CBS in talks with Redstone family holding company to settle litigation: report
CBS Corp. is in talks with Shari Redstone and her family’s holding company to settle the bitter legal battle over control of the broadcaster, according to a Wednesday report in The Wall Street Journal, which cited people familiar with the matter. This comes a month before the matter is scheduled to go to trial. CBS CBS, +0.68% and the Redstone family’s holding company, National Amusements, have been locked in litigation in Delaware Chancery Court since May, the report said. According to the Journal’s sources, a potential settlement would include CBS dropping its attempt to take away National Amusements’ voting control of the company, and National Amusements agreeing to refrain from pushing for a merger of CBS and Viacom Inc. VIAB, +0.17% for a period of a time. CBS shares have fallen 10% so far this year, while Viacom shares have fallen 4.4%. The S&P 500 SPX, -0.28% has gained 8%.
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