likely be the first recipients of the vaccine.
Severe Thunderstorm Watch is in effect for Tompkins County
The chance for hail, strong winds, and tornadoes is highest in northeast Pennsylvania, the Hudson Valley, and western New England. All Metro North service in and out of Grand Central has been temporarily suspended until the severe weather passes.