CBS, Viacom had agreed on price for deal before lawsuit, sources say

Leslie Moonves wants to pick his own team to lead CBS-Viacom. But Redstone wants Viacom CEO Bob Bakish to be a part of it setting up Bakish as a future CEO

CBS and a special committee of its board of directors on May 14 sued controlling owner National Amusements.

National Amusements controls a similar share of the vote at Viacom.

"Ms. Redstone interfered with the CBS Board nomination process and installed on the Board the Redstones" personal lawyer, who has sought to implement her directives, ' states one.

Indigo staffer makes hoax bomb call ay IGI, arrested
On Friday (May 11), a 30-year-old man was arrested for making a hoax call about a bomb planted at the US Consulate in Chennai. The accused, after passing his intermediate, did Diploma course in Hospitality and Aviation from Frankfinn Institute.

"Ms. Redstone has acted to undermine the management team, including, without board authority, talking to potential CEO replacements, deriding the chief operating officer and threatening to change the board", the complaint said. "These escalating attacks make it hard for management to perform its duties and threatens continuity of management", the filing states.

CBS and Viacom had reached a deal in price for a merger of the two, according to sources familiar with the situation. During the course of the special committee's negotiations regarding a possible merger, the suit alleges that Ms. Redstone refused to agree to typical public company governance or submit any potential transaction to a vote of all of the unaffiliated public stockholders of CBS.

"The Special Committee has taken this step because it believes it is in the best interests of all CBS stockholders, is necessary to protect stockholders" interests and would unlock significant stockholder value'.

Kashmiris Beaten by Mob In Delhi Colony, Residents Say They Started It
A neighbour gave a different version, saying one of the Kashmiri men "misbehaved with women" and the fight started because of it. She added,"The president of the RWA was present during the attack and took no steps to stop it." said the woman's relative.

Shares of CBS were up more than 3 percent in morning trade on May 14 while Viacom shares declined almost 7 percent. "This loss of market value has occurred despite management consistently delivering excellent results".

CBS claims National Amusements is seeking to prevent it from interfering with a special meeting of the CBS Board of Directors - where it wants to issue a special dividend of common stock, which would dilute National Amusements' voting interest to 17% from 79%. "Judges typically are sympathetic to applications for temporary restraining orders when there is a matter of great seriousness that might be upset if this injunction isn't put in place".

Head of Britain's MI5 accuses Russian Federation of "criminal thuggery"
Russian officials suggested the United Kingdom had carried out the attack to stoke anti-Russian hysteria. Skripal, 66, remains in hospital following the attack in the Wiltshire city on March 4.

Related News:



Most liked

Signs of Europa space geyser seen in decades-old NASA data
Although the data has been available for more than 20 years scientists were just able to see this now. At the time the blip in the data was unexplained but it is now believed it was a water plume.

Rihanna Isn't Worried About An Invite To The Royal Wedding
This month alone, Rihanna has been the co-chair at the Met Gala, launched her Fenty lingerie line, and who knows what else. Her collection includes items for "everyday situations".

Kerala molestation: Trader abused girl in the past as well
The crime was not reported by the child, but by theatre staff who had seen the CCTV footage of Kutty abusing her in the front row. Kerala Assembly Speaker P Sreeramakrishnan said the police had committed a "serious lapse" by failing to act quickly.

Garver's RBI double in 12th helps Twins beat Angels 5-3
It was a scheduled day off for Trout, who had started all 39 of the Angels' games this season before sitting Sunday . Ohtani (3-1) left the game after one out in the seventh, having given up just three hits and two walks.

70-year-old double amputee successfully climbs Mount Everest
His dream was almost shattered when Nepal government banned double amputee and blind climbers from summiting its mountains. Australian Steve Plain, meanwhile, set the record for the fastest climb of the highest mountains on seven continents.

Newcastle boss Benitez wants to give Chelsea the blues
Win or lose at Wembley, the 48-year-old feels every campaign brings with it a learning curve - and disappointments can be taken as a positive provided you take the right things out of them.

Trouble mounts for Allahabad Bank CEO after CBI chargesheet in PNB scam
The 47-year-old's high-end eponymous Nirav Modi brand has stores in several of the world's major cities. The chargesheet detailed the alleged role of PNB's former chief Ananthasubramanian in the scam.

IPhone explodes in Las Vegas fix shop
The iPhone 6 was reportedly in a Las Vegas store to have the screen replaced after it cracked when the battery expanded from heat. This of course happens from time to time, but there's something special about this particular incident: It was captured on video.

Spike Lee's BlacKkKlansman gets a first trailer
Sean McKittrick, Shaun Redick and Raymond Mansfield of QC Entertainment and Jason Blum of Blumhouse Productions will also produce. Shortly after the film's debut screening at the Cannes Film Festival, the first trailer for Spike Lee's next joint has arrived.

Tuchel to replace Emery at PSG
With my coaching staff, we will do everything we can to help the team reach success, including on the worldwide scene. That will help us plenty. "If he arrives with the mentality that many have spoken about, he will add a lot".

Wells Fargo may be stuck in the Fed's penalty box until 2019
About 2.38M shares traded or 130.48% up from the average. (NYSE:TCI) has risen 81.96% since May 13, 2017 and is uptrending. Keefe, Bruyette & Woods restated a "buy" rating on shares of Wells Fargo in a report on Tuesday, January 16th.

Iran preps 'industrial-scale' nuke production after USA leaves nuclear deal
A muted reaction from Iran would paint the U.S.as the aggressor, allowing Iran to more latitude to skirt US enforcement. The strategists pegged this forecast on stronger global economic growth, which should increase oil consumption.

Joe Van Gogh Cuts All Ties With Duke University
Some argue Brown, an African-American woman, was sacked because of her race and Simmons, a Caucasian male, was collateral damage. The owner of a coffee shop at Duke University is apologizing for firing two workers for playing a Memphis rapper's music.

World Health Organization calls for elimination of trans fat in all foods by 2023
The new REPLACE program is WHO's first time calling for the elimination of something besides a non-communicable disease. Trans fat, AKA "partially hydrogenated oil", was once seen as something of a savior in food, especially in the US.

Tim Allen's 'Last Man Standing' revived by Fox
We always wondered how it would do if it was given a better opportunity and prioritized more in terms of a network's agenda. Walden emphasized that " Last Man " was a self-starter for ABC during its six-season run with little promotional support.