CBS Directors' Revised Suit Targets Bylaw Changes

CBS Corp. challenged a Redstone family corporate bylaw change aimed at blocking the board’s move to wrest control from them amid a struggle over a merger of the media company with Viacom Inc. Board members contend the bylaw changes, which require 90 percent of directors to have approved a stock-dilution plan, should be thrown out, according to a revised version of the suit filed in Delaware Chancery Court Wednesday. It’s the latest twist in the control battle over CBS, which pits Les Moonves, the company’s chief executive officer, against Shari Redstone, president of the controlling shareholder National Amusements Inc., which holds voting control of CBS.