Viacom Investors Say Redstone Pushed Merger For CEO Pick

Law360 (September 15, 2020, 10:37 PM EDT) -- Media empire scion Shari Redstone used a controlling shareholder stake to push through an unfair $30 billion merger between Viacom and CBS Corp. to ensure her choice of CEO was seated at the combined company, a proposed Viacom shareholder class told a Delaware vice chancellor Tuesday.

During virtual oral arguments on multiple motions to dismiss the consolidated shareholder action, Vice Chancellor Joseph R. Slights III focused many of his inquiries on whether the investors offered enough substantial allegations to show the deal was tainted by Redstone's National Amusements Inc. holding a controlling stake in both companies.

"When you peel back those...

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