Video of Redstone patriarch to be reviewed in CBS legal battle

Image
Reuters NEW YORK
Last Updated : Aug 09 2018 | 5:15 AM IST

By Jessica DiNapoli

NEW YORK (Reuters) - A video of 95-year-old Sumner Redstone, the patriarch of the family that owns the voting majority of CBS Corp , can be reviewed in the U.S. broadcast and media company's legal battle against the family, a Delaware judge ruled on Wednesday.

Redstone, however, will not be required to give testimony, the judge decided.

National Amusements Inc, the Redstone family's holding company, and CBS are in the midst of a high-stakes legal dispute over control of the company and its potential merger with Viacom Inc , also majority-owned by NAI. Shari Redstone, the daughter of Sumner, has pushed to combine Viacom with CBS.

The health and mental faculties of Sumner Redstone, the founder and chairman emeritus of Viacom, and the majority owner of NAI, are a flashpoint for dispute in the battle for control.

"We are very pleased with the court's ruling today, which will now allow us to conduct appropriate discovery from National Amusements on the issue of who controls NAI," CBS said in a statement, adding that the video of Redstone would be kept confidential.

National Amusements declined to comment.

CBS had pushed to have the tape, which could end up as evidence in the trial, included for review, while NAI has previously said that the recording broke California law because Redstone did not know he was being filmed.

The contents of the video have not been made public. A source with knowledge of the situation said the video was taken by a CBS board member, is several minutes long and shows Sumner Redstone's physical and mental state.

National Amusements must produce certain documents requested by CBS, according to court filings.

CBS said it will also be able to secure National Amusements' documents relating to the 2016 ousting of five Viacom directors, including then-CEO Philippe Dauman.

The CBS board had approved a dividend earlier this year that would dilute the Redstone family's majority voting rights in the company, in an attempt to prevent the merger with Viacom.

(Reporting by Jessica DiNapoli; additional reporting by Liana B. Baker, Editing by Rosalba O'Brien)

Disclaimer: No Business Standard Journalist was involved in creation of this content

*Subscribe to Business Standard digital and get complimentary access to The New York Times

Smart Quarterly

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Exclusive premium stories online

  • Over 30 premium stories daily, handpicked by our editors

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

More From This Section

First Published: Aug 09 2018 | 5:06 AM IST

Next Story