Judge Grants Restraining Order in CBS-National Amusements Disput - WBOC-TV 16, Delmarvas News Leader, FOX 21 -

Judge Grants Restraining Order in CBS-National Amusements Dispute

Posted: May 16, 2018 4:46 PM Updated:
CBS Corporation sues its stakeholder, National Amusements, in a fight for independent control. CBS Corporation sues its stakeholder, National Amusements, in a fight for independent control.

WILMINGTON, Del. (WBOC/AP) - A Delaware judge has ordered a pause in a dispute between CBS and its majority shareholder that could decide control of the company.

The judge on Wednesday granted CBS a temporary restraining order prohibiting National Amusements from taking any action to thwart a scheduled Thursday board vote on a dividend that would dilute National Amusement's voting power from 80 percent to 17 percent, effectively giving CBS independence.

The judge said he was granting the order only to protect his jurisdiction and would rule Thursday on whether it should remain in effect.

National Amusements said earlier Wednesday that it had rewritten CBS' bylaws to require a "supermajority" to approve the dilutive dividend.

CBS has been fighting pressure by National Amusements to merge with Viacom, which also is controlled by National Amusements.

Powered by Frankly

All content © Copyright 2000 - 2018 WBOC. All Rights Reserved. For more information on this site, please read our Privacy Policy, and Terms of Service, and Ad Choices