FBN’s Charlie Gasparino, Lenore Hawkins and FBN’s Connell McShane with the latest on a Delaware court ruling in favor of National Amusement’s Shari Redstone.
The board of CBS voted on Thursday to strip the Redstone family's holding company of voting control, escalating the battle between Les Moonves and Shari Redstone.
It approved a dividend to dilute the voting stake of National Amusements Inc. to about 20%.
Earlier Thursday, a Delaware Chancery Court judge denied a request from CBS for a temporary restraining order against Redstone's holding company, National Amusements, the controlling shareholder of the broadcaster. The holding company has been seeking to block the attempt by CBS to dilute Redstone’s voting power.
CBS sued National Amusements earlier this week after a contentious round of negotiations in which Redstone was pushing for a merger of CBS with the other media company her family controls, the ailing Viacom unit of National Amusements.
FOX Business reported Tuesday that Moonves has acknowledged to insiders at the company that his battle with Redstone could end with its sale to another player in the rapidly evolving media business.
Moonves has balked over price and Redstone’s management demands. In recent years, she has assumed a more public role for the companies her family controls after her father, Sumner, suffered from health issues.