Paramount agrees to settle Viacom-CBS merger investor lawsuit


(Reuters) -Paramount International has agreed to a $167.5 million settlement of a case stemming from the 2019 merger of Viacom Inc and CBS Corp that created the leisure firm, a submitting confirmed.

The settlement, reached on Tuesday, supplies for the dismissal of the case in trade for the cost to Paramount, in accordance with a Securities and Change Fee submitting printed on Friday.

CBS shareholders filed three separate fits, which had been later consolidated, alleging the corporate had overpaid for Viacom, clearing the way in which for media mogul Shari Redstone to reunite the household’s media holdings.

Paramount reached a $122.5 million settlement in March with Viacom shareholders that additionally stemmed from the merger.

(Reporting by Shubhendu Deshmukh and Juby Babu in Bengaluru; Enhancing by Leslie Adler and William Mallard)