Paramount agrees to settle Viacom-CBS merger investor lawsuit
2023.04.21 21:47
© Reuters. FILE PHOTO: ViacomCBS headquarters is pictured in New York, New York, U.S. December 5, 2019. REUTERS/Kate Munsch
(Reuters) – Paramount Global has agreed to pay $167.5 million to investors to settle a case stemming from the 2019 merger of Viacom Inc and CBS Corp (NYSE:) that created the entertainment company, a filing showed.
Paramount and the investors agreed to the settlement reached on April 18, according to a Securities and Exchange Commission filing published on Friday.
Paramount did not respond to a Reuters request for comment.
CBS shareholders filed three separate suits, which were later consolidated, alleging the company had overpaid for Viacom, clearing the way for media mogul Shari Redstone to reunite the family’s media holdings.
Paramount reached a $122.5 million settlement in March with Viacom shareholders that also stemmed from the merger.
