Ex-CBS shareholders reach proposed $167.5 million settlement over Viacom deal

WILMINGTON, Delaware (Reuters) – Former CBS shareholders reached a proposed $167.5 million settlement to resolve allegations that Shari Redstone, the daughter of late media magnate Sumner Redstone, pressured the company into an unfair merger that created ViacomCBS Inc, now known as Paramount Global, according to a court filing.

The settlement covers holders of Paramount Global and CBS Class B stock from Aug. 13, 2019 to Dec. 4, 2019, according to a filing in Delaware’s Court of Chancery.

(Reporting by Tom Hals in Wilmington, Delaware)