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CBS renews NAI fight, seeks court approval of dilution vote
DOVER, Del. – CBS Corp. is asking a judge to bless a move by its board to dilute the stock voting power of its controlling shareholder, the latest step in an ongoing legal battle for control of the mass media company.
In a court filing Wednesday, CBS asked a Delaware judge to rule a board vote last week that would reduce the voting stake of National Amusement Inc. was “effective and permissible.” The special dividend approved by the board would decrease NAI’s stake from 80 per cent to 17 per cent
NAI decreed before the vote that any dividend must be approved by a “supermajority” of its 14-member board, a threshold that was not met.
NAI, led by the daughter of media mogul Sumner Redstone, has called the board vote “pure pretext.”
CBS argues that NAI’s purported bylaw amendments are invalid.
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