Paramount has agreed to pay $122.5 million to settle a 2019 lawsuit by Viacom shareholders over the company’s merger with CBS.
The settlement was disclosed today in an SEC filing. In the filing (read it HERE), the company details the chronology of the case brought in Delaware Chancery Court.
After disclosing the settlement, the filing notes that the company is suing insurance carriers related to the shareholders’ action. “The company is currently engaged in litigation regarding insurance coverage against certain of its insurance carriers in the Superior Court of the State of Delaware,” the filing says. “The company intends to pursue its claims vigorously.
Pending recovery of any such insurance proceeds, the company will advance funds for the settlement when they become due.” A Paramount rep was not immediately able to provide additional comment when contacted by Deadline.Read more on deadline.com