Paramount Global disclosed on Friday that it will pay $122.5 million to settle lawsuits from Viacom shareholders arising from the company’s merger with CBS.
In a securities filing, the company revealed that it has agreed to settle the class action litigation now pending in the Delaware Court of Chancery. The settlement still requires judicial approval.
The plaintiffs had alleged that Paramount Global’s chairwoman, Shari Redstone, ousted board members in a “tyrannical” effort to merge the two companies. The suit alleged that CBS stock was overpriced in the merger, and that Viacom was undervalued, causing harm to Viacom shareholders.
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