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Les Moonves lives to fight Shari Redstone for another day as a Delaware judge just granted a protective order on CBS’ motion of May 14 for a temporary restraining order to stop National Amusement from halting a dilution of the holding company’s control of 79.6% of the media corporation’s voting shares – for 24 hours.
The order forces both sides in the pitched battle to temporarily stand down.
Meeting - CBS - Board - Set - Tomorrow
Giving the meeting of CBS’ board set for tomorrow some breathing room, a final ruling from Delaware Court of Chancery Chancellor Andre Bouchard is expected on Thursday before the corporate shindig. “I’m going to take the matter under advisement,” Bouchard told the packed and overflowing court of the almost unheard of temporary TRO just before concluding today’s hearing. “I will say the TRO is effective until I can rule,” he added in court and then said “I’ve never anything quite like what transpired here in terms of moving a TRO.”
That might be an understatement on a crazed and crammed day for CBS, NAI, Moonves, Redstone and the media world.
Block - Redstone - Ambition - CBS - Viacom
With an obvious block of Redstone’s long simmering ambition to have CBS and Viacom merge and no resolution in 11th hour talks, the Moonves run company shocking legal move of earlier this week called out its largest single shareholder. Before today’s hearing, CBS turned up the volume even more in asserting that Redstone and NAI are looking to cause “irreparable harm” with a plan to “replace directors or amend bylaws in advance of Thursday’s board meeting.”
Feeling trapped in “a Hobson’s choice,” Team Redstone exclaimed in a filing of its own this morning that the carving up of the board was never its aim but NAI fully intended to “prevent such dilution and protect its voting power” from CBS’ ‘ambush.” Later this morning, NAI pushed the nuclear...
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