What did I say above about "drama"? The Redstone-Moonves feud just got some more drama:
CBS shareholders sue Shari Redstone, National Amusements
Los Angeles Times, May 31 2018 2:50 PM
A CBS stockholder group in Pennsylvania filed a class-action lawsuit in Delaware today, an attempt to open the legal floodgates in the bitter dispute between the venerable broadcasting company and its controlling shareholder family, the Redstones. The lawsuit asks a judge to rule that nonvoting shareholders are entitled to a special dividend that would give them a voice in CBS’s affairs. CBS has two classes of stock but only the Class A shares have a vote.
The Redstone family, which owns 10.3% of CBS, has 80% of the Class A voting shares. The Pennsylvania fund owns Class B stock. The lawsuit also alleges that Shari Redstone, who serves as CBS’s vice chair, has breached her fiduciary duties to Class B shareholders. The action was filed by the Westmoreland County Employees’ Retirement System against the Redstone family investment vehicle, National Amusements Inc., Shari Redstone and two board members who have been aligned with her. The latest lawsuit comes just two days after National Amusements sued CBS, arguing that the company’s board members are overstepping their authority.
http://www.latimes.com/business/holl...531-story.html