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Top News & Analysis Delaware

  • DOVER, Del.— Delaware's Supreme Court has upheld the dismissal of a shareholder lawsuit challenging Viacom Inc.' s payment of more than $13 million in compensation to company founder and former chairman Sumner Redstone. The court on Friday affirmed a judge's dismissal of a suit alleging that Viacom's directors approved payments to Redstone from 2014 to 2016...

  • U.S. District Court Judge Richard Andrews on Friday directed defense attorneys to submit written briefs by June 1. Former Wilmington Trust president Robert Harra Jr., former chief credit officer William North, former chief financial officer David Gibson and former controller Kevyn Rakowski were convicted after a six-week trial on charges of fraud,...

  • May 17- CBS Corps board on Thursday voted to end Shari Redstones control of the media company, but the move will not take effect unless a Delaware judge sides with CBS in its litigation to stop a potential merger with Viacom Inc. The board approved 11-3 a special dividend that would cut the Redstone family's stake to about 20 percent from 80 percent, CBS said in a...

  • DOVER, Del.— The Latest on the battle between CBS Corp. and its controlling shareholders, National Amusements Inc.:. CBS postponed an annual shareholder meeting scheduled for Friday until the matter is resolved in Delaware court. The judge said Thursday there was no court precedent to grant the relief CBS sought in trying to prevent National Amusements Inc....

  • May 17- CBS Corp's board on Thursday voted to end Shari Redstone's control of the company, a move aimed at stopping a merger between CBS and sister company Viacom Inc and which will require approval by a Delaware court. "The board of directors has taken this step because it believes it is in the best interests of all CBS stockholders, is necessary to protect...

  • May 17- CBS Corp's board on Thursday approved a special dividend that would cut controlling shareholder Shari Redstone's stake in the U.S. media company to about 20 percent, a move that requires approval by a Delaware court. The Redstone family's National Amusements Inc controls both CBS and Viacom. "The board of directors has taken this step because it believes...

  • LOS ANGELES, May 17- CBS Corp said on Thursday its board had approved a special dividend that would dilute controlling shareholder Shari Redstone's stake in the U.S. media company to about 20 percent if the move is approved by a Delaware court.

  • Chancellor Andre Bouchard, the judge on Delaware's Court of Chancery, denied a request by CBS for a temporary restraining to bar Redstone from amending bylaws or sacking directors ahead of a board meeting at 5 p.m. EDT Thursday. At that meeting the CBS board will consider issuing a special dividend that would dilute Redstone's vote to 17 percent, from 80 percent,...

  • Chancellor Andre Bouchard, the judge on Delaware's Court of Chancery, denied a request by CBS for a temporary restraining to bar Redstone from amending bylaws or sacking directors ahead of a board meeting at 5 p.m. EDT Thursday. Fears that Redstone would replace CBS Chief Executive Les Moonves sent CBS shares down as much as 6 percent after the ruling.

  • The CBS board was scheduled to meet at 5 p.m. ET to consider issuing a special dividend that would dilute Redstone's vote to 17 percent, closer to her economic stake, from 80 percent. CBS had sought the temporary restraining order because the directors feared Redstone would replace the board before the meeting. CBS shares fell around 6 percent after the ruling...

  • Following a hearing Wednesday, Chancellor Andre Bouchard said he could find no court precedent to grant the relief CBS sought in trying to prevent National Amusements Inc. from trying to thwart a board vote scheduled for later Thursday on a dividend that would dilute National Amusement's stock voting power from 80 percent to 17 percent, effectively giving...

  • U.S. stock indexes closed slightly lower Thursday after a day of mostly choppy trading, wiping out some of the market's gains from a day earlier. The indexes veered solidly into the red by late afternoon ahead of a new round of trade talks between the U.S. and China. "Now that we're making it out of earnings season, geopolitical is going to come back into the forefront...

  • May 16- A Delaware judge on Wednesday essentially called a time out in the escalating feud between the board of CBS Corp and its controlling shareholder National Amusements Inc, owned by the Redstone family, which wants to merge it with Viacom Inc.. Chancellor Andre Bouchard said he would rule on Thursday on the request for a temporary restraining order to...

  • May 16- A Delaware judge on Wednesday essentially called a time out in the escalating feud between the board of CBS Corp and its controlling shareholder National Amusements Inc, owned by the Redstone family, which wants to merge it with Viacom Inc.. Chancellor Andre Bouchard said he would rule on Thursday on the request for a temporary restraining order to...

  • Chancellor Andre Bouchard granted CBS a temporary restraining order prohibiting National Amusements Inc. from taking any action to thwart a scheduled Thursday board vote on a dividend that would dilute National Amusement's preferred stock voting power from 80 percent to 17 percent, effectively giving CBS independence. CBS has alleged that Shari...

  • The move came after National Amusements Inc, the Redstone movie theater company that controls CBS and peer Viacom Inc, said in a court filing earlier on Wednesday that a CBS proposal to strip its voting control through the dividend is "invalid", and urged a judge to rule against CBS at a 2 p.m. ET hearing in Wilmington, Delaware on Wednesday. CBS is seeking a...

  • National Amusements Inc, the Redstone movie theater company that controls CBS and Viacom, said a proposal to strip its CBS voting power is "invalid" and urged a judge to rule against CBS at a 2 p.m. ET hearing in Wilmington, Delaware on Wednesday. CBS is seeking a restraining order to prevent Shari Redstone from rewriting its bylaws or sacking directors ahead of a...

  • EPA Administrator Scott Pruitt testifies before a Senate Appropriations Interior, Environment, and Related Agencies Subcommittee hearing on the proposed budget estimates and justification for FY2019 for the Environmental Protection Agency on Capitol Hill in Washington, May 16, 2018

    Sen. Tom Udall submitted evidence in a Senate hearing contradicting Pruitt's claim he can't recall asking security to use lights and sirens in his motorcade.

  • May 16- National Amusements Inc, the Redstone family company that controls CBS Corp and Viacom Inc, called a proposal to strip its CBS voting power "invalid" and urged a Delaware judge to rule against CBS on Wednesday. Media company CBS is seeking a restraining order to prevent Shari Redstone from rewriting its bylaws or sacking directors ahead of a board meeting...

  • May 16- National Amusements Inc, the movie theater company owned by the Redstone family that controls CBS Corp and Viacom Inc, said in a court filing on Wednesday that a proposed CBS dividend diluting its voting power would be invalid. In a filing with the Court of Chancery in Delaware, National Amusements said it offered to enter into a standstill with CBS if the...