Paramount Global Settles Shareholder Suit for $122.5 Million
- Investors took aim at CBS-Viacom merger that formed Paramount
- Shareholders alleged Shari Redstone shortchanged them in deal
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Paramount Global settled an investor lawsuit tied to the controversial 2019 merger of CBS Corp. and Viacom Inc. that created the company, agreeing to pay $122.5 million.
The settlement with Viacom investors was reached on Feb. 27, according to a securities filing Friday. The plaintiffs alleged that Viacom’s directors — including Chairman Shari Redstone — violated their fiduciary duty to shareholders when they pushed for the merger. The Redstone family owned the majority of the voting shares in both companies for decades and still controls Paramount.