The combination, which closed earlier this month, with unanimous approval from special board committees of CBS and Viacom, re-joined the U.S.’s most-watched TV network with the parent of Paramount Pictures and cable channels such as In the complaint, the Employees’ Retirement System of the City of Kansas City, Missouri Trust, seeks damages rather than a court order unwinding the merger.Sara Evans, a spokeswoman for Redstone, declined to comment on the lawsuit. She took over as National Amusements’ leader after illness forced her billionaire father, Sumner Redstone, to relinquish the reins.In the unsealed suit, the pension fund accuses Shari Redstone of packing Viacom’s board with her supporters so she could push through the merger without allowing minority shareholders to vote on it. a liaison between the Executive Chairman, President and Chief Executive Shari Redstone said to ram through deal without investor vote Viacom Board of Directors Creates New Role of Lead Independent Director; Independent Directors Elect Frederic V. Salerno to Position March 16, 2016 03:04 PM Eastern Daylight Time
ViacomCBS Inc. is an American diversified multinational mass media conglomerate formed through the merger of CBS Corporation and the second incarnation of Viacom in 2019, which were split from the original incarnation of Viacom in 2005. In addition to her service as Get Schooled’s Board Secretary, Heidi is … NEW YORK --(BUSINESS WIRE)-- Viacom Inc. ( NASDAQ : VIAB and VIA) today announced that its Board of Directors has created the position of Lead Independent Director and that the company's independent directors have elected Frederic V. Salerno to the newly created position. We tell rich stories that are highly relevant to our audiences Viacom Chairman and Chief Executive Philippe Dauman was among the board members who the Redstones want ousted, along with George S. Abrams, Blythe J. McGarvie, Frederic V. …
Media mogul Shari Redstone and other Viacom Inc. directors were accused by a pension fund of selling out the entertainment company’s shareholders … Minority investors say they potentially lost billions in deal In his new role, Mr. board committees that are comprised solely of independent directors. Board members of CBS and Viacom worked most of the weekend in an effort to reach a long-awaited merger agreement for the two halves of the … In his new role, Mr. Salerno's primary responsibilities will include Board of Directors Committee Composition Financial Complaints Procedure Policy Guide to Business Conduct Financials & Filings Email Alerts SEC Filings Annual Reports and Proxies Quarterly Results Key Ratios Contact Us Directors also negotiated an unfair exchange ratio in the stock-for-stock deal that failed to account for value created by the combination of the entertainment companies, the fund said.“From the beginning of the negotiation process, the Viacom Transaction Committee -- comprised of Shari Redstone’s loyalists -- put her interests and objectives ahead of the interest of minority stockholders,” the fund’s lawyers said.The case is The Employees’ Retirement System of the City of Kansas City, Missouri Trust v. National Amusements Inc., 2019-1017, Delaware Chancery Court (Wilmington). That strategy didn’t work as expected, spurring sporadic efforts to re-combine the entertainment companies.CBS executives led by Les Moonves, then the chief executive officer, derided Redstone’s recombination plan last year as “having no economic or strategic rationale,” according to court filings.After Moonves was forced out over sexual-harassment claims, Redstone was able to push the merger forward. The addition of a Lead Officer and other independent directors. practices, which already include a majority of independent directors and Non-Management Directors Contact If you would like to contact the company’s non-management directors, you may: send an e-mail to: nonmanagementdirectors@viacomcbs.com or write to: ViacomCBS Inc. (f/k/a CBS Corporation) 1515 Brodway New York, NY 10036 Attention: Non-Management Directors – 52nd Floor