CBS And The CBS Special Committee Issue Statement Regarding Delaware Court of Chancery Order

May 17, 2018 | By forimmediaterelease.net - | Filed in: Press Releases.

CBS And The CBS Special Committee Issue Statement Regarding Delaware Court of Chancery Order

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It appears PR Newswire is not only charging a steep amount of money from companies wanting their releases circulated through their system to journalists but also is now trying to license this content as their copyrighted material. eTN receives more than 2,000 story ideas on a daily basis, we don’t rely on PR Newswire for content, and for sure we won’t pay them a licensing fee for a ‘privilege’ to publish such content.

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As a courtesy to our readers, you can find the original release content  at:

{{original_post_url}

 

NEW YORK, May 17, 2018 /PRNewswire/ — CBS Corporation (NYSE: CBS.A and CBS) and the Special Committee of its Board of Directors, today issued the following statement regarding the decision by the Delaware Court of Chancery (the “Court”) to deny a motion for a temporary restraining order brought by CBS and the members of a Special Committee of its Board of Directors:

“The judge today found that the allegations in our lawsuit ‘are sufficient to state a colorable claim for breach of fiduciary duty against Ms. Redstone and NAI as CBS’s controlling stockholder.’ We could not agree more. While we are disappointed that the judge did not grant a TRO, the ruling clearly recognizes that we may bring further legal action to challenge any actions by NAI that we consider to be unlawful, and we will do so. We remain confident that we will prevail in the lawsuit previously filed by CBS and the members of its Special Committee.   

“As previously announced, the CBS Board will hold a meeting at 5PM today to consider declaring a dividend of shares of Class A common stock to all of the Company’s Class A and Class B stockholders, as is permitted under CBS’ charter. This dividend would more closely align economic and voting interests of CBS stockholders without diluting the economic interests of any stockholder.”

 

 

 


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