Paramount Global has agreed to pay $122.5 million to settle a 3-year-old lawsuit brought by several large investment funds that believed the company pushed through the 2019 merger of Viacom and CBS at the expense of minority shareholders.
The settlement, revealed in a financial filing by Paramount, marks the resolution of the suit filed in Delaware Chancery Court.
The plaintiffs argued the company’s controlling shareholder Shari Redstone, now chairman of Paramount Global, breached her fiduciary duties by filling the Viacom board with friends and allies so that she could push through her merger agenda.
