The settlement comes a month after the company agree to pay $122.5M in a similar suit.
According to a securities filing Friday, the company will pay $167.5 million to settle the suit, which was brought by former CBS shareholders. That is on top of aThe two shareholder suit settlements combined will cost the company about $290 million.
In the latest settlement, the CBS shareholders alleged that the company overpaid for Viacom so that Shari Redstone could consolidate her family’s media empire. A Delaware Chancery Court judge ruled in Jan. 2021 that the litigation could proceed after suggesting that there was evidence that CBS directors wanted to “appease” Redstone in her pursuit of Viacom, and that she had a “dogged determination to make this deal happen one way or the other.”
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