Chancery Denies TRO: Prevents Minority from Limiting Rights of Controlling Redstone Family

In a high-profile expedited control contest covered on the front page of The Wall Street Journal and most of the major media outlets covering business, law or Hollywood, the Court of Chancery denied the request for a TRO by a minority stockholder that sought to thwart the efforts of the Redstone family from exercising its voting control regarding a potential deal with Viacom, in an opinion styled CBS Corp. v. National Amusements, Inc., C.A. No. 2018-0342-AGB (Del. Ch. May 17, 2018). The issues in this opinion and the detailed facts could be the topic of a law review article. The intent of this short blog post is more modest and will rely on bullet points for busy readers, but a careful reading of the short decision of the court linked above is necessary for anyone who seeks to be current on the latest rulings impacting Delaware corporate litigation. Key Facts Shari Redstone and her family have voting control of CBS even though they own a small percentage of the stock. A Special…

Read more detail on Recent Business Law posts –

This entry was posted in Business law and tagged , , , , , , , , . Bookmark the permalink.

Leave a Reply