Bouchard Promises Swift Ruling in CBS Suit Against Shari Redstone in Battle Over Merger With Viacom
A Delaware Court of Chancery judge on Wednesday ordered a brief standstill in CBS Corp.'s lawsuit against Shari Redstone, but promised a decision on the merits of the case Thursday, just ahead of a planned board meeting to dilute the voting power of the company's controlling shareholder.
May 16, 2018 at 05:32 PM
5 minute read
Shari Redstone speaks during the New York Times DealBook conference in New York City, on Nov. 10, 2016. Photo Credit: Michael Nagle/Bloomberg LP
A Delaware Court of Chancery judge on Wednesday ordered a brief standstill in CBS Corp.'s lawsuit against Shari Redstone, but promised a decision on the merits of the case Thursday, just ahead of a planned board meeting at which the voting power of the company's controlling shareholder may be diluted.
Chancellor Andre G. Bouchard's limited ruling prevented the parties, for the time being, from taking further action in the high-stakes legal battle, which has quickly gained momentum since it was filed on Monday morning.
The decision, issued late Wednesday from a Wilmington courtroom, came just hours after Redstone, through her family's National Amusements Inc. holding company, amended CBS' bylaws to block the board's ability to greatly reduce its voting power.
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