WPP's Finsbury represents National Amusements Inc., the company of Shari Redstone and dad Sumner, as it battles to merge Viacom with CBS.
NAI owns about 80 percent of the Class A voting stock of Viacom and CBS.
Shari won a big court victory today as a Delaware judge rejected CBS’ move to eliminate NAI’s controlling stake.
CBS chief Les Moonves pushed for payment of a special dividend that would have slashed NAI’s ownership in the broadcaster to less than 20 percent.
NAI called CBS’ dividend scheme an effort to deprive a shareholder of its fundamental voting rights.
“The court’s ruling today represents a vindication of National Amusement’s right to protect its interests,” said a statement from NAI. “As we intend to demonstrate as the case proceeds, the actions of CBS and its special committee amount to a grievous breach of fiduciary duties and show no regard for the significant risks posed to CBS and its investors."
CBS expressed disappointment with the court ruling and vowed further action to challenge any moves by NAI that it deems unlawful.
Sara Evens and Kerry Golds at Finsbury represent NAI.