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CBS renews NAI fight, seeks court approval of dilution vote

Business Insider UK
Updated

CBS Corp. asked a Delaware judge on Wednesday 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. The special dividend approved by the board would decrease NAI's voting stake in CBS from roughly 80 percent to about 20 percent. The board vote came after NAI, led by the daughter of billionaire media mogul Sumner Redstone, submitted documents to CBS decreeing that any dividend must be approved by a "supermajority" of its 14-member board, a threshold that was not met.

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