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The struggle over the future of CBS Corp. took a new twist Wednesday as the holding company for controlling shareholder Shari Redstone said it revised the bylaws of the media group, a move aimed at heading off an effort to dilute her voting power.
National Amusements Inc said the move was designed "to safeguard against unlawful action by CBS and its special committee" which had been moving to weaken the control of Shari Redstone, daughter of the ailing 94-year-old former chairman Sumner Redstone.
Bylaws - Change - Power - Supermajority - Statement
Under the new bylaws, any change in voting power would require a "supermajority," according to a statement from National Amusements.
The holding company said it acted to head off "the irresponsible action taken by CBS and its special committee," claiming it "put in motion a chain of events that poses significant risk to CBS."
CBS - Move - Evidence - Choice - Action
CBS said the move "provides further evidence of why we concluded that we had no choice but to file our action in the Delaware courts, in order to protect the interests of all CBS shareholders. "
It added that "we are confident in our position and look forward to presenting our case in court."
Family - Company - Percent - Equity - CBS
The family holding company owns around 10 percent of the equity of CBS but its special voting shares give it approximately 80 percent of the voting power.
National Amusements took the action days after CBS filed suit alleging that Shari Redstone was...
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You can never use the word unexpected when it comes to abuse of power by the government.