Report: CBS Corporation Explores Buyout Of Redstone's Voting Shares
April 29, 2016 at 4:15 AM (PT)
REUTERS is reporting that executives at CBS CORP. are exploring options for buying the company's voting shares from SUMNER REDSTONE's NATIONAL AMUSEMENTS INC., and thus ending the company's dual-class share structure to give Exec. Chairman/CEO LESLIE MOONVES more control of the company.
The report says that CBS has met with lenders in "preliminary and ongoing" talks to see if a deal to buy out the 80% of voting shares held by REDSTONE is possible. REDSTONE's mental competency is the subject of an upcoming trial in the lawsuit by his ex-girlfriend MANUELA HERZER over her ouster as his healthcare representative; the shares will be held in a trust including VIACOM CEO PHILIPPE DAUMAN and REDSTONE's daughter SHARI upon REDSTONE's death or a declaration of his mental incompetency. CBS and SHARI REDSTONE both declined comment on the report.