Paramount Global said that, pending court approval, it will receive $167.5 million in settlement of a suit by shareholders of the former CBS Corp.
against some of the broadcaster’s former officers and directors, including Shari Redstone and Joseph Ianiello. Called a derivative suit, it’s filed on behalf of the company, whose parent is getting the cash.
It marks the ends of longstanding litigation of two shareholder suits, by Viacom and CBS stockholders, in Delaware Chancery Court, both related to the 2019 merger of Viacom and CBS.
ViacomCBS changed its name to Paramount Global in Feb. of 2022. The Viacom suit was settled last year, with Paramount agreeing to pay shareholders $122 million directly in a settlement.
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