Redstone calls CBS suit 'brazen' bid to block merger. CBS says its directors aren't 'potted plants'
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A company owned by billionaire Sumner Redstone and his family says CBS Corp. directors filed a flawed lawsuit seeking to block a merger with Viacom in a “brazen attempt’ to deny the Redstones’ rights as shareholders.
Lawyers for National Amusements, which owns a controlling interest in CBS and Viacom, argue that CBS was misinformed and there’s no effort underway to remove directors, as alleged in the suit. The Redstone family is upset with a CBS board proposal that would wipe out their voting control over the network.
CBS CEO Leslie Moonves’s attempt “to disenfranchise a controlling stockholder of its voting rights fails on many levels,” lawyers for Shari Redstone, NAI’s president and one of the network’s directors, said in a response filed in court in Delaware to CBS’s suit.
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